Author: Brad Beckett

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 18% annual gain for June, 2022.  Their 10-City Composite annual increase came in at 17.4% and their 20-City Composite posted a 18.6% year-over-year gain. “The market’s strength continues to be broadly based, as all 20 cities recorded double-digit price increases for the 12 months ended in June. In 19 out of 20 cases, however, June’s reading was less than May’s, showing the impact of deceleration at the regional level.”  Said Craig J. Lazzara, Managing Director at S&P DJI. Click here to read the full report at S&P Dow…

Labor Day weekend marks the unofficial end of Summer so here’s a quick infographic from WalletHub with some interesting & updated facts about the holiday.  As always, have a Happy Friday…..and, of course, Have a Safe and Happy Labor Day Weekend!!! Hat tip to WalletHub.

A recent poll from Gallup reveals that more Americans are using cash less often, with a majority believing the U.S. will be a cashless society in their lifetimes.  Gallup says greater use of online shopping, especially during the coronavirus pandemic, is one major factor leading to changes in cash usage.  In addition they say lower-income Americans more commonly use cash for purchases than do middle- and upper-income Americans.  Seventy-three percent of upper-income earners use cash for only a few or none of their purchases, compared with 49% of lower-income earners. “Internet and smartphone technology has transformed the way people pay…

Rental information site Zumper recently released their latest monthly National Rent Report showing double-digit year-over-year rent hikes in more than half of U.S. cities, with several posting hikes of 30% or more.  They say high rents are forcing renters to sacrifice on location, size or amenities, move in with roommates or even opt out of the traditional 12-month lease altogether.  Be sure to check out their list of the top 100 metro areas. Click here to read the full report at Zumper.

A recent article on Redfin reminds us that everything is becoming virtual nowadays – from artwork, to concerts, to marketing, to meetups, virtual tools have entered most people’s daily routine.  However, it goes without saying that real estate, too, has entered this digital world in the form of something called the “metaverse.”  Redfin attempts to unravel what this thing is all about and explain what’s behind all of the hype & mystique.  Some of the concepts are, quite frankly, hard to grasp and it is clear that the metaverse isn’t for everyone.  However, say what you will, it is certainly…

According to the ATTOM Data’s Q3 2022 Vacant Property and Zombie Foreclosure Report, there were 1.3 million (1,277,162) residential properties in the United States sitting vacant, representing 1.3%, or one in 78 homes, across the nation.  The report also reveals that 270,470 residential properties in the U.S. are in the process of foreclosure in Q3 of this year, up 4.4% from Q2, 2022 and up 25.5% from Q3 of 2021. ATTOM says this latest increase marks the 4th straight quarter that pre-foreclosure properties have increased since a nationwide moratorium on lenders pursuing delinquent homeowners was lifted at the end of…

FOX Business is reporting that Orange County, Florida voters (home to Orlando & Disney World) will go to the polls this Fall and vote on a ballot initiative that would implement rent control for one-year in one of America’s fastest growing metros.  However, according to the report, Florida state law already prohibits the practice, except in the city of Miami Beach, which imposed rent control measures before the Florida law limiting them was passed.  The Florida Apartment Association and the Florida Association of Realtors recently filed a lawsuit in an attempt to invalidate the initiative.  The measure calls for limits…

Where are this year’s hottest zip codes with the fastest selling homes?  Realtor.com says affordability drives high buyer demand and fast selling homes.  They say today’s buyers are “on the prowl” for communities where they can still afford to become homeowners and it’s leading them to smaller markets that they may never have give second thought to before.  To get their list, Realtor.com analyzed over 16k zip codes based on time on the market and searches by zip code on realtor.com.  Interestingly, most of them are in the Northeast.  Indeed… Click here to read the full story at Realtor.com.

The National Association of Realtors is reporting that pending home sales were down 1% in July, 2022.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 89.8.  The NAR once again predicts home sales should start to rise by early 2023.  Indeed… “Home prices are still rising by double-digit percentages year-over-year, but annual price appreciation should moderate to the typical rate of 5% by the end of this year and into 2023…With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.”  Said…

The U.S. Government is reporting that sales of new single-family houses in July, 2022 were at a seasonally adjusted annual rate of 511k, which is 12.6% lower than June’s revised rate and is 29.6% lower than one year ago.  The median sales price of new houses sold in September was $439,400k with an average sales price of $546,800.  There were an estimated 464k new houses for sale at the end of March representing a 10.9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.