Author: Brad Beckett

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices rose 12.4% from Q3 of 2021 to the Q3 of 2022.  In addition, prices were up 0.1% compared to the second quarter of 2022.  FHFA’s seasonally adjusted monthly index for September was up 0.1% from August. “House prices were flat for the third quarter but continued to remain above levels from a year ago.  The rate of U.S. house price growth has substantially decelerated. This deceleration is widespread with about one-third of all states and metropolitan statistical areas registering annual growth below 10 percent.” …

On a recent episode of the Rental Property Owner & Real Estate Investor Podcast, Brian Hamrick talks with Clay Powell, who will soon be retiring from Michigan’s Rental Property Owners Association after nearly 25 years of service. Clay looks back on the challenges and triumphs he’s experienced throughout his career with the RPOA.  He also describes the importance of how local associations in help investors work through local regulations and politics, while educating members on all types of issues and strategies. “For almost 25 years, Clay Powell has provided a steady guiding hand as Director of the Rental Property Owners…

The U.S. government is reporting that total construction spending in October, 2022 was at a seasonally adjusted annual rate of $1,794.9 billion, which is 0.3% lower than September’s revised estimate but is 9.2% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $887.2 billion in October, which is 0.3% below September’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 10.6% annual gain for September, 2022.  Their 10-City Composite annual increase came in at 9.7% and their 20-City Composite posted a 10.4% year-over-year gain.  The increases in both measures were down from previous months….expect this trend to continue. “As has been the case for the past several months, our September 2022 report reflects short-term declines and medium-term deceleration in housing prices across the U.S.”  Said Craig J. Lazzara, Managing Director at S&P DJI. Click here to read the full report at S&P Dow Jones Indices.

The National Association of Realtors is reporting that pending home sales were down 4.6% in October, 2022 – the fifth consecutive month of declines.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 77.1. “October was a difficult month for home buyers as they faced 20-year-high mortgage rates…The West region, in particular, suffered from the combination of high interest rates and expensive home prices. Only the Midwest squeaked out a gain.”  Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of Realtors.

Well,  it is now December and Christmas will be here before you know it!  Our friends at The Home Depot put together this handy Christmas lights reference chart so you can have the brightest house on the block!  Happy Friday!!!! Hat tip to the Home Depot.

Last week, we posted about how Airbnb rolled out new software to screen & prevent parties.  Now, CNBC’s Diana Olick says Airbnb has a new program that allows tenants to host their apartments on the Airbnb platform.  In fact, according to the Wall Street Journal, some of the biggest landlords and property managers in the country have partnered with them as well.  This ought to get interesting… Click here to watch on CNBC. Click here to read more at the Wall Street Journal (subscription required).

Rental information site Zumper recently released their latest monthly National Rent Report showing that their median national rent for 1-bedroom apartments in November, 2022 was $1,491 (unchanged from October) and the median two-bedroom rent was $1,825 (down 0.4% from October).  Zumper says rent prices continue to decline gradually across much of the United States.  Be sure to check out their list of the top 100 metro areas. “We’re seeing pandemic trends begin to unwind, and unwind quickly, as renters hunker down in anticipation of a recession…” Said Zumper CEO Anthemos Georgiades. Click here to read the full report at Zumper.…

According to the Black Knight’s First Look report for October, 2022, mortgage delinquencies were Up 4.5%, driven by a sharp 9.4% rise in 30-day delinquencies.  In addition they say foreclosure starts were initiated on 4% of existing serious delinquencies in October, up slightly from September but still less than half the rate seen in the years leading up to the pandemic. Click here to read the full report at Black Knight.

The National Multifamily Housing Council says “Econ 101” is the real reason rental rates have been rising in recent months and not price gouging, as many have been quick to say.  Their data show that double-digit rent growth recorded in late 2021 & early 2022 coincided with record low apartment vacancy rates (i.e., the number of empty and available apartments) – in other words there are too many people competing for not enough apartments, which drives prices up.  They say the U.S. needs to build 4.3 million apartment homes by 2035 to meet both future demand and an existing shortfall…