Real Estate News: Real Estate Investing Podcast

Copyright: © Copyright 2021 RealWealth Network, LLC. All rights reserved. Disclaimer: For entertainment purposes only and not offering investment advice. You are fully responsible for the use of this content and hold the producers and company harmle

Latest Episodes:

What's California Doing About Coastline Erosion? May 16, 2022

Show notes

Dealing with sea level rise along the California coast is not going to be easy. One of the options that cities are encouraged to consider is something called "managed retreat." In a nutshell, that's when homes are moved away from the coast as it crumbles toward the sea. With so many expensive California homes perched on oceanside cliffs, the idea has become very controversial. There's even debate over the use of the term "managed retreat." (1)

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

Managed retreat is a concept that's been around for a while. It's been used after natural disasters that have flooded whole communities. As reported by the SF Chronicle, The town of Soldiers Grove, Wisconsin, began relocating about 600 homes in 1979, after the Kickapoo River had flooded 25 times. It cost more than $27 million in federal, state, and local funds to buy new land and move 70 buildings, including 24 homes.

"Managed Retreat" to Fight Rising Sea Levels

Now, with increased concern about rising sea levels because of climate change, there's been more discussion about how to deal with it, and "managed retreat" is one of the options. But it's not being embraced by everyone. Managed retreat is something that goes against the desirability and value of oceanside real estate.

As the Chronicle reports, it "represents a radical departure from decades of coastal development philosophy and runs counter to our proclivity to build houses and cities up against the ocean." And now cities along the shore have a tremendous challenge to deal with. As UC Santa Cruz professor, Gary Griggs, puts it: "Dealing with sea level rise and (cliff) retreat… is the biggest challenge that human civilization may ever have to face."

The Cost of California Sea Level Rise

In a 2019 study that was published in the journal Scientific Reports, researchers estimated that sea level rise along California's 1,271 mile-long coast could negatively impact $150 billion in property and 600,000 people. Two thirds of the impact is expected to hit the San Francisco Bay Area. But the same study predicts substantial erosion in Southern California over the next 80 years, and the disappearance of 67% of its beaches.

California has already tried to fight erosion with other less aggressive measures such as seawalls, the reinforcing of cliffs, and the building of levees and jetties. Professor Griggs says the state has used these methods to protect about 10% of the coastline, but they are expensive and they don't last forever. They need maintenance and updating in the race to keep ahead of climate change.

In some places, sand has been added to help keep the ocean at bay. The city of Santa Cruz has been doing this for decades. The Chronicle reports that Santa Cruz has dumped additional sand onto beaches 58 times since 1965. The price tag? Almost $18 million.

Pacifica's Crumbling Cliff and Lost Homes

One well-known example of the need for the relocation of homes has made headlines in San Mateo County. Winter storms in 2010 and 2015 caused so much damage to the cliff along Esplanade Drive in Pacific, the city was forced to condemn, purchase, and demolish several homes and apartment complexes.

But even in a situation like this, it is not easy to tell people they must relocate because homes are at risk of falling into the sea. In 2015, the Coastal Commission asked cities to study how they would deal with sea level rise. Pacifica considered the use of managed retreat but after feedback from the community, rejected it. The city council said that it did not align with the city's goals or the desires of the residents.

SF State economist Philip King told the Chronicle: "When you ask people to leave their homes, even if you could fully compensate them 100% economically, you still would be pulling them away from their community." He says: "It's an issue we're going to have to face in California."

The Term "Managed Retreat" Conveys "Defeat"

The term "managed retreat" also sounds too much like "defeat" for some people. An article in Slate suggests changing the term to something more obscure like "managed realignment" or "planned relocation." Or maybe something like "aggressive resilience" or "strategic advance" which sound more proactive. (2)

One city that's embracing the idea of managed retreat is the city of Marina in Monterey County. Officials there have created a plan that allows for some amount of property relocation. That includes support from the owner of a beach resort who will have to move some buildings.

