Zombie Properties Up Slightly
Zombie Properties Up Slightly According to the ATTOM Data’s Q4 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. A report also reveals that 270,470 residential properties in the U.S. are in the process of foreclosure in […]
Top 10 Emerging Real Estate Markets in Q3 2022
Top 10 Emerging Real Estate Markets in Q3 2022 As we’re rounding third and heading for home to close out this year, Realtor.com says “forget simple curb appeal” there are affordable real estate markets that offer some much-needed relief from soaring prices and punishing inflation that are attracting homebuyers. To get their magic list, Realtor.com […]
All Cash New Home Sales Outnumber FHA-Backed for the First Time Since 2007
All Cash New Home Sales Outnumber FHA-Backed for the First Time Since 2007 Recent analysis of new home sales data by the NAHB’s Eye on Housing reveals that the share of cash purchases has climbed in each of the past three quarters to reach a 20-year high of 9.5% (14k sales). They say this is […]
US Rent Growth Continues to Slow
US Rent Growth Continues to Slow According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental costs posted an 11.4% year-over-year increase in August, marking the 4th straight month of annual deceleration. However, they do point out rental costs remained elevated, with annual growth running at about 5x the rate in August […]
U.S. Construction Spending Up Slightly in September
U.S. Construction Spending Up Slightly in September The U.S. government is reporting that total construction spending in September, 2022 was at a seasonally adjusted annual rate of $ 1,811.1 billion, which is 0.2% higher than August’s revised estimate but is 10.9% higher than one year ago. Residential construction came in at a seasonally adjusted annual […]
Strategic Petroleum Reserve is Being Diminished
Strategic Petroleum Reserve is Being Diminished Statista reminds us that the Strategic Petroleum Reserve has been called upon rarely since its creation in the 1970s. In fact there have only been three instances where supply disruptions warranted the President of the United State to order a release: Operation Desert Storm (1991), Hurricane Katrina (2005), and […]
S&P CoreLogic Case-Shiller Index Shows 13% Annual Home Price Gain
S&P CoreLogic Case-Shiller Index Shows 13% Annual Home Price Gain The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 13% annual gain for August, 2022. Their 10-City Composite annual increase came in at 12.1% and their 20-City Composite posted a 13.1% year-over-year gain. “As the Federal Reserve moves interest rates higher, mortgage […]
Pending Home Sales Drop 10.2% in September
Pending Home Sales Drop 10.2% in September The National Association of Realtors is reporting that pending home sales were down 10.2% in September, 2022. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 79.5. The NAR says persistent inflation and higher mortgage rates continue to harm the market “Persistent […]
Recent Inflation Causes IRS to Raise Tax Brackets & Standard Deduction by 7%
Recent Inflation Causes IRS to Raise Tax Brackets & Standard Deduction by 7% The Wall Street Journal is reporting that due to rising inflation the IRS has adjusted the Tax Brackets & Standard Deduction for tax year 2023. According to the WSJ, the 37% top marginal tax rate will apply to individual income above $ […]
Over 100 Zip Codes Switch From Homeowner to Renter Majority
Over 100 Zip Codes Switch From Homeowner to Renter Majority A recent report from Rentcafe says renting is at the highest level in half a century, with 43.7 million households currently living in rentals. In addition, the report says that over the past decade, over 100 zip codes have switched from homeowner to renter majority. […]