Author: Brad Beckett

According to new data released by RealtyTrac, “zombie” foreclosures (abandoned homes stuck in foreclosure that haven’t been repossessed) were down 43% from a year earlier and 27% from the previous quarter. The report shows that there were just over 20k US homes in the foreclosure processes, accounting for just over 1% of all vacant residential properties.  Some takeaways from the report: States with the most vacant “zombie” foreclosures were New Jersey (3,997), Florida (3,512), New York (3,365), Illinois (1,187) and Ohio (1,028) States with the most total vacant residential properties were Florida (180,846), Michigan (117,833), Texas (117,350), Ohio (86,416), and…

What a difference a week and new regulations can make.  The Mortgage Bankers Association is reporting that mortgage applications were up over 25% from the previous week.  The data was released as part of the the MBA’s Weekly Mortgage Applications Survey for the week ending October 2nd. “The number of applications for purchase and refinance mortgages soared last week due both to renewed rate volatility and as many applications were filed prior to the TILA-RESPA regulatory change. The average loan size of applications in the weekly survey increased by 6.9 percent, driven by a 12.1 percent increase in the average…

According to a recent article on Inman, while “Millennials are clearly the future of real estate…[however] there’s a new trend afoot that might be your next hot opportunity — and America’s wealthiest generation will be driving it.”  Indeed, real estate investors need know where the trend-lines are moving and be ready to capitalize on opportunities as they present themselves. Especially when you consider: The majority of the 78 million boomers need to remodel their homes or will be moving due to being in transitional live stages. Transition, in this case, meaning downsizing from the family home, but not yet ready for retirement.…

The following media release was issued by Ohio’s 1851 Center for Constitutional Law regarding a recent decision in US District Court upholding the 4th Amendment to the US Constitution – a big victory for rental property owners! Federal Court:  Cities’ Rental Licensing and Inspection Requirements Unconstitutional Columbus, OH – The Southern District of Ohio today ruled that the City of Portsmouth’s occupational licensing requirements imposed upon landlords – – rental property inspections and licensing fees – – violates the Fourth Amendment to the United State Constitution. 1851 Center for Constitutional Law’s victory on behalf of Portsmouth rental property owners…

The Wall Street Journal is reporting that mortgage bankers and real-estate agents are bracing for the impact of the of a five-year-old law that will be implemented on October 3rd forcing them to overhaul the way they process sales.  The regulations, part of the sweeping Dodd-Frank law, are intended to help consumers better understand their mortgage terms.  As with most new laws, the unintended consequences have real-estate professionals concerned that confusion will set in and cause unnecessary delays. “It is without question the single largest implementation challenge that the broad industry has faced since Dodd-Frank. It’s massive. It involves every…

The Urban Institute released a report suggesting that single-family rental homes could be the solution to increasing the supply of so called affordable housing.  Citing data showing that single-families make up over half of the 14 million rental units in the US, they  suggest changes at the federal level to encourage greater investment in these properties which they suggest would increase supply. “Turning distressed single-family houses into rentals can be an important way to absorb the overhang from the credit crisis and stabilize neighborhoods” Click here to read the report, Single-family homes can help address the affordable rental-housing crisis

Black Knight Financial Services reported that their “first look” at August 2015 month-end mortgage performance statistics derived from its loan-level database, which  represents approximately two-thirds of the overall market.  According to their data: At 18%, August’s year-over-year decline in delinquency rate is the highest since May 2011 Prepayment rate (single month mortality or SMM) continues decline; down 15% month-over-month Foreclosure starts rise to 80.5k in August driven by an increase in repeat foreclosure starts Reduced non-current rates observed in all 50 states over the past six months Click here to read the full report,  Despite Monthly Rise, Delinquency Rate Sees…

The U.S. Commerce Department reports that sales of new single-family houses in August 2015 were at a seasonally adjusted annual rate of 552k.  This is 5.7% above the revised July rate of 522k and is 21.6% above the August 2014 estimate of 454k. The median sales price of new houses sold in August 2015 was $292,700. The average sales price was $353,400. The seasonally adjusted estimate of new houses for sale at the end of August was 216k  representing a supply of 4.7 months. Click here to read the full release.

Over the past 40 years, American household composition has changed dramatically – more singles living alone, children returning to the nest and people living with a partner.  The Sparefoot Blog recently posted the following infographic that illustrates this current phenomenon. Via SpareFoot

Using data from Zillow, the Associated Press is reporting that home rents in the US rose at a slower pace in August.  The downturn may be contributed to a rise in apartment construction in many major cities, which according to the US Commerce Department has seen a year-to-date increase of 12.7%. Real estate data firm Zillow says that median rents rose a seasonally adjusted 3.8 percent from a year ago, off from the annual pace of 4.2 percent in July. Rental prices are still climbing at a faster pace than average earnings, increasing the financial burden of housing and potentially…