One of the co-authors of a UC Santa Cruz paper on Marina said in the report: "So there are cases in which private property owners have seen the writing on the wall and they know that they're not going to be able to constantly rebuild their infrastructure after flooding and erosion. They are on board with the plan, and they want to help preserve the community." (3)

You can read more about this topic by following links in the show notes at newsforinvestors.com.

Also, please remember to hit the subscribe button, and leave a review!

You can also join our real estate investor network for free at newsforinvestors.com. That gives you access to the Investor Portal where you'll find information on rental markets and sample property pro-formas. You can also connect with our experienced investment counselors, property teams, lenders, 1031 exchange facilitators, attorneys, CPAs and more.

Thanks for listening. I'm Kathy Fettke.

Links:

1 -https://www.sfchronicle.com/travel/article/California-coast-sea-level-rise-17091737.php

2 -https://slate.com/technology/2022/04/managed-retreat-climate-change-language.html

3 -https://www.eenews.net/articles/managed-retreat-unpopular-expensive-and-not-going-away/

The Real Estate News Brief; Fed's Rate Hike Plan, Record Home Price Growth, Real Estate Career Surge May 13, 2022

Show notes

The Real Estate News Brief; Fed's Rate Hike Plan, Record Home Price Growth, Real Estate Career Surge

In this Real Estate News Brief for the week ending May 7th, 2022... the Fed fights inflation with rate hike, home prices hit new record high, and the popularity of a career in real estate.

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

Economic News

We begin with economic news from this past week, and words from the central bank that touched off a dramatic roller coaster of gains and losses on Wall Street. Fed Chief Jerome Powell sat down with the press for an hour on Wednesday after a decision by Fed officials to raise the Federal Funds rate by 50 basis points. Powell said that inflation is too high but essentially nixed the idea of a 75 basis point rate hike. He also suggested the possibility of two more 50-basis point rate hikes during the next two meetings. (1)

His comments about shelving a more aggressive rate hike plan triggered a huge stock rally with the Dow gaining at least 900 points. But the exuberance didn't last long. Stocks fell harder on Thursday than they flew higher on Wednesday, and the losses continued on Friday. So there's still plenty of uncertainty about where our economy is headed. But Powell's comments were encouraging. Among his comments: "We need to do everything we can to restore stable prices as quickly and effectively as we can. We think we have a good chance to do it without a significant increase in unemployment or a really sharp slowdown." (2)

So how do the rate hikes affect consumers and investors? They are directly linked to higher rates for credit cards, student loans, car loans, and adjustable-rate mortgages. They will also influence mortgage rates, although they are not directly linked. On a positive note: higher mortgage rates along with high home prices are expected to result in a cooler and more normal housing market. But how high will mortgage rates go? Lending Tree's senior economic analyst, Jacob Channel, is predicting that the 30-year fixed-rate loan will hit 6% by the end of the year. (3) I think it will hit 7%.

There were 200,000 initial jobless claims last week which was an increase of 19,000 from the week before. It was the biggest weekly increase since almost a year ago, but continuing claims decreased by the same amount, but they remain at their lowest level since early 1970, at 1.38 million. (4)

U.S. companies also added almost a quarter million new jobs in April, but there are still far too few workers to fill all the open positions. In March, there were a record 11.5 million jobs that needed filling. The unemployment rate is currently at 3.6% which is slightly higher than a 54-year low. (5) (6)

Construction spending was slow in March, because of a drop in non-residential spending. Money spent on all kinds of residential construction was up 1%. That's mostly due to a 1.3% increase in single-family home construction that was offset by a drop in spending on multi-families. (7)

Mortgage Rates

Mortgage rates moved higher again this last week. Freddie Mac says the 30-year fixed-rate mortgage was up 17 basis points to 5.27%. That's the highest it's been since 2009. The 15-year was up 12 basis points to 4.52%. (8) The Mortgage Daily News says the average 30-year was even higher, at 5.55%. It also warned that home affordability is close to the worst it's ever been. At the start of the pandemic, 6% of U.S. housing markets were less affordable than long-term levels. That percentage is now up to 95%. (9)

In other news making headlines…

Home Price Growth Hits Record High

The latest report from CoreLogic is out on home price growth in March. According to this report, it was up a record 20.9% year-over-year. If that number isn't impressive enough, CoreLogic says the March increase was the 122nd month in a row that home prices have gone up. (10)

Chief economist Frank Nothaft says when you combine home price growth with higher interest rates, the monthly principal and interest payment on a home is now 50% higher than it was a year ago.

