Author: Brad Beckett

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices dropped 0.7% in August but were up 11.9% year over year.  The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s. “U.S. house prices declined in August at a similar pace to the previous month. This is the first time since March 2011 that the index has seen two consecutive months of decline…”  said Will…

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 13% annual gain for August, 2022.  Their 10-City Composite annual increase came in at 12.1% and their 20-City Composite posted a 13.1% year-over-year gain. “As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive and housing becomes less affordable. Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate.”  Said Craig J. Lazzara, Managing Director at S&P DJI. Click here to read the full report at S&P Dow Jones Indices.

Rental information site Zumper recently released their latest monthly National Rent Report showing that their median national rent for 1-bedroom apartments in October, 2022 was $1,491 (down 0.8% from September) and the median two-bedroom rent was $1,832 (up 0.7% from September).  Be sure to check out their list of the top 100 metro areas. “This reversal of widespread price hikes is fueled by several factors, including rising vacancy rates in some markets, a return to more typical seasonal moving patterns and, above all, fear of recession…” Click here to read the full report at Zumper.

The National Association of Realtors is reporting that pending home sales were down 10.2% in September, 2022.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 79.5.  The NAR says persistent inflation and higher mortgage rates continue to harm the market “Persistent inflation has proven quite harmful to the housing market…The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.”  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 September, 2022 were at a seasonally adjusted annual rate of 603k, which is 10.9% lower than August’s revised rate and is 17.6% lower than one year ago.  The median sales price of new houses sold in September was $470,600k with an average sales price of $517,700.  There were an estimated 462k new houses for sale at the end of September representing a 9.2-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

Halloween is upon us and most neighborhoods will soon see the inevitable flood of costumed trick-or-treaters!  So, what’s the best candy to hand out?   A recent survey by YouGov talked with kids ages 8-14 to find out what candies they preferred receiving on Halloween (of course, we all know beggars can’t be choosers).  Stay safe and have a Happy Friday – and a spooky Halloween!!! Hat tip to YouGov.com.

According to a recent report from DC’s WUSA9, a couple in Maryland had a contract with a bank to buy a vacant foreclosed home, however when they went to move in there was a rental truck in the driveway moving someone else in.  When the new owners confronted the people moving in, the men showed them what they said was a lease for the property.  As of this post, the people are still there and refusing to leave.  Indeed… “We have an agreed sign ratified contract with the bank,” said King who showed WUSA9 the couple’s contract with U.S. Bank…

A recent report from Rentcafe says renting is at the highest level in half a century, with 43.7 million households currently living in rentals.  In addition, the report says that over the past decade, over 100 zip codes have switched from homeowner to renter majority.  In addition, the number of renters in 41% of zip codes in the 50 largest US cities now surpass those of homeowners. “The American dream of homeownership has been rehashed throughout the past decade, with more households renting than at any point in the last 55 years. Although renting was previously considered an alternative brought…

According to ATTOM Data’s Q3 2022 U.S. Home Sales Report, profit margins on U.S. median-priced single-family home and condo sales decreased 54.6% as prices declined for the first time in nearly three years.  In addition, ATTOM says the drop-off in profit margins came as the median national home value dropped 3% quarterly, to roughly $340k. “Rapidly-rising mortgage rates have not only resulted in fewer home sales, but have begun to impact home prices as well…With rates the highest they’ve been in over 20 years, homebuyers face serious affordability challenges, with monthly payments in some markets up 50 percent year-over-year. It’s…

The Wall Street Journal is reporting that due to rising inflation the IRS has adjusted the Tax Brackets & Standard Deduction for tax year 2023.  According to the WSJ, the 37% top marginal tax rate will apply to individual income above $578,125 and married couples’ income above $693,750 next year, as those thresholds go up 7% from 2022 under inflation adjustments.  The standard deduction will climb to $27,700 for married couples and $13,850 for individuals, both also up about 7% from 2022.  In addition, the maximum contribution to healthcare flexible spending accounts will climb to $3,050 from $2,850. The IRS…