Author: Brad Beckett

In late August, the U.S. Department of Housing and Urban Development announced their new FY 2017 Fair Market Rates (FMR’s) which are used to determine payment standards for many housing assistance programs, including Housing Choice Vouchers (HCV) and Project-Based Section 8 programs.  HUD’s legal notice indicates that the proposed FMRs will take effect on October 1, 2016 unless interested parties request reevaluation of their FMRs by September 26, 2016. Click here to zero-in on a given location within the list. Click here to read the official announcement in the Federal Register.

Servicing-industry news site DSNews is reporting that the housing advocacy group whose lawsuit last year sparked a controversial decision by the U.S. Supreme Court allowing disparate impact cases to be brought under the Fair Housing Act has now seen that lawsuit dismissed by a federal judge who ruled that the group failed to meet the Supreme Court’s standard of establishing disparate impact.  The disparate impact issue has become a heated one in housing in the last few years, especially since the Obama Administration passed a rule allowing disparate impact claims—which are allegations made based on neutral practices that may have a…

According to the latest Yardi Matrix average U.S. rents increased by $3 in August to a new high of $1220 – representing the 8th consecutive monthly record.  Rents were up 5% year-over-year (down 50 basis points from July) however there are some signs rent growth is cooling.  Yardi says that fundamentals in most of the country remain strong and although occupancy rates have declined slightly, they remain extremely high with robust apartment demand across the board. “The deceleration in rents is in line with expectations. We forecast 4.5% growth for 2016, so if anything, year-to date increases have surprised on…

Corelogic is reporting that cash sales accounted for 30% of total home sales in May, down 2.5 percentage points year over year from May 2015.  During the first 5 months of 2016 cash sales averaged 33% – representing the lowest start to any year since 2008.  The share of  cash sales peaked in January 2011 when cash transactions accounted for 46.6% of total home sales nationally. Click here to read the full report on Corelogic.

What are the best and worse states for families to lead a richer life?  And by richer we aren’t referring to wealth but rather all of the opportunities and factors that contribute to an increased quality of life.  The folks over at GoBankingRates.com recently crunched the numbers for all 50 states (and DC) to identify which provided the best income, housing, healthcare and educational opportunities.  They analyzed twelve factors that were split up among five categories;  Jobs & Income, Housing, Lifestyle, Healthcare and Safety. “There really is no ‘one size fits all’ formula for those trying to decide the best…

What’s in a name?  Well, everything – especially a name for your business.  That’s why the folks over at FortuneBuilders recently put together this handy chart on how to select the perfect name for your real estate business.  Hey, after all, it’s yours…and you deserve the best.  Happy Friday!

Coming on the heels of a double-digit increase in new home sales for July, the National Association of Realtors is reporting that sales of existing homes were down 3.2% in July to a seasonally adjusted annual rate of 5.39 million units compared to 5.57 million in June.  The median existing-home price for all housing types in July was $244,100, up 5.3% from one year ago.  July’s price increase marks the 53rd consecutive month of year-over-year gains.  Total housing inventory at the end of July was 2.13 million existing homes available for sale representing a 4.7-month supply. All-cash sales represented 21% of…

According to new data released this week by the U.S. Census Bureau and the Department of Housing and Urban Development, July sales of new single family homes were at seasonally adjusted annual rate of 654k (highest level since October 2007).  This number is 12.4% above June’s rate and 31.3% higher than one year ago.   The median sales price of new houses sold in July 2016 was $294,600; the average sales price was $355,800. Currently there is 4.3 months supply of new homes at the current sales rate. Click here to read the full report.

After analyzing recent housing data from the Commerce Department, the National Association of Home Builders (NAHB) says the number of single-family homes built-for-rent has posted solid gains over the last year.  Their analysis showed that built-for-rent accounted for 4.5% of total housing starts in the 2nd quarter of 2016.  However, they cautiously said  that “as homes age, they are more likely to be rented. Thus, the primary source of single-family rental homes is not construction but the existing housing stock.” Click here to read the full report at the NAHB’s Eye on Housing.

According to recent data from Zillow, 13.7% of American homeowners in urban regions and 11.2% of homeowners in suburban areas are underwater on their mortgage.  This compares to nearly a third of homeowners who were underwater after the burst of the housing bubble.   Interestingly, negative equity is nearly equally spread across urban and suburban areas across the country. Zillow says that in 13 of the nation’s largest metros, the share of urban and suburban homeowners who are underwater is within two percentage points. “At its worst, negative equity touched all kinds of homeowners in all kinds of markets,” said Zillow…