Florida was at the top of the list for home price gains. They are up 31.4% year-over-year. Arizona was second followed by New York and Washington, D.C.

People Switching to Real Estate Careers

The hot real estate market is attracting more than just home buyers. A lot of people are quitting their jobs for a career in real estate. According to the New York Times, there was a 60% increase in the number of people who started working in real estate during the pandemic - from 2020 to 2021. (11)

Coldwell Banker Real Estate CEO Ryan Gorman says that many people are exploring self-employment options, and with real estate, the sky is the limit. He says: "They've realized they can get out of it what they put into it" and that could mean a six-figure paycheck.

But those expectations could be unrealistic. As realtor.com reports, most real estate agents don't make six figures. In May of last year, the median was just over $48,000.

That's it for today. Check the show notes for links. And please remember to hit the subscribe button, and leave a review!

You can also join RealWealth for free at newsforinvestors.com. As a member, you have access to the Investor Portal where you can view sample property pro-formas and connect with our network of resources, including experienced investment counselors, property teams, lenders, 1031 exchange facilitators, attorneys, CPAs and more.

Thanks for listening. I'm Kathy Fettke...

Show Notes link: https://www.newsforinvestors.com

Join link: https://join.realwealth.com/?utm_content=Real%20Estate%20News%20Podcast&utm_campaign=Join%20for%20Free&utm_term=Description%20Text%20Link

Subscribe link: https://podcasts.apple.com/us/podcast/real-estate-news-real-estate-investing-podcast/id1079952715

Links:

1 - https://www.marketwatch.com/story/why-powell-took-75-basis-point-rate-hike-off-the-table-and-other-takeaways-from-the-fed-press-conference-11651707052?mod=economy-politics

2 - https://www.cnbc.com/2022/05/04/follow-the-latest-updates-as-the-federal-reserve-gets-set-to-hike-rates.html

3 - https://magazine.realtor/daily-news/2022/05/05/fed-raises-rate-what-it-means-for-housing

4 - https://www.marketwatch.com/story/u-s-jobless-claims-jump-in-latest-week-by-biggest-amount-since-last-july-11651754614?mod=economy-politics

5 - https://www.marketwatch.com/story/coming-up-u-s-jobs-report-for-april-11651838865?mod=mw_latestnews

6 - https://www.marketwatch.com/story/u-s-job-openings-rise-to-record-11-5-million-and-job-quitting-also-hits-all-time-high-11651587236?mod=economic-report

7 - https://www.marketwatch.com/story/u-s-construction-spending-slowed-in-march-missing-expectations-271651501992?mod=search_headline

8 - https://www.freddiemac.com/pmms

9 - https://www.cnbc.com/2022/05/02/mortgage-rates-surge-as-home-affordability-nears-record-worst.html

10 - https://www.housingwire.com/articles/corelogic-u-s-home-price-gains-hit-all-time-high-in-march/

11 - https://magazine.realtor/daily-news/2022/05/03/great-resignation-leads-to-real-estate-rush

12 - https://www.housingwire.com/articles/you-can-no-longer-get-a-mortgage-at-costco/

SCOTUS Rejects SALT Cap Challenge May 09, 2022

Show notes

The Supreme Court has refused to step into the battle over the cap on SALT deductions. Several states sued to lift the cap on state and local tax deductions but the high court refused to hear the case. That leaves the matter up to Congress which hasn't produced results so far, or to the states which in some cases have offered a work-around.

