Redfin Says Housing Market will Continue to Cool in 2019

BY  ON DECEMBER 31, 2018

The chief economist for Redfin, Daryl Fairweather, recently discussed what she saw in the housing market for 2019 on CNBC’s “Power Lunch.”  Among her observations, the housing market will continue to “cool,” there will be higher rates of homeownership, less new construction and fewer real estate agents & lenders.  Indeed…

 

Click here to read thr full story at CNBC.com.

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Yardi Says Rent Growth Remaining Exceptionally Consistent

BY  ON SEPTEMBER 19, 2019

According to the latest Yardi Matrix, U.S. multifamily rents increased in August, coming in at $1,472 with year-over-year growth coming in at 3.3%.  Yardi says multifamily rent growth has remained exceptionally consistent and has been at least 2.7% since the beginning of 2018.

Click here to read the full report at Yardimatrix.com.

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Foreclosure Activity Down

BY  ON SEPTEMBER 18, 2019

According to the latest market trends, ATTOM Data Solutions says there were 53,007 U.S. properties with foreclosure filings in August 2019, up 4% from July but down 24% from one year ago.  Their data show that nationwide, one in every 2,554 U.S. properties received a foreclosure filing during the month of August.  In addition, banks repossessed 11,493 properties in August (REO), which was up 4% from the previous month but down 47% from a year ago.

Click anywhere on the above map to make it interactive

Click here to read the full report at ATTOM Data.

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New-Home Price Data Reveals Affordability Problems

BY  ON SEPTEMBER 17, 2019

The NAHB’s Eye on Housing is reporting that there is a mismatch between the actual prices of new homes and the prices buyers expect to pay, which they say is further evidence of the growing problem of housing affordability.  Using data from the Census Bureau and HUD, the NAHB says that while the median sales price of single-family homes started in 2018 was under $322k their data (from the 2019 edition of What Home Buyers Really Want) show that the median price buyers expect to pay is around $254k.  Indeed…

“The reasons for this mismatch at the low end are not mysterious. Factors such as the ongoing shortages of labor and lots, and escalating regulatory costs  have made it difficult to impossible to produce a new home at these lower price ranges. This obviously is forcing a significant share of buyers into the market for existing homes only”

Click here to read the full report at the NAHB’s Eye on Housing.

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Workers Fleeing Big Cities for Smaller Ones and Taking Jobs with Them

BY  ON SEPTEMBER 17, 2019

We have seen this data pop up before.  People are moving away from expensive, high-tax, over-regulated states to places with overall better climates.  However, a recent story in the Wall Street Journal (reposted on Realtor.com) takes a look at a trend among more-mobile workers who are moving to smaller cities and taking their jobs with them.

“One of the bummers is that they are not necessarily joining the workforce,” said Sheila Smith, a real-estate agent in Boise. Many of the out-of-town arrivals she sells to work from home or commute to jobs in distant cities, she said.

“People who do their jobs from home, freelance or constantly travel for work are migrating away from expensive urban centers such as Los Angeles and San Francisco toward cheaper cities including Boise; Denver; Austin, Texas; and Portland, Ore…”

WSJ.com

Click here to read the full story at Realtor.com.

Click here to read the full story at the Wall Street Journal.

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Local Market Monitor's National Economic Outlook for September

BY  ON SEPTEMBER 16, 2019

 

Local Market Monitor, a National REIA preferred vendor, recently released their National Economic Outlook for September, 2019 where they share their thoughts on developments taking place in the U.S. economy.

 

National Economic Outlook – September 2019

By Ingo Winzer

The number of jobs in August was up just 1.4 percent from last year, the smallest increase in the last two years, and down significantly from the 2 percent rate of January. Any further slowing will be the worst since the big recession.

That won’t necessarily lead to another recession – certainly not one of that epic scale – but the slowing of job growth in every major sector in the last few months suggests that an easy fix is not in the works because the economic problem is system-wide.

