We’ve had several posts about interest rates over the past few years. Today’s graphic from the Visual Capitalist reminds us that the 30-year fixed-rate mortgage has reached its highest level since 2002. They say that with rising home prices and tight inventory, affordability is now at its lowest point in history. As always, stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to the ATTOM Data’s Q3 2023 U.S. Foreclosure Market Report, there were 124,539 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) – up 28% from Q2 and 34% from a year ago. In September alone, there were 37,679 U.S. properties with foreclosure filings, up 11% from August and up 18% from September, 2022. “Foreclosures are on the rise again this quarter, as indicated by our latest foreclosure numbers…The number of new cases filed by lenders in the third quarter did rise just a small amount from the same period last year and actually dipped a…
Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo WInzer October, 2023 While the national economy seems to be adding jobs at a good 2 percent rate, a look behind the scene is a bit more troubling. In manufacturing, finance and retail stores, jobs are growing less than 1 percent. At restaurants job growth remains high at 3 percent, but in normal times is less than 2 percent. In healthcare, the recent 4 percent growth rate…
As if it weren’t already hard enough to be a landlord in California; The LA Times is reporting that CA Governor Gavin Newsom recently signed several new laws to supposedly protect tenants against eviction, high rental costs, and one that caps security deposits to no more than one-month’s rent. “The opposition, including Republicans and moderate Democrats, claimed that landlords take on risk in renting out their homes, and that security deposits ensure they have enough money to cover any damage incurred. Reducing how much landlords can charge upfront, those opposed to the bill warned, could mean more rental housing being…
On a recent episode of the Rent Perfect podcast David Pickron says we’ve all been victims of fraud one way or another – even if we don’t know it. In this episode, Dave shares six simple ways to help protect you from fraud. The number one suggestion; put a freeze on your credit. Click here to listen on Spotify.
The Wall Street Journal (reposted on Realtor.com) says the latest amenity for homeowners is another, smaller home – aka an accessory dwelling unit, or ADU. They point that they can be free-standing miniature homes as small as a studio apartment and tucked away in a backyard or located above a garage or even in a basement and extend to more than 2k square feet. We posted a few years ago about how California law encouraged the creation of ADUs to relieve the housing shortage. But, now across the nation more builders are starting to offer them as amenities. “ADUs are…
According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,722 in September, 2023. Yardi says the market remains robust overall thanks to strong job growth & household formation, despite challenges that include rising energy costs and higher interest rates. “The question now is whether the monthly drop signals more bad news for multifamily. The industry faces headwinds, including a slowing economy…” Click here to read the full report at Yardi.
The Scotsman Guide is reporting that three real estate industry groups have banded together to bring attention to the Federal Reserve about what they say is havoc being caused by rising interest rates on the housing market. In a joint letter to Fed chair Jerome Powell and the central bank’s Board of Governors, leaders from the Mortgage Bankers Association (MBA), National Association of Realtors (NAR) and National Association of Home Builders (NAHB) said they seek to “convey profound concern shared among our collective memberships” about the impacts of continued uncertainty regarding rate policy moving forward. Indeed… “This has exacerbated housing…
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.4% in September, 2023. The all items index was up 3.7% for the 12 months ending in September (same as August). The index for shelter was the largest contributor to the monthly all items increase. Click here to read the full release at the Bureau of Labor Statistics.
The Daily Infographic says there are many great fast-food chains in America and they’ve become a staple of our culture – they rightly say there’s something for everyone! So, which ones are really the most popular, based on the bottom-line? Today’s chart illustrates just that….and if you’ve ever seen the crowds and the clockwork efficiency of a Chick-fil-A during lunchtime, you’ll know why they’re in first place. As always, stay safe and have a Happy Friday!!! Hat tip to the Daily Infographic.