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

The $10,000 cap on SALT deductions was one of the most controversial parts of the 2017 tax bill. Those deductions cover state sales, income, and property tax. Once upon a time, they were unlimited. The Tax Cut and Jobs Act or TCJA was passed by a Republican-controlled Congress under President Trump and provided $1.5 trillion in tax cuts. (1) The low cap on the SALT deduction helped offset that lost tax revenue, along with a lower cap on the mortgage interest deduction. A higher individual tax deduction was also offered as partial compensation for the loss of those tax-saving strategies.

SALT Cap Hit "Blue" States the Hardest

The SALT deduction hit some states harder than others, particularly those with high priced homes and high tax rates. They were also states that were mostly "blue" or Democratic. New York is one of those states. As reported by the New York Times, it was estimated that the cap would force New York taxpayers to pay an additional $121 billion in federal taxes from 2018 through 2025, when the provision expires. (2)

New York led the legal battle against the cap by filing a lawsuit in 2019. The states of Maryland, Connecticut, and New Jersey also joined the lawsuit. The case was dismissed by a District Court in New York, and was then dismissed on appeal.

Appeals Court Ruling on SALT

The appeals court ruling found that Congress had the power to impose the SALT cap. In the ruling it wrote: "It is obviously true that members of Congress were aware that the SALT deduction cap would adversely affect some states more than others. But the SALT deduction cap is not unlike the countless federal laws whose benefits and burdens are unevenly distributed across the country."

A few days ago, the case made its way to the Supreme Court but the high court rejected the case which leaves the rule intact until the 2025 expiration – unless it is modified or extended.

Democrats claim the 2017 law is an unconstitutional infringement on their sovereignty by Republicans who were targeting blue states. And, New York Governor Kathy Hochul has expressed disappointment with the Supreme Court decision. She wants Democrats in Congress to undo what she calls "an economic attack" on middle-class families by restoring the SALT deduction.

Debate Over the SALT Deduction

There is debate on whether it should be restored, even among Democrats. As reported by the Times, some of the more progressive Democrats in Congress feel that getting rid of the cap would only benefit wealthy Americans, and not the middle-class. Moderate Democrats would like the cap scrapped for the benefit of their wealthier constituents.

There's also another issue involved with scrapping the SALT cap. In addition to imposing the cap, the 2017 tax bill eliminated two other provisions that helped moderate SALT deductions – namely, the individual alternative minimum tax or AMT and the PEASE limitation.

If the SALT cap is lifted without reinstating those two provisions, the value of the tax deductions would be much higher than they were prior to the 2017 tax bill. According to the Tax Foundation, the Pease limitation capped deductions at 80%, including SALT deductions, for high-income taxpayers. If the alternative minimum tax applies to a taxpayer, the SALT deduction is eliminated altogether. (3)

The Tax Foundation says that repealing the SALT cap in 2022 would give a 2.8% bump to the after-tax income for the top 1% of taxpayers, and a 1.2% bump to the top 2 to 5%. You can dive into the details at the Tax Foundation website. We'll have a link in the show notes.

SALT Workarounds

As for the work-arounds, CNBC reported last December that 19 states are offering a way for pass-through business owners to bypass the cap. (4) The report also says that five other states have similar laws in the works. Pass-through entities that qualify include partnerships, S-corporations and some LLCs. The workaround involves a credit for taxes paid instead of a deduction, which can be capped. But it's more complicated than that, and tax experts say that each individual's situation is different, so you need to have your tax accountant crunch the numbers.

As for what Congress is currently doing about the SALT cap, Democrats had increased the cap to $80,000 in the House-passed "Build Back Better" budget reconciliation bill. That plan would have cost the government about $50 billion a year, according to the Joint Committee on Taxation, but the legislation died in the Senate and hasn't yet been resurrected.

And now, President Biden is working on ways to reduce the deficit without raising taxes. According to Roll Call, the administration's deficit reduction plans depend on the expiration of 2017 tax cuts, which would include the expiration of the SALT cap. (5) Roll Call says there is one problem however – that Biden's promise to not raise taxes applies to people making less than $400,000 a year. If the 2017 tax cuts are allowed to expire, Roll Call says that taxes would go up for many of those individuals. So we'll likely see another tax reckoning in the near future. Until then, the $10,000 cap on the SALT deduction will continue to haunt some homeowners.

