Author: Brad Beckett

We have had some strange and bizarre posts over the last few years and while this isn’t the weirdest, it certainly ranks up there.  A recent story in the NY Post chronicled a twice-married woman in New York City who was “adopted” at age 58 by an elderly man she befriended who had lived in the flat for at least 85 years.  When he passed away in 2009 the building’s owners had planned to move the rent-controlled 2-bedroom, first-floor apartment to a market-rate rent of around $1,500 (up from $100), however a protracted legal battle ensued in which Maria DeTommaso…

According to their latest U.S. Home Equity & Underwater Report, ATTOM Data Solutions is reporting that as of the end of Q1 2018, over 5.2 million U.S. properties were seriously underwater.  This figure is down 291k properties from just one year ago which ATTOM says is the smallest year-over-year drop since they began tracking them in 2013.  ATTOM defines “seriously underwater” as properties where the combined balance of loans secured was at least 25% higher than the property’s estimated market value. “We’ve reached a tipping point in this housing boom where enough homeowners have regained both sufficient equity and sufficient…

The U.S. Census Bureau is reporting that total construction spending in March was estimated at a seasonally adjusted annual rate of $1,284.7 billion, which is 1.7% lower than February’s revised number.  However, March’s figure is 3.6% higher than March 2017.  During the first three months of this year, construction spending amounted to $279.0 billion, 5.5% higher than the same period in 2017.  In addition, private residential construction was at a seasonally adjusted annual rate of $536.8 billion and Nonresidential construction was at a seasonally adjusted annual rate of $450.7 billion, in March.  Total public construction’s seasonally adjusted annual rate was $297.2…

National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedrooms dropped a little over one percentage point to $1,015.  This figure also represents the fourth straight month of declining prices.  ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds. Click here to read the full report on ABODO.com.

It seems like each year we hear more and more about America’s Cinco de Mayo celebrations – especially with the increased commercialization of Mexican food, beer, culture, etc.  But what is Cinco de Mayo exactly?  Well, for starters, it is not Mexican Independence Day (that’s 9/16), but rather a celebration of Mexico’s underdog victory over the French outside of Mexico City on May 5, 1862.  And, it’s not really celebrated in Mexico.  However, the holiday has been “Americanized” to celebrate Mexican-American heritage and culture….which is part of the unique & rich cultural fabric of America that truly makes “e pluribus…

When you think of Marriott you generally think of the large hotel chain known for their hospitality….but a competitor to Airbnb doesn’t come to mind.  Conde Naste Traveler recently reported that Marriott, in recent announcement, said they have begun a trial program in the U.K. where they will list 200 homes through their partner Hostmaker.  The report also pointed out that in 2017 Hyatt invested in vacation rental company Oasis, adding 2k homes to its portfolio as part of their “Unbound Collection.  Interestingly, Airbnb recently crossed the 4 million listing threshold, which is significantly more than the inventory of the…

The National Association of Realtors recently reported that pending home sales were down 3%, year-over-year, according to their latest Pending Home Sales Index.  They cite “unrelenting inventory constraints” that are keeping overall activity below year ago levels.  A sale is listed as pending when the contract has been signed but the transaction hasn’t closed, though the sale usually is finalized within one or two months of signing. “What continues to hold back sales is the fact that prospective buyers are increasingly having difficulty finding an affordable home to buy.”  Said Lawrence Yun, Chief Econmist for the NAR. Click here to…

Citing recent data from the Bureau of Labor Statistics, the NAHB’s Eye on Housing reports that, year-over-year, 17 states recorded annualized job growth above 1.5% while 31 states (+DC) had job growth between 1.4% and -0.2%.  In addition, non-farm payroll employment increased in 40 states (plus the District of Columbia) and decreased in 10 states.  This data points to strong job grown in the South and Western U.S. with only 2 states actually losing employment, North Dakota and Alaska.  Interestingly, employment gains across these areas track with regional population growth rates. Click here to read the full story on the…

For the 5th year in a row, Gallup is reporting that more Americans prefer real estate over other long-term investment vehicles for growing wealth.  These numbers broken down show that 34% prefer real estate, 26% prefer the stock market, 17% prefer gold and 15% prefer CDs/bank accounts – which currently pay little to nothing in interest. “Real estate is the top-ranking type of investment among most subgroups of Americans, including across gender, age and income categories — with a few notable exceptions.” Click here to read the full story on Gallup.com.

Editor’s note:  Charles Roberts will be one of the featured speakers at the upcoming Out of State Investors Conference in Los Angeles, CA on June 30 – July 1, 2018.  For more information please click here. How Long will the Strong Denver Real Estate Market Last??? by Charles Roberts How’s the Denver market you ask? On fire and our strong housing market is not going away any time soon. I’ll say it again, WE ARE NOWHERE NEAR A DOWNTURN IN THE MARKET! The large pent-up demand for houses continues to gobble up any inventory that makes it onto the…