Author: Brad Beckett

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…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.4% in September, 2022.  However, the all items index was up 8.2% for the 12 months ending in September.  Of concern, health insurance saw a 28.2% increase from one year ago.Click here to read the full release at the Bureau of Labor Statistics.

With “All Hallows’ Eve” and its subsequent candy begging quickly approaching, a recent graphic from the U.S. Census Bureau shows us places & population across the nation with sweet-sounding names.  Stay safe and have a Happy Friday! Hat tip to the U.S. Census Bureau.

Recently, the news has been full of headlines about rising interest rates and how they will affect potential home buyers.  The folks over at Keeping Current Matters reminds us that rising rates impact purchasing power by raising the buying costs as well as limiting how much a buyer can comfortably afford.  They put together the chart below to further illustrate this point. “…it costs more to buy a home today than it did last year, but the same is true for renting. This means, either way, you’re going to be paying more. The difference is, with homeownership, you’re also gaining…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 13.5% in August 2022. On a month-over-month basis, home prices declined by 0.7% in August compared with July 2022.  CoreLogic predicts that home prices will not increase on a month-over-month basis from August to September 2022, however, on a year-over-year basis they’re forecasting a 3.2% increase through August 2023. “The increased cost of homeownership has dampened buyer demand and caused prices to decelerate at a faster pace than initially expected. Housing markets on the West Coast and in the…

A recent “chart of the week” from the Mortgage Bankers Association illustrates the current stock of occupied homes in the U.S. by the decade built and by building type.  Basically, it shows that America’s housing stock is steadily aging with the median age of occupied housing stock in 2021 being 42 years. “…the lack of new construction over the last decade. Coupled with the disruptions from the pandemic and strong housing demand from the millennial cohort, the U.S. housing market is structurally low on supply…we expect this chronic lack of inventory will be a factor in housing markets for some…

A recent report from the Economic Innovation Group says it goes without saying that remote work has increased dramatically since before the pandemic.  They say the rise in what they call “telework” offers new opportunities for the economic development of communities across the country by loosening the grip that superstar cities have on skilled knowledge workers.  Interestingly, as they point out, the geography of this remote work surge has remained largely unmeasured by the data. However, analyzing data from the 2021 American Community Survey (ACS) suggests that remote work is not just a superstar city or coastal phenomenon.   Indeed… “What…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were $1,718 in September, the same as in August.  Yardi says while the cooling economy is beginning to show its effect on multifamily, the key fundamentals remain strong.  Indeed… “Despite the flattening rent growth, much about the market remains positive. National asking rents are still at record highs, and national occupancy rates have been hanging around 96% since June of 2021” Click here to read the full report at Yardi.

Here’s a new take on the proverbial top 10 list;  the top 10 metros where homes for sale inventory is precipitously going down.  A recent report from Realtor.com says “there are still deals available” but you need to know where to look for them.  Their report reveals the cities where homes are selling briskly, competition remains fierce, and available homes are scarcer than peak COVID-19-era toilet paper – in other words, metros where housing inventory is falling instead of piling up.  In addition, they say these are the places where buyers are looking for scenic views or more affordable real…

The U.S. government is reporting that total construction spending in August, 2022 was at a seasonally adjusted annual rate of $1,781.3 billion, which is 0.7% lower than July’s revised estimate but is 8.5% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $912.9 billion in August, which is 0.1% lower than July’s revised estimate. Click here to read the full report at the U.S. Census Bureau.