Brad Beckett, Author at Real Estate Investing Today

Zombie Foreclosures See Lowest Level Since 2021

Brad Beckett — Mon, 02 Sep 2024 13:22:15 +0000

According to ATTOM Data’s Q3 2024 Vacant Property and Zombie Foreclosure Report, there were nearly 1.4 million residential properties in the U.S. sitting vacant. That figure represents 1.3%, or one in 76 homes, across the nation – roughly the same as in the second quarter. ATTOM also says there were 222,934 residential properties in the process of foreclosure in Q3 2024, down 6% from the second quarter and down 29.3% from the third quarter of 2023. In addition, they report that there were around 7k zombie foreclosures (pre-foreclosure properties abandoned by owners) in Q3. That figure is down 20.2% from one year ago – the lowest figure since 2021.

“Zombie foreclosures continue to be a mere blip on the radar screen – one of many measures of the overall strength of the U.S. housing market. After some worries about a rise in abandoned homes following the end of the COVID-era foreclosure clampdown, they remain an anomaly throughout most of the country…” Said Rob Barber, CEO for ATTOM.

Click here to read the full report at ATTOM.

The post Zombie Foreclosures See Lowest Level Since 2021 appeared first on Real Estate Investing Today.

S&P CoreLogic Case-Shiller Hits All-Time High in June

Brad Beckett — Mon, 02 Sep 2024 11:29:31 +0000

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.4% annual increase for June, 2024. Their 10-City Composite increased 7.4% and their 20-City Composite increased 6.5%, year-over-year.

“Home prices and inflation continue to factor into the political agenda coming into the election season…Before accounting for inflation, home prices have risen over 1,100 percent since 1974, but have slightly more than doubled (111%) after accounting for inflation.” Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI).

Click here to read the full report at S&P Dow Jones Indices.

The post S&P CoreLogic Case-Shiller Hits All-Time High in June appeared first on Real Estate Investing Today.

Happy Labor Day 2024

Brad Beckett — Fri, 30 Aug 2024 11:29:06 +0000

This Monday, September 2nd is Labor Day. The annual 3-day weekend marks the unofficial end of Summer and ushers in the cool Fall season – although Fall doesn’t officially begin until September 22nd. Today’s graphic gives us the “Reader’s Digest” version of Labor Day facts. As always, stay safe and have a Happy Friday and Labor Day weekend!!!

“Numerous states recognized the holiday in the 1880s, but it didn’t become an official national holiday until President Grover Cleveland signed it into law in June 1894.”

Hat tip to Reader’s Digest.

The post Happy Labor Day 2024 appeared first on Real Estate Investing Today.

CoreLogic Says Single-Family Rents Continue to Hold Steady

Brad Beckett — Thu, 29 Aug 2024 13:22:30 +0000

According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental prices continue to hold steady in June 2024, with prices posting a 2.9% gain year-over-year. In addition they report that rental prices for low-end properties were up 1.9% compared to high-end properties where rental prices increased 3.1% year over year.

“Single-family rents have been bouncing around their pre-pandemic rate of growth of about 3% this year after growing by double digits for most of 2021 and 2022. At the end of 2023, they did slow to the mid-2% range…While single-family rents are increasing at a stable rate, median rent continues to rise and has increased over $300 over the past two years” Said Molly Boesel, principal economist for CoreLogic.

Click here to read the full report at CoreLogic.

The post CoreLogic Says Single-Family Rents Continue to Hold Steady appeared first on Real Estate Investing Today.

How High are the Gas Taxes in Your State – 2024?

Brad Beckett — Thu, 29 Aug 2024 11:29:41 +0000

The Tax Foundation says states tax fuel in several ways, including sales taxes, per-gallon excise taxes collected at the pump, taxes imposed on wholesalers (which are passed along to consumers in the form of higher prices), and a variety of operational taxes, such as underground storage tank fees, that are often charged to the retailer. To that end, they added up all different taxes & fees to calculate a total tax rate on gas for each state – see interactive map below.

“Though gas taxes are intended to serve as user fees and pollution deterrents, they vary widely across states.”

Click here to read the full report at the Tax Foundation.

The post How High are the Gas Taxes in Your State – 2024? appeared first on Real Estate Investing Today.

New Rules from NAR Change the Game of Buying a Home

Brad Beckett — Wed, 28 Aug 2024 13:22:04 +0000

We’ve had several posts about the lawsuit affecting realtor commissions. On a recent episode of Real Estate News for Investors, Kathy Fettke says gone are the days of a casual home tour with a real estate agent you’ve just met. New rules from the National Association of Realtors require a signed agreement with that agent that includes how the buyer’s agent will get paid and what services the agent will provide. In the past, buyers didn’t have to worry about making a commitment ahead of time. Take a listen….

“…so even though this new law was meant to protect the buyer, I am not sure that’s the case.” – Kathy Fettke

Click here to listen.

The post New Rules from NAR Change the Game of Buying a Home appeared first on Real Estate Investing Today.

Local Market Monitor’s National Economic Outlook for August ’24

Brad Beckett — Wed, 28 Aug 2024 11:29:26 +0000

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

Do you have questions that you would like to have answered in the next NEO presentation? Please submit your questions here.

Click here for more information about Local Market Monitor.

The post Local Market Monitor’s National Economic Outlook for August ’24 appeared first on Real Estate Investing Today.

Household Debt Rises to $17.8 Trillion

Brad Beckett — Tue, 27 Aug 2024 13:22:05 +0000

A new report from the New York Fed says household debt has risen to $17.80 trillion (up 1.3%) in Q2 2024, according to their latest Quarterly Report on Household Debt and Credit. The report says mortgage balances were $12.52 trillion (up $77 billion), auto loans were $1.63 trillion (up $10 billion) and credit card balances came in at $1.14 trillion (up $27 billion). In addition, homeowners continued to increase balances on home equity lines of credit (HELOC) as an alternative way to extract home equity – these loans rose by $3 billion, marking the 9th consecutive quarterly increase.

Click here to read the full report at the New York Fed.

The post Household Debt Rises to $17.8 Trillion appeared first on Real Estate Investing Today.

New Home Sales Up 10.6% in July

Brad Beckett — Tue, 27 Aug 2024 11:29:57 +0000

The U.S. Government is reporting that sales of new single-family houses in July, 2024 were at a seasonally adjusted annual rate of 739k, which is 10.6% higher than June’s revised rate and is 5.6% higher than one year ago. The median sales price of new houses sold in June was $429,800 with an average sales price of $514,800. There were an estimated 462k new houses for sale at the end of June representing a 7.5-month supply at the current sales rate.

Click here to read the full report at the U.S. Census Bureau.

The post New Home Sales Up 10.6% in July appeared first on Real Estate Investing Today.

Existing Home Sales Up 1.3% in July

Brad Beckett — Mon, 26 Aug 2024 11:29:53 +0000

The National Association of Realtors is reporting that existing home sales were up 1.3% in July to a seasonally-adjusted annual rate of 3.95 million – down 2.5% year over year. Total housing inventory at the end of July was 1.33 million units, up 0.8% from June and up 19.8% from one year ago. Unsold inventory sits at a 4-month supply at the current sales rate with properties remaining on the market for around 24 days. The median existing-home price for all housing types in July was $422,600. However, the NAR says affordability is improving, but sales are still sluggish;

“Despite the modest gain, home sales are still sluggish…But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.” Said NAR Chief Economist Lawrence Yun.

Click here to read the full report at the National Association of Realtors.

The post Existing Home Sales Up 1.3% in July appeared first on Real Estate Investing Today.