Americans Living With a Disability

According to government data, over 61 million Americans live with a disability.  Today’s infographic from the U.S. Census Bureau breaks down the number of Americans with a disability by age, sex and type.  Per the CDC, a disability is any condition of the body or mind (impairment) that makes it more difficult for the person with the condition to do certain activities (activity limitation) and interact with the world around them (participation restrictions). Continue reading HERE...

Nearly Half of Recent Homebuyers Made an Offer Sight-Unseen

According to data from a Redfin buyers survey, almost half (45%) of recent homebuyers made an offer on a home without ever seeing it in person.  Redfin says this is the highest level since 2015 and is being fueled by health concerns from the pandemic as well as a continuing shortage of available housing.  In fact, they expect these “sight-unseen” offers to grow. Continue reading HERE...

Construction Spending Down Slightly in June

The U.S. government is reporting that total construction spending in June was at a seasonally adjusted annual rate of $1,355.2 billion, which is 0.7% lower than May’s revised estimate.  However, June’s figure was 0.1% higher than June, 2019.  Residential construction was at a seasonally adjusted annual rate of $534.2 billion in June, which is 1.5% lower than May’s revised estimate. Continue reading HERE...

Breaking Down the Homeownership Rate’s 12-Year High

Last week we posted the numbers from the Census Bureau’s Residential Vacancies and Homeownership report.  Armed with that data, the number crunchers at the National Association of Realtors’ Economist Blog took a deep dive into those numbers and broke them down to get a better look.  First off, America’s homeownership rate increased to 67.9% (up nearly 4 percentage points from one year ago) which they say is partially attributable to low mortgage rates, however there is more…. Continue reading HERE...

Extended Eviction Moratoriums Do More Harm than Good

The National Multifamily Housing Council recently put together some important facts about the adverse effects of extending the current eviction moratoriums.  They recognize that the Coronavirus pandemic has caused serious economic pain for millions of American families.  However, they point out that without long-term solutions that support renters affected by COVID-19, the economic crisis could become a housing crisis rivaling 2008.  Bottom line:  Extending eviction moratoriums should not be part of those policy solutions and would cause more harm than good while rippling through the entire economy. Continue reading HERE...

Top 10 Metros with Highest Foreclosure Rates in Q2

According to ATTOM Data Solutions’ recently released U.S. Foreclosure Market Report, the number of properties with foreclosure filings hit an all-time low with 165,530 filings reported.  Nationally, 0.12% of all housing units (one in every 824 housing units) had a foreclosure filing in the first half of 2020.  In addition, ATTOM broke down the numbers to reveal the top 10 metros (out of 220) with increasing foreclosure activity compared to a year ago. Continue reading HERE...

New Home Sales Up 13.8% in June

The U.S. Government is reporting that sales of new single-family houses in June, 2020 were at a seasonally adjusted annual rate of 776k, which is 13.8% higher than May’s revised rate, and is 6.9% higher than one year ago.  The median sales price of new houses sold in June was $329,200 with an average sales price of $384,700.  There were an estimated 307k new houses for sale at the end of June representing a 4.7 month supply at the current sales rate. Continue reading HERE...

Existing Home Sales Jump 20.7% in June

The National Association of Realtors is reporting that existing home sales jumped 20.7% in June to a seasonally-adjusted annual rate of 4.72 million (11.3% lower than one year ago).  Total housing inventory at the end of June was 1.57 million units, up 1.3% from May and down 18.2% from one year ago. Total unsold inventory was at a 4-month supply at the current sales pace with properties remaining on the market for around 24 days. The median existing-home price for all housing types was $95,300, up 3.5% from June, 2019. Continue reading HERE...

NAHB Says Builder Confidence Back to Pre-Pandemic Levels

According to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), builder confidence in the market for newly-built single-family homes jumped 14 points to 72 in July – which the NAHB says is back to pre-pandemic levels.  However, while the market is rebounding, the NAHB says higher building material prices and labor shortages continue to weigh on the industry. Continue reading HERE...

