Author: Brad Beckett

This week real estate data powerhouse CoreLogic released their February 2016 National Foreclosure Report which shows national foreclosure inventory declined by 23.9% and completed foreclosures declined by 10%, both numbers year-over-year. The number of completed foreclosures nationwide decreased year over year from 38k in February 2015 to 34k in February 2016. The number of completed foreclosures in February 2016 was down 71.3% from the peak of 117,776 in September 2010.  As of February ’16, the national foreclosure inventory included approximately 434,000, or 1.1%, of all homes with a mortgage compared with 571k homes, or 1.5%, in February 2015. February 2016’s …

Using data from the U.S. Census Bureau, a new report from the National Association of Homebuilders shows that effective real estate tax rates vary substantially across and within U.S. counties, with the highest rate area having rates that are often many times higher than the lowest rate areas within the same county. The analysis shows that some of these intra-county differences in property tax rates can be explained by varying household income, home values, how recently the homes have been purchased, presence of households that are exempt from paying property taxes, and the share of households with children under 18, among…

Earlier this week we posted the latest data from the Yardi Matrix showing that the average national apartment rental rate rose $6 in March, reaching another time high of $1,181. In addition to Yardi’s numbers, Bloomberg has reported that as U.S. apartment vacancies rose in the first quarter (with a considerable number of new units hitting the market) the rate of rental increases actually slowed.  Using data from Reis, Inc., they also said effective rents, rose 4.5% in the first quarter year-over-year, down from 5% growth at the end of 2015.  The vacancy rate was 4.5% compared with 4.4% in…

What are the demographics driving multifamily demand in America?  The following infographic from Arbor does a good job spelling it all out……Keep in mind, too, that we’ve posted some interesting data about apartments/rentals this week.  This chart is a good addition to that mix….Happy Friday! Read more about this infographic at Arbor LoanExpress.

Last month we posted about an AP story reporting that Cleveland city officials are considering legislation that would regulate, limit and tax short-term rentals arranged through sharing websites such as Airbnb. This week Airbnb Action (an advocacy arm of Airbnb) posted comments from their hosts in Cleveland and encouraged others (via provided link) to contact and share their feelings with Cleveland’s Mayor and City Council.  Specifically they feel a 90-day per year cap is unnecessary. “Cleveland’s lawmakers are considering new laws for home sharing and home sharers from all over the city are joining together to stand up for fair…

Over at CNBC’s Realty Check, Diana Olick reports that first-time homebuyers are largely sitting out this housing recovery, and while affordability is the main reason, it is not the only one. “It could also be they just want more than their parents did. Three-quarters of first-time homebuyers say they are looking for a home that will serve them long term, perhaps accommodating a family. They claim they don’t want a starter home. That’s according to a new national survey by Bank of America of more than 1,000 adults age 18 and over who want to buy a home in the…

Corelogic has released their Home Price Index and HPI Forecast for February 2016 showing that home prices are up 6.8%, year over year (which includes distressed sales) as well as increasing 1.1% month over month.  In addition,  CoreLogic’s HPI Forecast predicts that home prices will increase by 5.2% on a year-over-year basis from February 2016 to February 2017, and on a month-over-month basis by 0.6%. “Fixed-rate mortgage rates dropped more than one-quarter of a percentage point in the first three months of 2016, and job creation averaged 209,000 over the same period,” said Dr. Frank Nothaft, chief economist for CoreLogic.…

The following media release was issued by NREIA in reposnse to HUD’s recent guidelines regarding criminal background checks for potential tenants.  National Real Estate Group: HUD goes too far! NREIA Says Guidelines Will Have Chilling Effect on Criminal Background Checks (Cincinnati, OH) The National Real Estate Investors Association (NREIA) said today that new guidelines issued Monday by the U.S. Department of Housing and Urban Development go too far and will have a chilling effect on criminal background checks used to screen potential tenants. According to HUD, because a disproportionate number of African Americans & Hispanics have criminal records, they face…

Today, Tuesday, April 5, is National Apartment Housing Day as proclaimed by the National Apartment Association.  The day celebrates the importance, value, and positive impact that apartments have on America’s economy. “With one-third of Americans now renting their homes, there has never been a more exciting time to be a part of the apartment housing industry,” said Doug Culkin, CAE, President & CEO of the National Apartment Association. “ It’s time to celebrate the new American Dream.” Important facts to consider: Apartments and their residents contribute $1.3 trillion to the economy each year. That’s 12.3 million jobs in construction, operations,…

The U.S. Department of Housing and Urban Development released new guidelines today that could severely restrict a landlord’s ability to screen tenants based on criminal background checks, saying it could violate the Fair Housing Act. The guidelines, issued Monday morning, say that because disproportionate numbers of African Americans & Hispanics have criminal records, they face potential discrimination in housing options based on their race. This issue will be closely followed by NREIA. In their summary conclusion, the HUD guidelines state: The Fair Housing Act prohibits both intentional housing discrimination and housing practices that have an unjustified discriminatory effect because of…