The U.S. government is reporting that total construction spending in November was at a seasonally adjusted annual rate of $1,324.1 billion, which was 0.6% higher than October’s revised estimate. However, November’s figure is 4.1% higher than November, 2018. Residential construction was at a seasonally adjusted annual rate of $536.1 billion in November, up 1.9% from October’s revised rate. Click here to read the full release at the U.S. Census Bureau.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
How did the rental market fair in 2019? ABODO’s recently released 2019 Annual Rent Report breaks the market down and shows where prices increased, decreased and what trends emerged. They also drill down into the most and least expensive markets and what to expect in 2020. Be sure to look at their entire dataset. Click here to read the full report at ABODO.com.
Foreclosure rates hit a 14-year low in November, according to Black Knight’s latest “first look” report. In fact, November’s 33,500 foreclosure starts marked a 26% year-over-year decline, and was the lowest monthly volume since they began tracking in 2000. While delinquencies rose in November, they remained nearly 5% below one year ago. Black Knight derives its data from their loan-level database representing the majority of the national mortgage market. Click here to read the full report at Black Knight.
Welcome to 2020….time to shake that midweek-new-year’s grogginess. And, what better way than with a fresh cup of coffee. So, what is it about coffee that perks us up and gives us that much needed boost of energy? Today’s infographic from CoffeeCorner tells us 30 interesting facts about coffee, or rather its main ingredient, caffeine. Happy Friday!!! Hat tip to coffeecorner.com.
According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 3.3% annual gain in October. Their 10-City Composite annual increase came in at 1.7% and the 20-City Composite posted a 2.2% year-over-year gain. The S&P CoreLogic Case-Shiller Home Price Indices are one of the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. “October’s U.S. housing data continue to be reassuring,” says Craig J. Lazzara, Managing Director and Global Head of…
The FTC recently fined the owners of a rental search site in California $6 million for defrauding over 500k Section 8 Housing Choice Voucher (HCV) recipients by asking them to pay for access to supposed exclusive listings that in reality didn’t exist. Inman is reporting that WeTakeSection8.com claimed to have exclusive access to listings that accepts the HCV and then charged $49 for a two-month access or $14.99 for a one-week access for listings that were either outdated, didn’t exists or not even approved for Housing Choice Vouchers. In addition, Inman reports that The Federal Trade Commission says Section 8…
With the ever-increasing lack of affordable housing in this country the last thing we need is more rent control – especially in urban areas where across the board demand is high and supply is low. A recent story in Multi-Housing News reminds us that while rent control “seemed to be on the ropes a few years ago” it started rearing its ugly head in places like New York, California and Oregon – all of which passed new rent control measures in 2019 and likely paving the way for others to follow suit. “Unfortunately, what passes for action to alleviate the…
CNBC’s Diana Olick breaks down the housing market for 2020 along with opinions from several of the Fast Money traders. Here’s what they say to watch in the housing market for 2020: 1) A shortage of housing – especially at the lower end; 2) Mortgage rates will stay low; and 3) Demand will stay high for new construction. Click here to watch on CNBC.
The National Association of Realtors is reporting that pending home sales were up 1.2% in November. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increased to 108.5 in November, up 1.2% from October. In addition, they reported that year-over-year contract signings were up 7.4%. However, the low inventory situation still lurks… “Despite the insufficient level of inventory, pending home contracts still increased in November,” said Lawrence Yun, NAR’s chief economist, noting that housing inventory has been in decline for six straight months dating back to June 2019. “The favorable conditions are expected throughout 2020 as…
The Wall Street Journal (reposted on Realtor.com) is reporting that some larger U.S. cities are promising tenants the right to an attorney in eviction cases, which the article points out is a “costly and logistically daunting initiative.” However, the political climate in America’s larger cities tends to be more friendly to the desires of housing advocates who claim this is a necessary response to rising rents and affordable housing concerns. Indeed… “Landlords have said that the significant funds needed to provide representation to lower-income residents could be better spent offering temporary housing subsidies to keep people in their homes.” “While…
