Author: Brad Beckett

Last summer we posted about how, despite pleas from frustrated landlords, the Los Angeles City Council voted to extend the city’s emergency declaration allowing their eviction moratorium.  Now, KTTV is reporting that Los Angeles County recently voted to extend eviction protections through March, 2023.  The report says one county supervisor, Kathryn Barger, cast the sole vote against the move and said landlords have suffered enough financial harm  – sometimes by tenants taking advantage of the eviction moratorium to avoid paying rent.  Indeed… “Landlords are saying enough is enough,” she said, calling on the county to develop a plan for phasing…

According to the latest CoreLogic Loan Performance Insights Report, in November 2022, 2.9% of mortgages were delinquent by at least 30 days or more including those in foreclosure.  This figure represents a 0.7-percentage point decrease in the overall delinquency rate compared with November 2021.  In addition, CoreLogic says while national mortgage delinquencies declined for the 20th straight month on an annual basis, 18 U.S. metro areas saw at least slight increases in late borrower payments, up from six in October and one in September. They say that despite this uptick and slowing home price growth in recent months, most owners…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices 8.2% from November 2021 through November 2022.  House prices were up 0.1% from October to November, 2022.  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 were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022…While higher mortgage rates have…

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 7.7% annual gain for November, 2022.  Their 10-City Composite annual increase came in at 6.3% and their 20-City Composite posted a 6.8% year-over-year gain.  The increases in both measures continued to be down from previous months. “As the Federal Reserve moves interest rates higher, mortgage financing continues to be a headwind for home prices. Economic weakness, including the possibility of a recession, would also constrain potential buyers. Given these prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”  Said Craig J. Lazzara, Managing…

The U.S. government is reporting that the national vacancy rates for Q4, 2022 were 5.8% for rental housing and 0.8% for homeowner housing.  The national homeownership rate for Q4, 2022 was 65.9%.  In addition, approximately 89.9% of the housing units in the United States in Q4 were occupied and 10.1% were vacant. Owner-occupied housing units made up 59.2% of total housing units, while renter-occupied units made up 30.7% of the inventory.  Vacant year-round units comprised 7.6% of total housing units, while 2.5% were vacant for seasonal use. Click here to read the full release at the U.S. Census Bureau.

Today’s infographic from the Visual Capitalist took a look at data from the National that shows America annually needs more than 39,000 pounds of minerals and fossil fuels to maintain our standard of living.  They point out the obvious when they say every building around us and every sidewalk we walk on is made of sand, steel, and cement.  Indeed…. Stay safe and have a Happy Friday! “The construction industry is a major contributor to the U.S. economy…Crushed stone, sand, gravel, and other construction aggregates represent half of the industrial minerals produced in the country, resulting in $29 billion in…

On a recent episode of the AZREIA Show, Marcus Maloney & Michael Del Prete talk with guest Patrick Allen about the nuances of House Hacking as well as his new book, House Hacking: The Most Affordable Way to Get Started Investing in Real Estate.  Whether you are an experienced investor with a large portfolio, or just getting started and looking to secure income and wealth through real estate investing the AZREIA Show is here for you. Click here to listen on Spotify.

A recent analysis from the Associated General Contractors said construction employment climbed in 30 states (and D.C.) from November to December with 42 states adding construction jobs over the past 12 months.  In addition, the AGC says demand for many types of commercial construction projects remain strong and that firms would likely have added more people if they could find workers.  Be sure to look at their complete list of where the jobs were added. “…most nonresidential contractors continue to report strong demand and that they would like to add more workers than are available.”  Said Ken Simonson, the association’s…

The NAHB’s Eye on Housing says the share of adults planning a home purchase in the next 12 months dropped to 13% in Q4 2022, down from 15% in the Q3. The data came from the NAHB’s quarterly Housing Trends Report (HTR) which measures prospective home buyers’ perceptions about the availability and affordability of homes for-sale in their markets. “The drop is not surprising, given that housing affordability worsened during this period, as mortgage interest rates surpassed 7.0% and reached levels not seen in nearly 20 years.” Click here to read the full report at the NAHB’s Eye on Housing.…

According to ATTOM data, the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 95% of U.S. counties analyzed in their 2023 Rental Affordability Report.  In addition, the report says that average rents for three-bedroom homes are increasing more than median prices for single-family homes in 46% of the analyzed counties.  Indeed… What a difference a year makes…Last year our study concluded that it was more affordable to own than to rent in 60 percent of the markets analyzed. But with mortgage rates doubling, monthly payments for new homeowners rose by 45-50 percent compared to…