You can read more about this topic by following the links in the show notes at newsforinvestors.com.

Also, please remember to hit the subscribe button, and leave a review!

Thanks for listening. I'm Kathy Fettke.

Links:

1 - https://commercialobserver.com/2022/04/supreme-court-salt-taxes/

2 - https://www.nytimes.com/2022/04/18/nyregion/supreme-court-salt-cap-taxes.html

3 - https://taxfoundation.org/salt-deduction-cap-repeal/#:~:text=The%20Pease%20limitation%20could%20cap,AMT%20would%20lose%20it%20outright.

4 - https://www.cnbc.com/2021/12/07/-these-states-offer-a-workaround-for-the-salt-deduction-limit-.html

5 - https://rollcall.com/2022/04/04/biden-budgets-omission-of-tax-cut-renewals-leaves-deficit-hole/

The Real Estate News Brief: Growing Demand for ARMs, The 7-Year Foreclosure, Top Complaints about Neighbors May 05, 2022

Show notes

The Real Estate News Brief - Week Ending April 30, 2022; Growing Demand for ARMs, The 7-Year Foreclosure, Top Complaints about Neighbors

In this Real Estate News Brief for the week ending April 30th, 2022... you'll hear about the surging demand for adjustable-rate mortgages, the years it takes to foreclose in some states, and the top reasons people dislike their neighbors.

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. Before we start, I want to let you know that we are hosting our first live event in over 2 1/2 years on May 21st in St Petersburg Florida. I'll be there giving my 2022 Housing Update, and we'll also have property teams from 10 different markets to update us on what's going on in their markets and share available income properties. We'll also have a tour of rental properties in St Pete on Sunday and then Jacksonville on Monday. Check it out at newsforinvestors.com

Economic News

We begin with economic news from this past week, and more concerns about inflation. The Federal Reserve's preferred inflation index rose again in March to an annual rate of 6.6%. That's up from an annual rate of 6.4% in February. But there are signs that inflation may be hitting a peak because the core rate of inflation went down for the first time in a year. The core rate excludes food and energy and decreased from 5.3% to 5.2% in March. The Fed believes the PCE is more accurate than the consumer price index or CPI because it's more comprehensive. (1)

Despite all the worries about inflation, the job market is going strong. Initial claims were down 5,000 to just 180,000 last week. Continuing claims were also down to their lowest level since 1970, at approximately 1.41 million. (2)

Rising mortgage rates are putting a damper on new home sales. The Census Bureau says that sales dropped 8.6% in March to an annual rate of 763,000. High prices are also discouraging buyers. The median price for a new home was $436,700 in March. That's about $77,000 more than it was in March of last year. (3)

Pending home sales for existing homes were also down in March. The National Association of Realtors says they dipped 1.2%. It is predicting that sales will be down a total of 9% for the year. NAR's chief economist Lawrence Yun expects multiple offers to disappear, and calmer, more normal conditions to replace the homebuying frenzy we've been witnessing. (4)

Because demand remains high for housing, home prices continue to rise. The S&P CoreLogic Case-Shiller 20-city index was up 2.4% in February. That brought the annual rate up to 20.2%. At a national level, annual home price growth rose to 19.8%. The Federal Housing Finance Agency reported similar results. It shows that home prices rose 19.4% year-over-year in February which was a 2.1% increase from January. (5)

There are mixed reports on consumer sentiment. A survey on consumer confidence shows it dipped slightly in April because of inflation. But it also shows that consumers are still spending money on big-ticket items, despite the high prices. (6) Meantime, the University of Michigan's consumer sentiment index jumped higher by several points. Consumers are reportedly happy that gas prices have gone back down a bit, and are feeling more optimistic about the future. (7)

Mortgage Rates

Mortgage rates didn't move much, but the average 30-year fixed-rate mortgage remains above the 5% level. Freddie Mac says it was down just one basis point to 5.1%. The 15-year was up 2 points to 4.4%. (8)

