According to Black Knight’s latest Mortgage First Look, the national delinquency rate fell 3 basis points (bps) to 3.26% in October, marking a 9 bps (-2.8%) improvement from the same time last year. However, Black Knight says foreclosure starts rose to 33k in October – their highest levels in 18 months. Meanwhile, the number of foreclosure sales (completions) remained relatively flat. Active foreclosure inventory inched up 3k to 217k, but remains more than 25% below prepandemic levels. Click here to read the full report at Black Knight.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The U.S. Government is reporting that sales of new single-family houses in October, 2023 were at a seasonally adjusted annual rate of 679k, which is 5.6% lower than September’s revised rate but is 17.7% higher than one year ago. The median sales price of new houses sold in October was $409,300 with an average sales price of $487k. There were an estimated 439k new houses for sale at the end of October representing a 7.8-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
On a recent episode of CNBC’s Squawk Box, the NAR’s chief economist, Lawrence Yun, discussed the state of the housing market, why he believes it’s a strange market of record-high home prices, deep-slumping home sales, and other industry-related issues. Click on the image below to watch. Click here to read more at CNBC.com.
Realtor.com says there are still some affordable cities where buying a house isn’t just a pipe dream but can become a reality. Their number-crunchers looked over the national real estate landscape and found the top 10 places where a house with a yard goes for about $300k, or less. To get their list, they looked at median home list prices in the 100 largest metropolitan areas in October. “Of course, there are reasons why some regions are so affordable for housing. Most of the metro areas that landed on our list have experienced some economic challenges that have resulted in…
The Army Times is reporting that the U.S. Department of Veterans Affairs is pausing foreclosures on homes financed with VA loans for 6 months. They say the move comes after a recent NPR report that found thousands of veterans in danger of losing their homes because of the end of the Veterans Assistance Partial Claim Payment program in late 2022. The Military Times says NPR reported that about 6k individuals with VA home loans have already entered the foreclosure process as a result of the problems. In a statement, VA Press Secretary Terrence Hayes said the department will push all…
The National Association of Realtors is reporting that existing home sales were down 4.1% in October to a seasonally-adjusted annual rate of 3.79 million (down 14.6% year over year). Total housing inventory at the end of October was 1.15 million units, up 1.8% from September but down 5.7% from one year ago. Unsold inventory sits at a 3.6-month supply at the current sales rate with properties remaining on the market for around 23 days. The median existing-home price for all housing types in October was $391,800, up 3.4% from one year ago. Click here to read the full report at…
As always, we hope you & yours had a wonderful and happy Thanksgiving this year. And, if you’re like many Americans you may have not only eaten more than your fair share, but you might also have oodles of leftovers that will be calling your name in the days and weeks to come. Today’s infographic from craftminute.com reminds us to not “spoil Thanksgiving” and properly put away those leftovers so there will be plenty to eat and/or snack on in the colder days and months ahead….Stay safe and have a Happy Friday!!! Hat tip to craftminute.com.
Porch-sitters take note; According to data from the NAHB’s Eye on Housing, 66.4% new homes built in 2022 were equipped with a porch. In fact, they say porches have been a popular home feature, consistently ranking in the top 10 in the NAHB surveys of recent and prospective home buyers published in What Home Buyers Really Want. Indeed… “To build their new home porches, builders continue to use concrete more than any other material on a square-foot basis—except in New England, where treated wood, composite, natural stone, and PVC or other plastics are each used more than concrete.” Click here…
On a recent episode of the Rent Perfect podcast David Pickron says incidents of squatters are on the rise around the country, and may coming to your home soon. He provides insight on what to do if you find that squatters have occupied your property. Click here to listen on Spotify.
According to the NAR, FEMA is proposing federal legislation with a new condition for states to continue participating in the National Flood Insurance Program (NFIP). To participate, state legislatures would be required to adopt and mandate a real estate disclosure form with specific flood-related questions. The NAR has concerns about the benefits and costs of this proposal as well as the accuracy of the supporting basis study. To that end, they hired the Legal Research Center to conduct a more complete, thorough, and accurate survey of existing state disclosure requirements and to publish a Flood Disclosure Reporter for Congressional, state,…
