Author: Brad Beckett

The pest control & rodent removers over at Orkin say for the 9th year in a row Chicago continues its first-place spot on their Top 50 Rattiest Cities List.  Los Angeles moves up to #2 with New York dropping to #3 position.  Orkin says cities on their Rattiest Cities list are based on the number of new rodent services highlighting demand and efforts that residents & businesses have taken to treat rodent issues. “Because of the threats that rodents pose, it’s important for homeowners and business owners to know how to spot a rat or mouse infestation in order to…

GOBankingRates rightly says that a home is one of the key elements for many Americans, providing a long-term solution to their housing and a real estate investment for their portfolio.  However, as they point out, many have been priced out of the market – especially when home prices translate into a super-high down payment.  They recently crunched the numbers in our current environment to come up with the top 50 places in America there folks can purchase a home for under $250k.  In addition, they included quality of life factors like crime rates, unemployment and livability to aid in their…

The New York Post is reporting that a recent crackdown on Airbnb listings by New York City has led to a black market for rentals that have now gone “underground.”  The new rules (which went into effect in early September) imposed tougher regulations that restrict most short-term stays and limit reservations to only two guests.  In addition, the Post says industry experts said this puts both renters and apartment owners at risk of scammers as Airbnb stopped taking and/or canceling reservations – leaving those who had booked a visit scrambling to riskier options. These non-vacation rental sites, however, are prime…

Reuters is reporting that the Mortgage Bankers Association’s weekly index of mortgage application activity fell 6.9% in the week ending 10/13/23 to 166.9, the lowest since May, 1995.  The report showed applications for home loans fell 5.6% to the lowest point since February 1995 and applications for refinancing fell 9.9%. “The volume of U.S. mortgage applications plummeted to the lowest in nearly three decades last week as the interest rate on the most popular type of home loan rose for a sixth straight week to the highest since 2000, the latest data to point to no near-term relief for the…

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…