It’s much easier for the US economy to go into recession these days because it’s mainly a service economy. It’s easy for consumers to cut back on services if they feel a bit pinched. You need food, shelter, your car, your phone, some clothes – but you don’t need the extra latte, the extra movie, you can put off the trip to the Rockies, you might even delay that visit to the doctor.

Jobs in August were up 2.4 percent in healthcare, 2.1 percent in business services, 1.9 percent at restaurants, 1.3 percent in finance and 1 percent in manufacturing. Jobs were down in retail and almost flat in government.

Construction jobs increased 2.3 percent, not even half the 5 percent rate of January. A further slowing will mean that businesses are delaying new projects.

www.LocalMarketMonitor.com
info@localmarketmonitor.com
800-881-8653

About the Author: Ingo Winzer is President of Local Market Monitor, and has analyzed real estate markets for more than 20 years. His views on real estate markets are often quoted in the national press and in 2005, he warned that many housing markets were dangerously over-priced. Previously, Ingo was a founder and Executive Vice President of First Research, an industry research company that was acquired by Dun and Bradstreet in March 2007. He is a graduate of MIT and holds an MBA in Finance from Boston University. He resides in Cambridge, Massachusetts.

Click here for more information about Local Market Monitor.

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Report Says Mortgage Closing Rates at Record High

BY  ON SEPTEMBER 16, 2019

According to their latest Origination Insight Report, Ellie Mae says that closing rates rose to a new high with the closing rate on all loans at 77%, up from 76.8% in June. Closing rates on purchases increased to 79.3% in July, up from 78.8% in June, while closing rates on refinances dropped slightly to 72.9% in July, down from 73.4% the month prior.  The average time to close was at 42 days in July, the average time to close a purchase dropped to 43 days and the time to close a refinance increased to 40 days.  Ellie Mae’s Origination Insight Report provides monthly data and insights from a robust sampling of closed loan applications that flow through Ellie Mae’s approximately 35% of U.S. mortgage applications.

Click here to download the full report at EllieMae.com.

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Lawn Fertilization Tips for Fall

BY  ON SEPTEMBER 13, 2019

Believe it or not, in about a week the Autumnal Equinox will take place (the first day of Fall is 9/23) and that means it’s time to start thinking about lawn-care for the upcoming months. The following infographic from The Home Depot lays out exactly what needs to be done to prepare your yard for the winter months so it’s in tip-top shape for Spring. Happy Friday!!!!

Hat tip to The Home Depot.

 

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Americans View Real Estate As The Safest For Long term Retirement 

BY  ON SEPTEMBER 12, 2019

We like these kinds of surveys because they always point out what we real estate investors already know – that investing in real estate is not only a smart choice but the best choice for the long run!  That being said, the folks over Sophisticated Investor conducted a survey asking 2k US respondents which investments they regarded as the safest for long-term retirement investing. They used Google Surveys and targeted men & women between the ages of 35 to 65+ from coast to coast. They asked them which investments (from a list) do you view as the “safest” for long term retirement investing.  By the way, do you have an SDIRA set up yet?

Click here to read the full report at sophisticatedinvestor.com.

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Home Depot's Former CFO Says Millennial Homeowner Habit is Music to their Ears

BY  ON SEPTEMBER 11, 2019

On a recent episode of Jim Cramer’s Mad Money, Jim interviewed the since-retired CFO of Home Depot, Carol Tomé, who shared some of her vast experience with The Home Depot as well as what the future holds.  Tomé was with The Home Depot for 24 years.  Among the many items they discussed were Home Depot’s new B2B personalized experienced program they’re rolling out as well as how millinnenals are now buying homes and seeing them as investments.  Indeed….

“They’ve told us through our research, ‘We want to work on our house because we think it’s a good investment,’” Tomé said in a one-on-one interview with “Mad Money’s” Jim Cramer. “So that’s music to our ears.”

“Homeowners that think of their dwelling as an investment, as opposed to an expense, tend to spend more money on their home, she said. Home equity values — the difference between property value and what’s owed — have more than doubled within the last decade, and that has helped boost sales at the home improvement chain, she added.”

 

Click here to red the full story at CNBC.com.

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