In other news making headlines…

ARMs In High Demand as Fixed Rates Rise

More home buyers are choosing adjustable-rate loans to keep mortgage payments lower at the beginning of their loan term. The Mortgage Bankers Association says demand for ARMs has "doubled" compared to three months ago

The interest rate for an ARM was 3.78% last week, according to Freddie Mac. The Mortgage Bankers Association says the average rate for a 5-year ARM was 4.28%. Both are lower than the 30-year fixed rate, and that's driving up demand. (9)

The Lengthy Process of Foreclosure

Buying a foreclosure might get you a great price on a home, but in some places, the length of time it takes to foreclose could eclipse any monetary value. ATTOM Data Solutions published a report on the states with the longest average times to foreclose, and the winner was Hawaii, at 2,578 days. That's a little longer than 7 years. Louisiana, is second on the list with an average of about 2,000 days or 5.5 years. Other states on the top ten list include Kentucky, Nevada, Connecticut, New York, Florida, New Jersey, Pennsylvania, and New Mexico. New Mexico was last on the list but foreclosures there still take more than 3.5 years. (10)

At the other end of the spectrum are states with the fastest foreclosure process. Montana came out at the top of that list, at 133 days. Mississippi was second at 146 days, and West Virginia was third at 197 days.

What's Up with the Neighbors?

The last story I'd like to share with you is a report on the top reasons Americans don't like their neighbors. According to a Lending Tree survey, 28% of the participants said their neighbors "give off a weird vibe." Other reasons include noise levels, rudeness, disruptive pets, being nosy, and unruly kids. Some people also said they don't like it when their neighbors have guests that park in front of their house, or their parking space. Smoking was listed by 11% of the people. 4% said they had issues with their neighbors' political views, and 3% said they were not happy that their neighbors were using their homes as short-term rentals. (11)

It's interesting that so few people listed short-term rentals as a problem, given all the controversy about how much disruption they cause, or don't cause. Of course, it's often the case that people who are disgruntled about an issue will speak out more loudly than the ones who don't mind.

That's it for today. Check the show notes for links. And please remember to hit the subscribe button, and leave a review!

Thanks for listening. I'm Kathy Fettke...

Show Notes link: https://www.newsforinvestors.com

Join link: https://join.realwealth.com/?utm_content=Real%20Estate%20News%20Podcast&utm_campaign=Join%20for%20Free&utm_term=Description%20Text%20Link

Subscribe link: https://podcasts.apple.com/us/podcast/real-estate-news-real-estate-investing-podcast/id1079952715

Links:

1 - https://www.marketwatch.com/story/coming-up-pce-inflation-index-and-consumer-spending-11651234498?mod=economy-politics

2 - https://www.marketwatch.com/story/u-s-jobless-claims-fall-5-000-to-180-000-showing-momentum-continues-in-labor-market-11651149515?mod=home-page

3 - https://www.marketwatch.com/story/new-homes-are-likely-a-viable-choice-for-fewer-first-time-home-buyers-new-home-sales-dip-as-affordability-worsens-11650982695?mod=economic-report

4 - https://www.marketwatch.com/story/the-spring-housing-market-is-off-to-an-unpredictable-start-pending-home-sales-fall-amid-rising-mortgage-rates-11651068612?mod=search_headline

5 - https://www.marketwatch.com/story/it-will-take-time-for-surging-mortgage-rates-to-rebalance-the-market-home-prices-are-still-skyrocketing-but-buyers-could-see-relief-soon-11650979422?mod=economic-report

6 - https://www.marketwatch.com/story/consumer-confidence-slips-in-april-but-americans-arent-cutting-back-on-spending-11650982322?mod=economic-report

7 - https://www.marketwatch.com/story/consumer-sentiment-jumps-in-april-on-lower-gas-prices-and-more-optimism-about-the-economy-11651241527?mod=economy-politics

