Author: Brad Beckett

The U.S. government is reporting that privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,358,000, which is 7% higher than August’s revised number but is 7.2% lower than one year ago.  September’s rate for units in buildings with five units or more was 383k.  Privately‐owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,541,000, which is 4,4% lower than August’s revised number and is 7.2% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 459k in…

The National Association of Realtors is reporting that existing home sales were down 2% in September to a seasonally-adjusted annual rate of 3.96 million (down 15.4% year over year).  Total housing inventory at the end of September was 1.13 million units, up 2.7% from August but down 8.1% from one year ago.  Unsold inventory sits at a 3.4-month supply at the current sales rate with properties remaining on the market for around 21 days.  The median existing-home price for all housing types in July was $394,300, up 2.8% from one year ago.  The NAR says high interest rates and limited…

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.

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…