In a letter sent to clients in late June (and at least one real estate tech strategist) Zillow says they will be closing Zillow Closing Services (ZCS). Zillow billed their service as; “Close with confidence. Zillow Closing Services is your go-to partner for smooth, reliable closings — with no last-minute surprises.” Indeed, it was a just a couple years ago that they closed their much-hyped Zillow Offers business. Interestingly, as of this writing, there hasn’t been any announcement about this information on their website. Click here to see the announcement on Michael DelPrete’s LinkedIn post.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices rose 0.7% in April. In addition, they report that prices rose 3.1% from April 2022 through April 2023. The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house prices generally increased moderately in April…However, on a year-overyear basis, house prices in some regions of the country continued to decline.” Said Dr. Nataliya Polkovnichenko,…
The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 0.2% annual decrease for April, 2023. Their 10-City Composite decreased 1.2% and their 20-City Composite decreased 1.7%, year-over-year. However, their U.S. National Index posted a 1.3% month-over-month increase in April, while the 10-City and 20-City Composites both posted increases of 1.7%. “The U.S. housing market continued to strengthen in April 2023…Home prices peaked in June 2022, declined until January 2023, and then began to recover…The ongoing recovery in home prices is broadly based.” Said Craig J. Lazzara, Managing Director at S&P DJI. Click here to read the…
The National Association of Realtors is reporting that pending home sales were down 2.7% in May, 2023. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 76.5 in May. In addition, the NAR says year over year, pending transactions fell by 22.2%. “Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing…The lack of housing inventory continues to prevent housing demand from being fully realized” Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of Realtors.
The U.S. Government is reporting that sales of new single-family houses in May, 2023 were at a seasonally adjusted annual rate of 763k, which is 12.2% higher than April’s revised rate and is 20% higher than one year ago. The median sales price of new houses sold in May was $416,300 with an average sales price of $487,300. There were an estimated 428k new houses for sale at the end of May representing a 6.7-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
This Tuesday, July 4th, will mark 247 years of America’s independence! Today’s infographic takes a look at the Fourth of July “by the numbers” and provides insight into this holiday that we hold dear. Whatever you do to celebrate, do it safely and have fun…..and, as always, stay safe and have a Happy Friday!!! “The Fourth of July—also known as Independence Day or July 4th—has been a federal holiday in the United States since 1941, but the tradition of Independence Day celebrations goes back to the 18th century and the American Revolution. On July 2nd, 1776, the Continental Congress…
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…
