Author: Brad Beckett

On a recent episode of the AZREIA Show, Marcus Maloney & Michael Del Prete talk with guest Mark Zinman, an attorney from Zona Law Group, to discuss all things law and legislation related to landlord-tenant and real estate matters.  The episode covers issues such as Biden’s Renters Bill of Rights, tenant complaints, risk management, and creative financing options for real estate investors.  As always, please consult with a local attorney about the laws & regulations in your particular state and/or municipality. Click here to listen on Spotify.

According to Black Knight’s latest Mortgage Monitor, the total U.S. loan delinquency rate (loans 30 days+ past due but not in foreclosure) as at 3.10% in May, down 6.25% from April and down 2.62% year over year.  In addition, the number of borrowers a single payment past due improved by 94K (-9.5%), erasing nearly half of the prior month’s increase. Click here to read the full report at Black Knight.

According to the latest U.S. Home Flipping Report from ATTOM, 72,960 single-family houses and condominiums were flipped in Q1, 2023 representing 9% of all home sales in the first quarter.  Interestingly, ATTOM says that while flipping activity rose, mixed trends emerged for raw profits and profit margins  Indeed… Click here to read the full report at ATTOM.

Harvard’s Joint Center for Housing Studies recently released their annual State of the Housing Report – released annually since 1988.  They say that housing markets continue to cool as higher costs weigh on both homeowners and renters.  In addition they say total household growth is likely to slow in the coming few years, in part because much of the pent-up demand for household formation among young adults has been released, and also because of deteriorating affordability and slowing population growth, the primary long-term driver of household growth. “In both the for-sale and rental markets, housing demand softened and markets cooled…

The U.S. government is reporting that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000, which is 21.7% higher than April’s revised number and is 5.7% higher than one year ago.  May’s rate for units in buildings with five units or more was 624k.  Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,491,000, which is 5.2% higher than April’s revised number, but is 12.7% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 542k in…

The National Association of Realtors is reporting that existing home sales were up 0.2% in May to a seasonally-adjusted annual rate of 4.30 million (down 20.4% year over year).  Total housing inventory at the end of May was 1.08 million units, up 3.8% from April but down 6.1% from one year ago.  Unsold inventory sits at a 3-month supply at the current sales rate with properties remaining on the market for around 18 days.  The median existing-home price for all housing types in May was $396,100, down 3.1% from one year ago.  The NAR said sales were mixed among the…

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 June, 2023 Data from the first quarter confirm that the surge in home prices is over in most places and that we will see lower prices during the next year. Some markets are an exception – mainly in the Southeast and especially Florida – but in Western markets like Austin, Denver, Phoenix, Seattle, Portland, Las Vegas, Salt Lake City, Boise, and most places in California, home…

Statista says there are big changes on the horizon for several occupations over the next 10 years.  Many jobs will be eliminated outright thanks to rapid changes in technology and other advancements that have altered the way people work, making some occupations disappear, while others emerged. Interestingly, cashiers, who are at risk of being replaced by self-checkouts, are projected to see the biggest drop in employment, with 335k,fewer jobs in 2031 than in 2021. Other jobs high on the list are secretaries, office clerks and customer service representatives, with each of these occupations expected to see employment decline by more…

A recent article by DS News says only 36% of property managers who are aware of the practice of reporting rent payments to the three major credit agencies are actually doing it.  The cited data comes from a TransUnion Tenant & Employment business department report.  Interestingly, they add that the 36% of property managers who are reporting this information has increased 37% year-over-year.   The top reasons cited for reporting rent payments were to help residents build their credit scores (86%), followed by encouraging residents to pay on time (52%).  “Our residents deserve opportunities to build their credit from on-time…

With the recent discussion about a lack of for-sale inventory, a new report from Redfin remind us that more than nine of every 10 (91.8%) U.S. homeowners with mortgages have an interest rate below 6%.  That figure is down slightly from the record high of 92.9% hit in mid-2022.  However, they say with rates currently around 7% many homeowners simply aren’t moving, which is intensifying a shortage of homes for sale. “…well over 92% of homeowners with mortgages have mortgage rates below the current weekly average of 6.71%, which is near the highest level in over 20 years. Homeowners holding…