Many Pass-Through Businesses Face Marginal Rates Close to 50%

According to data from the Tax Foundation, pass-through businesses (sole proprietorships, S corporations, and partnerships) make up a majority of businesses across the United States.  As many real estate investors know, owners must pay individual income tax on income earned from these businesses.  The Tax Foundation took a look at the marginal tax rates for the whole country to illustrate that many pass-through businesses face marginal tax rates close to 50%.. Continue reading HERE...

Mortgage Rates Hit Record Low

As of mid-July, mortgage interest rates dropped to historic levels.  In fact, the average 30-fixed-rate mortgage settled below the 3% mark!  As Kathy Fettke points out in a recent episode of Real Estate News for Investors, low rates are great for buyers, but are also the results of the current pandemic-induced crisis. Continue reading HERE...

Jobs in Construction Rise By 158k

According to recent data from the Associated General Contractors of America, construction employment increased by 158k jobs in June, with most of the gain concentrated in home-building.  However, employment related to infrastructure experienced a decline.  The AGC said additional infrastructure-building job losses would be inevitable unless state & local budgets for roads and other public works are replenished. Continue reading HERE...

Pandemic Changes Plans for Renters Hoping to Buy a Home

According to a recent survey from RentCafé, the Coronavirus pandemic has dashed the plans of those renters planning to transition to homeownership this year.  They report that in early 2020, 11% of renters said they were ready and planning to buy a home this year.  However, the path to homeownership for 43% of those renters ready to buy has now changed due to the pandemic.  Breaking down that group, most changed their plans because of economic uncertainty, followed by loss of income.  Continue reading HERE...

NMHC Says 77.4% of Apartment Households Paid Rent by July 6

The National Multifamily Housing Council (NMHC) says that 77.4% of apartment households made a full or partial rent payment by July 6th.  This figure represents a 2.3 percentage point decrease in the share who paid rent through July 6, 2019 and compares to 80.8% that paid by June 6th.  The  data comes from the NMHC’s Rent Payment Tracker which uses data from 11.4 million professionally managed apartment units across the country. Continue reading HERE...

Construction Spending Down 2.1% in May

The U.S. government is reporting that total construction spending in May was at a seasonally adjusted annual rate of $1,356.4 billion, which is 2.1% lower than April’s revised estimate.  However, May’s figure was 0.3% higher than May, 2019.  Residential construction was at a seasonally adjusted annual rate of $535.9 billion in April, which is 4% lower than April’s revised estimate. Continue reading HERE...

Pending Home Sales Up 44.3% in May

The National Association of Realtors is reporting that pending home sales surged 44.3% in May – which they say is a spectacular recovery.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) rose to 99.6 with every major region experiencing the record-setting increase in month-over-month contract activity.  In addition, they reported that year-over-year contract signings were only down 5.1%. Continue reading HERE...

America Sees Record Jobs Gain of 4.8 million in June

According to just released U.S. government data, June saw a record increase in jobs coming in at 4.8 million, as the U.S. economy continues to roar back to life.  According to CNBC, June’s total is easily the largest single-month gain in U.S. history and “smashed expectations.”  In addition, they pointed out that economists surveyed by Dow Jones had only been expecting an increase of 2.9 million. Continue reading HERE...

Real Estate: What’s in it For Me?

Many people are interested in real estate, but don’t really know much about it. They know that it seems that a lot of people have made a lot of money in real estate (or achieved other goals using it), and they wonder if maybe there could be something in it for them, too. Continue reading HERE...

FHFA House Price Index Up 5.5% from Last Year

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 0.2% in April and were up 5.5% from one year ago.  The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s.  The FHFA’s HPIs are built on tens of millions of home sales and offer insights about home price fluctuations at the levels of the nation, census division, state, metro area, county, ZIP code, and census tract. Continue reading HERE...

