Opportunity Zones have been called one of the most exciting and game-changing investment incentives to come down the proverbial pike. Recently, National REIA teamed up with the law firm Frost Brown Todd, llc, to discuss the. recently released regulations (issued in April, 2019) as well the overall practical application of Opportunity Zones themselves. Click here to watch the webinar on YouTube. Click here to learn more about Opportunity Zones.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The U.S. Government is reporting that sales of new single-family houses in April, 2019 were at a seasonally adjusted annual rate of 673k, which is 6.9% lower than March’s revised figure. The median sales price of new houses sold in April 2019 was $342,200 and the average sales price was $393,700. There was an estimated 332k new houses for sale at the end of April representing a 5.9 months supply at the current sales rate. Click here to read the full report at Census.gov.
Monday, May 27th is Memorial Day. To many, the three-day weekend will mark the unofficial start of summer with swimming pools all across the fruited plain opening to excited children. However, the solemn significance of the day is often forgotten. It is actually a national day of remembrance for those men & women who, while wearing the uniform of this great country, paid the ultimate sacrifice defending freedom & liberty around the globe. Today’s infographic reminds us that Memorial Day is about more than just cookouts and 3-day weekends, it’s about a path paved by others to enjoy the freedoms…
Do you know anyone who does not have a mobile phone? Not only are they everywhere but recent data from the Centers for Disease Control and Prevention (presented by Statista) continues to show an ever-increasing majority of American households have ditched the traditional landline phone and only have a mobile. “If the trend continues at the current pace, and there’s little reason to believe it won’t, landline phones could soon become an endangered species, much like the VCR and other technological relics before it.” Click here to read the full report at Statista.com.
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…
