Author: Brad Beckett

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…

Realtor.com says many investors especially smaller ones, have recently “slammed the brakes” on their purchases as the housing market has shifted.  They say in some parts of the country where investors competed directly with first-time and other buyers, investors have been beating a what they call a hasty retreat.  With that in mind, Realtor.com dug into the data to figure out where investor home purchases have fallen the most. “Established investors who have more capital reserves would be more likely to buy with cash,” Said Daren Blomquist, Vice President of Market Economics at Auction.com. “With higher prices and mortgage rates,…

Prices for Building materials have been decreasing the past few months, according to recent data analyzed by the NAHB’s Eye on Housing.  In fact, they say prices for softwood lumber fell 1.7% in October following 5.5% in August and 3.1% in September.  However they do point out that softwood lumber prices are 4.4% higher than they were a year ago BUT have fallen 41.3% since March.  All data is from the latest Producer Price Index (PPI) report.  Indeed… Click here to read the full report at the NAHB’s Eye on Housing. Click here for the current price of framing lumber.…

The U.S. Government is reporting that sales of new single-family houses in October, 2022 were at a seasonally adjusted annual rate of 632k, which is 7.5% higher than September’s revised rate and is 5.8% lower than one year ago.  The median sales price of new houses sold in October was $493k with an average sales price of $544k.  There were an estimated 470k new houses for sale at the end of October representing a 8.9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

As always, we hope you & yours had a wonderful and happy Thanksgiving this year.  And, if you’re like many Americans you may have not only eaten more than your fair share, but you might also have oodles of leftovers that will be calling your name in the days and weeks to come.  Today’s infographic from craftminute.com reminds us to not “spoil Thanksgiving” and properly put away those leftovers so there will be plenty to eat and/or snack on in the colder days and months ahead….Stay safe and have a Happy Friday!!! Hat tip to craftminute.com.

The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA) recently announced that effective December 21, 2022, it will allow homeowners with FHA-insured mortgage financing to obtain flood insurance policies that conform to FHA requirements from private insurance providers. The change was announced through a final rule published in the Federal Register and in a companion Mortgagee Letter (both published in late November), that provide implementation guidance for FHA-approved lenders. The FHA requires that insured mortgages for properties in Federal Emergency Management Agency (FEMA)-designated Special Flood Hazard Areas (SFHAs) have flood insurance. Previously, only flood…

ATTOM Data says mortgage originations are experiencing their biggest annual drop in 21 years.  The data comes from their third-quarter 2022 U.S. Residential Property Mortgage Origination Report, which shows that 1.97 million mortgages secured by residential property (1 to 4 units) were originated in Q3 2022 in the U.S.  That figure was down 19% from Q2 2022 (the 6th quarterly decrease in a row)and down 47% from the Q3 2021 – the biggest annual drop in 21 years.  ATTOM says the annual decrease in the dollar volume of mortgages stood out as the largest since at least 2001 and was…

On a recent episode of the Rent Perfect podcast David Pickron says there is a direct correlation between a tenant applicant’s criminal history and their credit scores, which ultimately affects their ability to pay rent.  Indeed… “If government takes away your ability to view the applicants criminal background, you are losing a powerful tool in finding and approving the right ‘business partner’ to occupy your rental property.”  David Pickron  Rent Perfect is the solution rental property owners & managers have been crying out for! Their Online Lease Agreement allows you to send your tenant(s) a customized lease agreement, electronically…