Number of Mortgages in Active Forbearance Continues to Fall

Black Knight is reporting that the number of mortgages in active forbearance fell for the third week in a row in mid-June.  According to data, the number of active forbearance plans was down 158k from the peak during the week of May 22.  In addition, as of mid-June, there were, 4.6 million homeowners in forbearance plans, representing 8.7% of all active mortgages, accounting for just over $1 trillion in unpaid principal ($1,012 billion).Continue reading HERE...

Searches for Single-Family Homes on the Rise

A new report from Redfin shows that web searches for single-family homes has risen to its highest level in 4 years.  They suggest that the Coronavirus pandemic is driving buyers to seek out larger houses located farther away from dense urban areas – which we first posted about a couple months ago. Continue reading HERE...

Home Affordability Increasing Across Majority of U.S. in Q2

According to the ATTOM Data’s latest U.S. Home Affordability Report median home prices of single family homes and condos in Q2 are more affordable than historical averages in 49% of U.S. counties (with enough data to analyze), up 31% from one year ago. ATTOM says these gains have come as higher wages and cheaper mortgage costs have outweighed price increases. Continue reading HERE...

Yardi Says Rent Growth Trending Down

According to the latest Yardi Matrix Multifmaily Report, the average U.S. rent in May was $1,460, down $5 from April.  In addition, they point out that rents increased 0.8% year-over-year but were down $5 from April and $13 from March.  Yardi says this rapid decline will likely continue through the summer. Continue reading HERE...

Real Estate: What’s in it For Me?

Many people are interested in real estate, but don’t really know much about it. They know that it seems that a lot of people have made a lot of money in real estate (or achieved other goals using it), and they wonder if maybe there could be something in it for them, too. Continue reading HERE...

HUD & FHFA Extend Foreclosure & Eviction Moratoriums through August

The U.S. Department of Housing & Urban Development (HUD) announced in mid-June that they were extending their moratorium on foreclosures and evictions through August 31, 2020.  The foreclosure moratorium applies to homeowners with FHA-insured Single Family mortgages. Continue reading HERE...

Wall Street’s SFR Landlords are Betting on Surge in Suburban Demand

Real Estate News for Investors is reporting that some of America’s biggest SFR landlords are betting on a surge in demand for single-family rentals in our nation’s suburbs.  Kathy Fettke says that several big players (including JPMorgan Asset Management and American Homes 4 Rent) recently announced a joint venture to build 2,500 new single-family rentals in western and southwestern high-growth markets. Continue reading HERE...

Building Materials Prices Up in May

The NAHB’s Eye on Housing is reporting that, according to the latest Producer Price Index, the prices of goods used in residential construction increased 0.6% in May.  In addition, they say May marks only the fourth monthly increase in the past 12 months in the price index for residential construction inputs. Continue reading HERE...

State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

Nearly 3 Million Adults Have Moved Back Home

According to a new report from Zillow, nearly 3 million adults have moved back home in the wake of the Coronavirus pandemic.  Zillow says there over 32 million adults living with a parent or grandparent in April, the highest number on record.  Not surprising, a large majority of those moving home were from Generation Z (ages 18 – 25), representing about 2.2 million individuals. Continue reading HERE...

Black Knight Says April Saw Largest Single-Month Increase in Delinquencies

According Black Knight’s latest Mortgage Monitor, April saw the largest single-month increase in delinquencies on record, coming in at nearly 3 times the previous record in November, 2008.  Black Knight’s delinquency numbers include both homeowners past due on mortgage payments who are not in forbearance, as well as those who are in forbearance plans and did not make an April mortgage payment. Continue reading HERE...

Majority of Homeowners Approved for Forbearance May Not Have Needed It

A new report from LendingTree finds that the majority of homeowners approved for a mortgage forbearance may not have needed one.  According to their research, of the homeowners surveyed 25% of applied for forbearance due to a coronavirus-related hardship and 80% were approved.  But here’s where it gets interesting;  Continue reading HERE...

