Redfin says space in suburban homes was worth more than space in urban areas for the first time since they started tracking this data in 2018. According to their report, a typical home in suburban neighborhoods nationwide was worth $206 per square foot at the end of September versus $205 in urban neighborhoods. Basically, “As home prices fall fastest in cities and mortgage rates rise, the value of a square foot in the suburbs has caught up with that of urban centers” Click here to read the full report at Redfin.com.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The National Association of Realtors is reporting that existing home sales were down 1.5% in September to a seasonally-adjusted annual rate of 4.71 million (down 23.8% year over year). Total housing inventory at the end of September was 1,250,000 units, down 2.3% from August and down 0.8% from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 19 days. The median existing-home price for all housing types in July was $384,800, up 8.4% from one year ago. “The housing sector continues to undergo an adjustment due…
The U.S. government is reporting that privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,439,000, which is 8.1% lower than August’s revised number and 7.7% lower than one year ago. September’s rate for units in buildings with five units or more was 530k. Privately‐owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,564,000, which is 1.4% higher than August’s revised number. Authorizations of units in buildings with five units or more were at a rate of 644 in September. Click here to read the full report at…
The prognosticators of weather say the U.S. will have a colder-than-average winter. Combine that with recent domestic energy policy changes that have contributed to higher energy prices (not to mention recent world events) and you have a recipe for higher heating costs this winter. Today’s chart from Statista illustrates the higher costs Americans may experience this Winter heating their homes. Stay safe and have a Happy Friday!!! Hat tip to Statista.
In Mid-October, the U.S. Department of Housing and Urban Development announced that the FHA is proposing a new rule to increase and index the loan limits for its Title I Manufactured Home Loan Program which insures loans used to finance manufactured homes titled as personal property. According to their release, loan limits for the program were last updated by the Housing and Economic Recovery Act of 2008. “Adjusting loan limits to current market conditions will make Title I a much more useful source of affordable loan financing for manufactured homes…This proposal is the next step in FHA’s ongoing work to…
CNBC’s Diana Olick says that for the 10th straight month, the National Association of Home Builders (NAHB) has reported that builder confidence was down as the housing market continues to weaken. According to the NAHB/Wells Fargo Housing Market Index, builder confidence dropped 8 points in October to 38 – half of what it was 6 months ago. “This will be the first year since 2011 to see a decline for single-family starts…And given expectations for ongoing elevated interest rates due to actions by the Federal Reserve, 2023 is forecasted to see additional single-family building declines as the housing contraction continues.…
A new report form LendingTree found that while mobile homes are generally far less expensive than their single-family counterparts, their values appreciated as quickly as single-family homes. They got their conclusion by analyzing data from the 2021 American Community Survey in which they compared the median value of mobile homes and single-family homes in each of the nation’s states (except Hawaii) from 2016-2021. Some key findings: The median value of a mobile home nationally is $61,400, $220,000 less than the median value of a single-family home. Mobile homes cost the least in Kansas, Ohio and Iowa. Mobile homes cost the…
On a recent episode of Real Estate News for Investors, Kathy Fettke discusses what the job market says about rate hikes, where renters need to “catch up” on their rent, and why dating has become somewhat of a financial burden for millennials. “…15% of renter households are behind on their rent right now. In some states, that number is closer to 25%…South Dakota, Alabama, and New Jersey have the highest number of tenants who are not caught up on their rent…” Click here to listen on Spotify.com.
Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo Winzer October, 2022 The surge in home prices appears over, finally flattened by mortgage rates near 7 percent, but investors’ hopes for steady prices and higher rents hang largely on a growing US economy – which right now seems uncertain. Consumers are the bulk of the economy, and their spending pattern through the first eight months this year suggests very slow growth ahead. Most telling is how…
According to ATTOM Data’s Q3 2022 U.S. Foreclosure Market Report, showing there were 92,634 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions). This figure was up 3% from Q2 and up 104% from one year ago. In addition, ATTOM says lenders repossessed 10,515 U.S. properties (REO) in Q3 2022, up 18% from the previous quarter and up 39% from a year ago. Some key takeaways: Nationwide in September 2022 one in every 4,413 properties had a foreclosure filing. States with the highest foreclosure rates in September 2022 were Illinois (one in every 1,959 housing units with…