8 - https://www.freddiemac.com/pmms

9 - https://magazine.realtor/daily-news/2022/04/28/demand-doubles-for-arms

10 - https://magazine.realtor/daily-news/2022/04/26/where-foreclosures-could-take-years-to-process

11 - https://magazine.realtor/daily-news/2022/04/27/why-75-of-americans-say-they-don-t-like-their-neighbor

The Real Estate News - Construction Companies at Risk of Dangerous Cyberattacks Apr 28, 2022

Show notes

Real Estate News - Construction Companies at Risk of Dangerous Cyberattacks

There's growing concern about the possibility of a dangerous cyberattack on automated systems used by construction companies. These programs are used for things like the measuring and mixing of materials used to support large construction projects. Some companies are taking steps now to protect themselves from hackers but cybersecurity experts say the threat level is rising, and the safeguards are lagging behind other industries. (1)

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

White House Warning about Cyberattacks

Just a few weeks ago, the White House issued a warning about a possible Russian cyberattack linked to the Ukraine invasion. U.S. intelligence officials got together with more than a hundred infrastructure companies and industry groups to share classified information related to this threat. (2)

Cyber security researchers from Mandiant say that so-called "threat actors" have developed a set of tools called "Incontroller." They say these tools are "exceptionally rare and dangerous" because they can be used to shut down or sabotage industrial facilities. That includes turning off safety controllers at power plants, for example. Mandiant researchers can't pinpoint the source of this threat but they suggest that the activity is similar to what they say is Russia's "historic interest in industrial control systems."

A Dallas-based contractor that contracts with top-level government agencies promises to "make the world smarter, more connected and more sustainable" but is also increasing its emphasis on cybersecurity. Jacobs has clients like the U.S. Department of Defense, the U.S. Intelligence Community, NASA, the U.S. Department of Energy along with defense agencies for other countries and private sector companies involved with aerospace, automotive, energy, and telecommunications. Jacobs CEO Bob Pragada says: "There is not an infrastructure project right now with major agencies, in the U.S., the U.K., across the world, in Australia, where we don't have a cyber component that's with it." And he says that's becoming a much bigger part of the business.

Contractor's Vulnerability

Let's scale that risk down to the level of the contractor doing the work, in this case the pouring of concrete. Construction Dive explains that a concrete contractor uses automatic control systems to mix and lay the concrete. After the concrete hardens, automatic systems are also used to inspect the integrity of the finished product. These systems rely on internet- and cloud-based software which could make them vulnerable to an attack.

One technology and cybersecurity consultant offered an example of a worst-case scenario. Jason Vigh told Construction Dive: "Take for instance the construction of a bridge, you have to have strength integrity. What if hackers change the systems that are actually being used to automate the project and (the bridge) collapses… all because the supply chain is compromised in the first place." He says there's already a lot of security in place for the financial sector, but when it comes to manufacturing, cybersecurity is lagging.

Precautions Needed for Construction Companies

So far, most cyberattacks in the construction industry have involved ransomware or access to customer data. A northern California concrete contractor, Ghilotti Bros reported a breach in December of last year. It says an unauthorized party gained temporary access to its systems and files. An energy company out of Oklahoma City also reported a data breach a few months ago, according to Construction Dive. Recently, a German company reported a cyberattack that impacted 40% of its wind turbines.

Cybersecurity experts say that more precautions are being put into place, but it does require pro-active investment by companies and industries. Autodesk vice president of product development, Sameer Merchant says the money companies need to spend now to protect themselves will be "a much smaller price to pay than the price you pay if they are exposed to these attacks."

If you'd like to read more on this topic, you'll find links in the show notes at newsforinvestors.com

Also, please remember to hit the subscribe button, and leave a review!

Thanks for listening. I'm Kathy Fettke...