State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

Three Percent of Homes Facing Possible Foreclosure Are Sitting Vacant

Around three percent of all homes in the process of foreclosure are Zombies (sitting empty), according to ATTOM Data’s latest Vacant Property and Zombie Foreclosure Report.  According to the report, there were just over 1.5 million residential properties in the U.S. are vacant, representing 1.5% of all homes.  Of these, there were 258k homes are in the process of foreclosure, with about 7,650, or 3%, classified as “zombie foreclosures” in Q2 of 2020. Continue reading HERE...

State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

Housing Starts & Permits Drop Dramatically Due to Pandemic

The U.S. government is reporting that privately‐owned housing starts in April were at a seasonally adjusted annual rate of 891k, which is 30.2% below March’s revised number.  April’s rate for units in buildings with five units or more was 234k.  Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,074,000, which was 20.8% below March’s revised number. Continue reading HERE...

State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

Rental information site Zumper recently released their National Rent Report for June, 2020 showing that the median national rent for 1-bedroom apartment was $1,1217 (down 0.2%) and the median two-bedroom rent was $1,473.   Year to date, both one- and two-bedroom rents were down 0.5%. Continue reading HERE...

FHFA Extends Foreclosure and Eviction Moratorium

The Federal Housing Finance Agency (FHFA) announced in mid-May that they are extending their moratorium on foreclosures and evictions until at least June 30, 2020.  The foreclosure moratorium applies to Enterprise-backed (Fannie Mae & Freddie mac), single-family mortgages only. Continue reading HERE...

Wells Fargo Will Temporarily Stop Accepting Applications for HELOCs

One of the largest lenders in America, Wells Fargo,  announced in early May that it temporarily stop accepting applications for home equity lines of credit (HELOCs) due to the uncertainty around the Coronavirus pandemic. As reported by CNBC, the bank said that that HELOCs are riskier products for banks because during foreclosure, the lender for the primary mortgage would be first in line to get paid in a recovery. Continue reading HERE...

State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

Biden Calls for Rent Forgiveness

Former Vice President Joe Biden, says rent and mortgage payments should be forgiven for those struggling financially during the current economic crisis precipitated by the Coronavirus pandemic.  According to Realtor.com, the Democratic presidential candidate said those who lost jobs during the pandemic should not have to repay their missed housing payments, emphasizing that it was “forgiveness…[and]  not paid later.” Continue reading HERE...

New White Paper Evaluates Coronavirus’ Impact on Housing Market

What will be the impact of the Coronavirus pandemic on the housing & mortgage industries?  That’s the topic of a new “white paper” from Black Knight that does an early comprehensive evaluation of the current state of the market, the pandemic’s potential impacts, and explores the solutions and technologies that have the ability to mitigate negative effects.  This paper will be, undoubtedly, one of many that will explore this very subject for some time... Continue reading HERE

More Younger People are Heading Households

For the first time in a long time (pre-internet, even), the number of young people aged 25-34 heading households has increased.  The NAHB’s Eye on Housing recently crunched the numbers to show this trend’s reversal. They call it a “hopeful indicator” that may have reversed the recent trend of young people living with their parents, relatives and roommates... Continue reading HERE

Counties that are on the Front Lines of a Coronavirus Recession

With the Coronavirus pandemic having America firmly in its grasp, a recent article on Realtor.com says the economy appears to be headed for a recession, if it’s not already in one.  To that end, they crunched the numbers to identify those U.S. counties that could be most at risk in our worsening financial crisis... Continue reading HERE

Breaking Down the $2 Trillion Coronavirus Stimulus Package

In late March, the U.S. Congress passed and President Trump signed the $2 trillion Coronavirus relief bill known as the CARES Act.  This historically massive piece of legislation will pump $2 trillion of money into the U.S. economy in order to help mitigate the damage being done by the Coronavirus pandemic.  The folks over at howmuch.net recently put together a simple chart outlining where this money is going and how it will help America... Continue reading HERE

Four Madison County departments request extra pay, comp time for employees working 'in person' during COVID-19 pandemic

