On a recent episode of Real Estate News for Investors, Kathy Fettke discusses what Fed officials are now saying about rate cuts in 2024, how much income you need to buy a home, and the kinds of compromises buyers are willing to make for a more affordable home. Take a listen…. Click here to listen on Spotify.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to ATTOM Data’s Q1 2024 U.S. Home Equity & Underwater Report, 45.8% of mortgaged residential properties in the United States were considered equity-rich in the first quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values. However, the report also shows that he portion of mortgaged homes that were seriously underwater rose slightly in the first few months of 2024, from 2.6% to 2.7% of all residential mortgages. ATTOM says the largest increases were in the South, which already had some of the nation’s highest…
A recent report from the National Multifamily Housing Council (NMHC) says building codes can raise concerns about construction costs and make it increasingly difficult to develop much needed housing. Their data found that nearly 9 in 10 respondents agreed or strongly agreed that building code requirements in general impact the cost and viability of construction projects. The NMHC report says that while some of these requirements are necessary to protect the health & safety of residents as well as the integrity of the building or community, it is important to understand the financial impact of imposing each type. “Building codes…
The unofficial start of Summer (aka Memorial Day) is this weekend along and with that reminder comes AAA’s annual travel forecast. The venerable AAA predicts that close to 44 million Americans will travel 50+ miles from home this Memorial Day weekend – an increase of 4% over 2023 and close to 2005’s record of 44 million. In addition, AAA says 3.51 million travelers are expected to fly to their destinations – an increase of 4.8% over last year. “We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years…We’re projecting an additional one million travelers this holiday…
The U.S. government is reporting that privately‐owned housing starts in April, 2024 were at a seasonally adjusted annual rate of 1,360,000, which is 5.7% higher than March’s revised number and is 0.6% lower than one year ago. April’s rate for units in buildings with five units or more was 322k. Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,440,000, which is 3% below March’s revised number and is 2% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 408k in…
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in April, 2024. The all items index was up 3.4% for the 12 months ending in April. The index for shelter and gasoline rose again in April as well – combined these two indexes contributed over 70% of the monthly increase in the all items index. Indeed… Click here to read the full release at the Bureau of Labor Statistics.
Do you enjoy reading physical books are e-books? Today’s graphic from the Daily Infographic says data shows that in a time when everything is becoming digital, books are one of the few areas where the physical object is still prevalent. Indeed….. Stay safe and have a Happy Friday!!! Hat tip to the Daily Infographic.
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 5.3% in March, 2024 – marking the 146th consecutive month of annual growth. CoreLogic prodecits that over the next 12 months, year-over-year home price gains are projected to range between 3.7% and 5.6%. “Home prices increased again this March beyond the typical seasonal uptick, despite mortgage rates reaching this year’s high and the affordability crunch continuing to keep many prospective buyers on the sidelines…Even with the long-anticipated break in for-sale inventory, the surging cost of homeownership, further fueled by…
A new study from Bankrate.com says homeownership remains a centerpiece of Americans’ financial aspirations. However, they say with record-high home prices high mortgage rates, would-be homeowners are struggling to achieve their piece of the American dream. According to the report, 78% of Americans consider homeownership a key component of the American dream and placed a higher value on it than on any other indicator of economic stability – including a comfortable retirement, a successful career or a college degree. “Owning a home is still the centerpiece of the American dream, but affordability is the main obstacle to making that a…
CBS news is reporting that the IRS is planning to ramp up audits as it cracks down on tax cheats and seeks to deliver more revenue into the U.S. Treasury. This comes on the heels of $80 billion in new funding from the so-called Inflation Reduction Act (IRA), signed into law by President Joe Biden in 2022. The report says the IRS’ plan over the next three tax years includes a sharp increase in audits, but they say they won’t boost enforcement for people who earn less than $400k annually. Stay tuned…. “The changes outlined in this report are a…
