Author: Brad Beckett

Redfin says that a quarter of home searches on their website were looking to move to another metro area, which is up 2% from one year ago.  The results, part of their Q1 2019 Migration Report, also reveal that Phoenix took number one spot on the list with an inflow hit of 7,949—the highest net inflow on record for any metro area to date since Redfin began reporting net migration data back in early 2017. “People are feeling more confident about the economy and now feel financially secure enough to make a cross-country move to a metro where their money…

The American Automobile Association (aka AAA) is predicting that nearly 43 million Americans will travel over Memorial Day weekend.  This is nearly 5% more than last year and the highest in over 12 years.  In addition, they point out that gas overall prices are getting cheaper. “Gas prices are getting cheaper for the majority of motorists…” said Jeanette Casselano, AAA spokesperson. “Consumer spending remains strong, helped by solid job and income growth. Families continue to prioritize spending their disposable incomes on travel, and near-record numbers of them are looking forward to doing just that for Memorial Day.”  Said Paula Twidale,…

The National Association of Realtors is reporting that existing home sales were down 0.4% in April, with two of the four major U.S. regions seeing a slight dip in sales, while the West saw growth and the Midwest statistically had no changes.  The median existing-home price for all housing types in April was $267,300, up 3.6% from April, 2018 and marks the 86th straight month of year-over-year gains.  Total housing inventory at the end of April was 1.83 million (up 1.7% from one year ago).  There is a 4.2-month inventory at the current sales pace.  Properties remained on the market…

According to recent data from the Mortgage Bankers Association’s National Delinquency Survey (NDS), the overall delinquency rate for all types of loans rose to 4.42%, after previously being at an 18-year low.  Breaking it down, the delinquency rate for conventional loans increased 27 basis points to 3.46%, the FHA delinquency rate increased 28 basis points to 8.93%, and the VA delinquency rate increased by 66 basis points to 4.37%.  The overall delinquency rate rose to 4.42 percent, after previously being at an 18-year low. Click here to read the full report at the Mortgage Bankers Association.

A recent report by Bloomberg says that Puerto Rico wants to shift $400 million of its federal aid toward Opportunity Zone projects.  According to the report, PR’s Governor, Ricardo Rossello, is currently seeking federal approval to create a fund to invest community development block grant funds into such projects.  In addition, the governor signed a bill earlier this month to create a regulatory framework for opportunity zone investments in Puerto Rico.  Indeed… “The opportunity zone program was created as part of the 2017 Tax Cuts and Jobs Act to bring development dollars to areas of need, and nearly the entire…

According to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), lower home prices, declining mortgage rates and solid income gains contributed to a rise in housing affordability in Q1 of 2019.  The report says that 61.4% of new and existing homes sold between the first of January to end of March were affordable to families earning the U.S. median income of $75,500.  This figure is up nearly 5% from Q4, 2018.  In addition, during the first quarter the national median home price dropped $2,500 from the previous quarter while average mortgage rates fell by 25…

The U.S. government is reporting that privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,235,000.  This figure is 5.7% above March’s revised estimate but is 2.5% lower than April, 2018. Single‐family housing starts in April were at a rate of 854k, which is 6.2% higher than March.  The April rate for units in buildings with five units or more was 359k.  Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,296,000. This figure is 0.6% higher than March’s revised rate but is 5% below the April’s number. …

We’ve all experienced them….they know no social bounds….we all hate them……and they seemingly pop up out of nowhere with no logical explanation and then disappear almost as quickly as they arrived….we’re talking about “Phantom Traffic Jams.”  Brilliantly, the folks over at thezebra.com say these phantom jams are a “disruption in the flow of traffic caused by no apparent reason” and they attempt to explain their causes.  Well, yes indeed…and Memorial Day is right around the corner…..Happy Friday!!! Hat tip to thezebra.com.

What home technology features are buyers looking for? According to data from the latest issue of the NAHB’s, What Home Buyers Really Want, 46% said security camera was at the top of their list, followed closely by a video doorbell.  The study is based on a survey that asked recent and prospective home buyers about the features that they would like in a home and a community. “…three of the four most wanted features are security-related: along with a security camera, a video doorbell and a wireless home security system are wanted by at least 40 percent of home buyers.…

The folks at howmuch.net remind us that electricity is one of the absolute necessities of modern life – powering everything from computers to refrigerators and even charging up our mobile phones and tablets.  Using data from the U.S. Energy Information Administration, they crunched the numbers to see how much Americans pay for electricity across the nation, looking at residential, commercial and industrial rates.  The results are “electrifying.” Click here to read the full story at howmuch.net.