The NAHB’s Eye on Housing recently took a hard look at building data from the U.S. Census Bureau and found that the average completion time of a single-family house is around 7.5 months – which normally includes about a month from authorization to start and then another 6.5 months to finish. They found that the average completion time in 2017 was the same as it was in 2016, however it was slightly more than in 2015. “The time from authorization to completion varies across the nation and depends on the geographic location, metropolitan status, and whether the house is built…
Author: Brad Beckett
Are dying golf courses an opportunity for investors? In a recent episode of Real Estate News for Investors, Kathy Fettke discusses the decline in the popularity of golf and how the real estate that many distressed golf courses are situated on are prime for redevelopment. According to her report, the trend (opportunity) is already well underway. “Industry experts say, the average size of an 18-hole golf course is 150 acres. That’s big enough for about 600 new single-family homes. If you add townhomes and apartments to the mix, you could create new housing for thousands of people. And, most of…
What are the 10 most expensive states to live in? A recent study by CNBC looked at the out-of-control living expenses in many of these states that make it difficult for residents to enjoy the best possible quality of life. They looked at several key metrics (including cost of living, home prices, food prices, energy, etc) and then ranked all 50 states. No surprises here….however each states’ individual breakdown is pretty interesting. Here are CNBC’s 10 most expensive states in which to live: Hawaii California Massachusetts New York Alaska Oregon Maryland Connecticut Rhode Island New Jersey Click here to read…
While foreclosure starts are decreasing across the nation, they actually increased in 40% of local markets, according to ATTOM Data Solutions’ Midyear 2018 U.S. Foreclosure Market Report. There were 362,275 U.S. properties with foreclosure filings (including default notices, scheduled auctions or bank repossessions) in the first six months of 2018. This figure is 15% lower than one year ago and down 78% from a peak of 1,654,634 in the first six months of 2010. Interestingly, recent FHA loans (originating in 2014-15) have seen above average increases in foreclosure rates. “Localized foreclosure flare-ups in the first half of 2018 can no…
The demographic makeup of any given area is vital for understanding the housing needs of its residents. Today’s infographic from the U.S. Census Bureau gives us a nice snapshot of the median age of residents in every county in America. Notice how it gets more purple the farther north you go (except Alaska)…..Happy Friday! Hat tip to Census.gov.
Online real estate marketplace Roofstock recently released a list of the 29 real estate submarkets to watch, based on data from their nationwide collection of property managers. Their list includes six major areas’ submarkets and it is probably worth a look – especially if you’re seeking new markets in which to invest. They also say they will continue adding to this list. Indeed….Do your due diligence, gather good intelligence and you’ll be on the right path. “Getting your foot in the right real estate market at the right time can feel a bit like throwing darts blindfolded. While housing…
According to the latest Yardi Matrix, U.S. multifamily rents rose $12 in June to $1,405 – which they report is an all-time high. Year-over-year in June, rents were up 2.9%, a 20-basis-point increase over the previous month. Yardi says the strong performance is a good sign that demand generally is holding up and that robust supply growth is not an impediment to rent growth in most markets. “The resilient U.S. multifamily market demonstrated its strength and consistency in the first half of 2018. Despite headwinds presented by consistent supply growth and lack of affordability in many major metros, rents continue…
More and more older single women are purchasing homes at an increasing clip. This interesting aspect of potential homebuyers was recently reported by the Wall Street Journal and reposted by Realtor.com. Interestingly, the article points out census data showing that, since 1981, single women over 55 have been the fastest-growing demographic of home buyers when compared with several other categories. In 2017, single, older women made up 8.2% of all home buyers, which is nearly double the percentage 20 years ago. Furthermore, these women are buying homes at nearly 2x the rate as their male counterparts. “There have long been…
About a year ago we posted about investors snapping up real estate in pre-hurricane ravaged Puerto Rico. Now HousingWire is reporting that interest in Puerto Rico’s real estate is, again, on the rise with investors capitalizing on the downward trend in real estate prices due to the recent hurricane damage. They cite a recent study by Point2 Homes suggesting that U.S. mainland homebuyers are looking to purchase homes on the island within the next year. In addition HousingWire points out that over the past eight years, PR’s median home sales price dropped 48% from $224k in 2010 to $116,750 in…
Recent data put out by the Mortgage Bankers Association revealed that their Weekly Applications Survey refinance index dropped to its lowest monthly average since December 2000. They cite higher interest rates which have reduced the incentive for borrowers to refinance. The MBA predicts that rates will continue to increase this year, being driven by strong economic growth, a hot job market, and greater inflationary pressures. Interestingly, 70% of refinance activity was for cash-outs: “…Given that rate/term refinancing has declined, the share of cash out refinances has increased, with Freddie Mac reporting that almost 70 percent of recent refinance activity was…