As Madison County departments work with “skeleton crews” in an effort to comply with COVID-19 guidelines, four department heads are requesting additional pay and comp time as an incentive for employees who come to the office to work in person - amounting to nearly $400,000 in extra liability for a two week pay period... Continue reading HERE

Yardi Says Impact from Pandemic Tightening Its Grip on Economy

According to the latest Yardi Matrix, the average U.S. rent in March was $1,474 (up $6), however they warn that major impacts from the spread of the Cornonavirus will start showing up in April.  That being said, Yardi says rents increased 2.9% in March on a year-over-year basis, as rent growth cooled somewhat from the first two months of 2020.  But they emphasize that we’ve clearly entered a period of turmoil:... Continue reading HERE

Tourist Towns Tell Folks to Stay Away During Pandemic

It’s an unfortunate sign of the times during our current national emergency;  Tourists are being turned back from the Florida Keys and even the Outer Banks of North Carolina has road blocks in place doing the same.  A recent story in the Wall Street Journal (reposted on Realtor.com) reports that authorities in resort towns are taking extraordinary measures to protect their permanent residents from the Coronavirus, which has sometimes been at odds with property-owners seeking shelter from the pandemic... Continue reading HERE

NMHC Says 69% of Households Paid their Rent by April 5

The National Multifamily Housing Council (NMHC) says that 69% of households paid their rent by April 5th.  This figure is 12 points less than the percentage that paid by March 5th and 13 points less than one year ago.  The  data comes from the NMHC's Rent Payment Tracker which uses data from 13.4 million units across the country... Continue reading HERE 

Mortgage Loans in Forbearance Increases

The Mortgage Bankers Association is reporting an increase in requests for mortgage forbearance.  This data is from the MBA’s latest Forbearance and Call Volume Survey which reported that the total number of loans in forbearance jumped from 2.73% to 3.74% during the week of March 30 to April 5.  Mortgage forbearance is an agreement between the borrower and lender where a the lender agrees not to foreclose on on a property due to missed payments (in this case brought on by the Coronavirus pandemic). Continue reading HERE

Congress Missed a Chance to Protect Rentals. We Can’t Let it Happen Again!

All of us at National REIA hope you and your families are well. The COVID-19 outbreak is an enormous challenge to our communities and our nation. While Congress enacted far-reaching measures in response to the crisis, more needs to be done. Congress needs to pass additional relief measures for the rental housing industry and address a number of concerns in the recently passed CARES Act! Continue reading HERE...

Pending Home Sales Fall in March, NAR Says it’s Temporary

The National Association of Realtors is reporting that pending home sales were down 20.8% in March with the NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) decreasing to 88.2.  In addition, they reported that year-over-year contract signings were down 16.3%. Continue reading HERE...

Coronavirus 'cancel the rent' movement should be about finding solutions for all sides, advocates say

The so-called ‘Cancel the Rent’ movement has gained steam and the support of politicians like Rep. Alexandria Ocasio-Cortez, but landlords argue that stiffing them is no solution to the coronavirus-driven economic crisis. Continue reading HERE...

Democratic ‘Squad’ members join calls to cancel rent amid coronavirus pandemic

Rep. Alexandria Ocasio-Cortez adds her voice to the rallying cry to #CancelRent as millions suffer economic strain due to the coronavirus pandemic; Democratic and Republican strategists weigh in. Continue reading HERE...

RentCafé Sees Higher Renter Optimism in April

We are two months into the Coronavirus pandemic and Apartment site RentCafé is now reporting that renters are back to searching for apartments.  In fact, they say the numbers have returned to pre-pandemic levels.  They report that from the end of March into April, searches have been growing from one week to the next. Continue reading HERE...

Black Knight Says 7.3% of all Mortgages in Forebearance

According Black Knight’s latest Mortgage Monitor, 7.3% of all mortgages in America were in forbearance, representing 3.8 millions homeowners.  However they do report that as of April 15 the daily number of new forbearance requests began to taper off. Continue reading HERE...

  • Black Instagram Icon

©2020 by Metro East Real Estate Investors Association.