Renting cheaper in majority of largest U.S. cities
The average monthly mortgage costs 25 percent more on average than renting across the nation’s 50 most populous cities with just four exceptions: Detroit, Philadelphia, Cleveland and Houston. Of these cities, in Detroit it...
Home foreclosure starts continue to climb, up 5 percent y/y
Inflation continues to wreak havoc on the American economy according to one important indicator: foreclosures. Foreclosures are rising across the country. Foreclosure data is compiled into categories: Foreclosure starts and completed foreclosures. Entering and moving...
NAHB Publication offers inside look into the financial records of remodelers
Remodelers now have a unique opportunity to see how their business stacks up against the competition with a new publication from the National Association of Home Builders (NAHB). NAHB’s publishing arm, BuilderBooks, recently released...
SFR rent growth rate decline continues
CoreLogic reported that their single-family rent index (SFRI) for April rose 3.7 percent from its year-earlier level. This is down from the 4.3 percent SFR rent growth reported last month. It also marks 12...
Rents fall for first time since 2008
After three years of double-digit increases, apartment rents declined in May for the first time in 15 years according to Rent.com. Now in the ninth month of deceleration, with rent growth averaging less than...
Multifamily construction has a great month
The Census Bureau’s new residential construction report for May stated that the number of multifamily permits issued, starts and unit completions were all up for the month, starts significantly so. Starts again outpaced completions...
Single-family starts post solid gain in May
Limited existing inventory combined with solid demand and improving supply chains helped push single-family starts to an 11-month high in May. Overall housing starts in May increased 21.7 percent to a seasonally adjusted annual rate...
Builder confidence moves into positive territory in June
Solid demand, a lack of existing inventory and improving supply chain efficiency helped shift builder confidence into positive territory for the first time in 11 months. Builder confidence in the market for newly built single-family...
Fed signals higher interest rates ahead
The Federal Open Market Committee (FOMC) met this week and decided to keep interest rates unchanged. However, the Federal Reserve’s updated forecasts for key economic metrics indicated that higher interest rates may be coming...
Construction materials prices trend lower in May
The May producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices fell 0.1 percent month-over-month, seasonally adjusted. The index of components and materials for construction was...
Multifamily CMBS delinquencies edge lower in May
Trepp reported that both delinquency rates and special servicing rates for multifamily CMBS loans declined slightly in May. Delinquency rates and special servicing rates for the overall CMBS market rose driven by problems with...
Rent growth picks up in May
Yardi Matrix reported national average apartment rent growth of $7 in May, bringing rents to $1,716 per month. The increase is up by $2 from last month’s reported value. Year-over-year rent growth rates down again The...
Housing affordability posts solid gain but still much lower from a year ago
Solid nominal wage gains (unadjusted for inflation) combined with lower mortgage rates and home prices helped to boost housing affordability at the start of 2023, but ongoing building material supply chain issues and expected...
More than 700 residential construction workers discuss housing issues in hill visits
More than 700 builders, remodelers and associates engaged in all facets of residential construction marched on Capitol Hill to call on Congress to take steps to ease the nation’s housing affordability crisis and make...
Single-family construction slowdown less pronounced in lower density markets
While single-family home building has slowed significantly from pandemic-fueled highs because of higher interest rates and construction costs, the slowdown is less pronounced in lower density markets. Meanwhile, multifamily market growth remained strong throughout much...
