Author: Brad Beckett

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,…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,718 in October, 2023.  Yardi says demand for apartments remains robust, and is in line with the surprisingly strong economy and with homeownership increasingly out of reach as mortgage rates soar. “Multifamily demand remains strong, as the U.S. economy continues to confound prognosticators.  Despite rising interest rates that led to consensus forecasts of a near-certain recession in 2023, GDP rose by 4.9% in the third quarter and the economy averaged almost 300,000 new jobs per month through October.” “Now the question is whether the economy’s performance…

The venerable AAA says it’s time to “buckle-up” this Thanksgiving as they say over 55.4 million people will be traveling – up 2.3% from 2022.  They expect this year to be the third busiest for Thanksgiving travel since AAA started tracking this data in 2000. “For many Americans, Thanksgiving and travel go hand in hand, and this holiday, we expect more people on the roads, skies, and seas compared to 2022…Travel demand has been strong all year, and AAA’s Thanksgiving forecast reflects that continued desire to get away and spend time with loved ones”  Said Paula Twidale, AAA’s Senior Vice…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October, 2023.  The all items index was up 3.2% for the 12 months ending in October.  The index for shelter continued to rise in October, offsetting a decline in the gasoline index and resulting in the seasonally adjusted index being unchanged over the month. Click here to read the full release at the Bureau of Labor Statistics.

The U.S. government is reporting that privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,372,000, which is 1.9% higher than September’s revised number but is 4.2% lower than one year ago.  October’s rate for units in buildings with five units or more was 382k.  Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,487,000, which is 1.1% higher than September’s revised number and is 4.4% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 469k in…