Author: Brad Beckett

The Pacific Legal Foundation recently announced that the U.S. Supreme Court ruled unanimously that legislatures cannot use the permit process to coerce owners into paying exorbitant development fees.  They say this ruling is a major victory for property rights, remove costly barriers to development, and help combat the housing crisis.  The case began in 2016 when a man bought a vacant lot in rural El Dorado County, California, and planned to build a small home where he and his wife would live and raise their grandson. But he was told he would have to pay a so-called traffic impact fee…

According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental prices rose by 3.4% year over year in February 2024 – the strongest growth recorded in 10 months.  CoreLogic says February’s annual rental cost increases could again signal that Americans are slowly migrating back to larger, more expensive coastal metros. “Single-family rent growth regained strength in February, posting the highest annual appreciation since April 2023…Monthly rent growth also picked up in February and was higher than what is typically recorded in winter months. Lower-priced properties had the smallest annual rent growth in February, which should be welcome…

According to the ATTOM Data’s Q1 2024 Foreclosure Report, there were 95,349 with a foreclosure filing during the first quarter of 2024, up 3% from the previous quarter but down less than 1 percent from one year ago.  There were a total of 67,657 U.S. properties that started the foreclosure process in Q1 2024, up 2% from the previous quarter and up 4% from one year ago  In addition, the report shows there were a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1 percent from the previous month and down 10% from one…

The National Association of Realtors is reporting that existing home sales were down 4.4% in march to a seasonally-adjusted annual rate of 4.19 million –  down 3.7% year over year.  Total housing inventory at the end of March was 1.11 million units, up 4.7% from February and up 14.4% from one year ago.  Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 33 days.  The median existing-home price for all housing types in March was $397,200, up 4.7% from one year ago. “Though rebounding from cyclical lows, home sales…

The U.S. government is reporting that privately‐owned housing starts in March, 2024 were at a seasonally adjusted annual rate of 1,321,000, which is 14.7% lower than February’s revised number and is 4.3% lower than one year ago.  March’s rate for units in buildings with five units or more was 290k.  Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,458,000, which is 4.3% below February’s revised number but is 1.5% higher than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 433k in…

If you’ve ever experienced a leaky toilet (especially by non-caring tenant) you know that it can be a big bill and may even cause serious damage.  Today’s graphic from the Infographics Zone illustrates the potential costs of a running toilet. They remind us that it’s essential to address any issues with your toilet promptly and make sure to turn it off when not in use.  Indeed…. Stay safe, make sure those toilets aren’t running and have a Happy Friday!!! “A continuously running toilet can waste hundreds of gallons of water every day, increasing your water bill and having a negative…

According to ATTOM’s 2023 Property Tax Analysis, for 89.4 million U.S. single family homes, $363.3 billion in property taxes were levied on single-family homes in 2023. That figure is up 6.9% from 2022, and almost double the 3.6% growth seen in 2022.  In 2023, the effective tax rate nationwide was 0.87 percent. In 2022 that figure was 0.83 percent.  ATTOM says that states with the highest effective property tax rates in 2023 were Illinois (1.88%), New Jersey (1.64%), Connecticut (1.54%), new York (1.46%), and Nebraska (1.46%). “Property taxes took an unusually high turn upward last year, pushing effective rates up,…

A new report from Redfin says that more Baby Boomers are staying put in their homes, versus downsizing and selling.  In fact, they found that over than three-quarters (78%) of older American homeowners plan to stay in their current home as they age – which they say is the most common aging plan for older homeowners.  This in turn is a contributor to the to the current shortage of homes for sale.  Their data came from a Redfin-commissioned survey of 3k U.S. homeowners and renters conducted by Qualtrics in February 2024. “The fact that the vast majority of baby boomer…

Airbnb has recently updated their Major Disruptive Events policy.   According to a release, the Policy applies to reservations for both accommodations and Experiences, and is applicable to reservations that are ongoing or that have a check-in on or after the effective date, except as otherwise notified by Airbnb to users. In addition they say the Major Disruptive Events Policy is not an insurance policy.  The new Policy will apply to all reservations taking place on or after June 6, 2024, except as otherwise notified by Airbnb to users.  If you have Airbnb investment properties be sure to fully understand…

A recent report from the NAHB’s Eye on Housing says that due to tightened monetary policy, the count of total job openings for the entire economy has trended lower over the last year. They say this is consistent with a cooling economy that is a positive sign for future inflation readings. However, they point out that the recent increasing trend for unfilled construction jobs indicates an ongoing skilled labor shortage for the construction sector.  Indeed… “The number of open construction sector jobs increased for the most recent data, rising from 425,000 in January to 441,000 in February. The count was…