Show Notes link: https://www.newsforinvestors.com

Join link: https://join.realwealth.com/?utm_content=Real%20Estate%20News%20Podcast&utm_campaign=Join%20for%20Free&utm_term=Description%20Text%20Link

Subscribe link: https://podcasts.apple.com/us/podcast/real-estate-news-real-estate-investing-podcast/id1079952715

Links:

1 - https://www.constructiondive.com/news/cybersecurity-experts-automation-materials-worst-case-scenario-hackers/621210/

2 - https://www.cybersecuritydive.com/news/white-house-warns-russian-cyberattack-ukraine/620755/

The Real Estate News Brief - Week Ending April 23rd, 2022; Top Investor Concerns, Foreclosure Activity, 40-Year Loan Option Apr 27, 2022

Show notes

Real Estate News Brief - Week Ending April 23rd, 2022

Top Investor Concerns, Foreclosure Activity, 40-Year Loan Option

In this Real Estate News Brief for the week ending April 23rd, 2022... the top concerns for investors, what's happening with foreclosures, and a new 40-year loan option for some borrowers.

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

Economic News

We begin with economic news from this past week and growing concerns about inflation. Fed Chief Jerome Powell says: "It's absolutely essential to restore price stability." He feels it's appropriate to move more quickly with interest rate hikes and says that a 50-basis point rate hike is on the table for the Fed's May meeting. He says: "Our goal is to use our tools to get demand and supply back in sync, so that inflation moves down and does so without a slowdown that amounts to a recession." But he also warns that it will be a challenging process. Consumer inflation hit an annual rate of 8.5% in March. That's well above the central bank's 2% target. (1)

Fannie Mae is predicting a recession by next year, due to the need for aggressive monetary policies to control inflation. But it says it will probably be a "moderate recession" and not like the Great Recession of 2008. It expects the strength of the housing market to help cushion the blow although the mortgage financing giant also expects the housing market to slow down somewhat due to high home prices and mortgage rates. The National Association of Realtors is predicting a 10% decrease in home sales for this year. (2)

Unemployment claims remain near a 40-year low. They were down 2,000 from the week before to 184,000. The low numbers are the result of a strong labor market that has more job openings than unemployed workers to fill them. Continuing claims were also down. They dropped 58,000 to 1.42 million. That's the lowest they've been since 1970. (3)

Home builders are increasing the number of homes they are starting despite rising inflation, higher mortgage rates and the labor shortage. But they are shifting their focus because of those issues, from single-family homes to multi-families. The Census Bureau says that home starts were up .3% in March to an annual rate of about 1.79 million. Permits were also .4% higher to an annual rate of about 1.87 million. (4)

Home builder confidence is lower however because of rising mortgage rates and all the other things making new homes so much more expensive. The National Association of Home Builders says its monthly confidence index was down two points in April to a reading of 77. Even though it is hovering near its lowest level since last September, anything over 50 is considered positive. (5)

Existing home sales were lower for a second month in a row. The National Association of Realtors says they were down 2.7% in March to a seasonally-adjusted annual rate of 5.77 million. If you compare sales to March of 2021, they were down 4.5%. (6)

Mortgage Rates

Mortgage rates are now over 5%. Freddie Mac says the average 30-year fixed-rate mortgage was up 11 points last week, to 5.11%. The 15-year was up 21 points to 4.38%. (7)

In other news making headlines…

Top Concern for Investors

Investors are more concerned about inflation than they are about rising mortgage rates and access to capital. Real estate investor financing firm Kiavi conducted a survey which shows that 65% of the participants were concerned about inflation, 63% were concerned about higher interest rates, and 58% were concerned about access to capital. But that said, Kiavi says these worries are not keeping investors from moving forward on their investment plans. (8)

CEO Michael Bourque says: "We're seeing our customers continue to identify smart investments and make good decisions. With over two-thirds of U.S. homes 30 years old or more real estate investors will continue to play an important role as they revitalize aged homes and make them move-in ready for millions of families across the country."

Foreclosure Activity on the Rise

Foreclosure activity is rising now that most of the pandemic-related moratoriums have been lifted. There was a 39% increase in foreclosure filings during the first quarter of this year. Compared to a year ago, they are up 139%. That's according to ATTOM Data Solutions. (9)

The states with the highest level of foreclosure activity are California, Florida, Texas, Illinois, and Ohio. The metros where you'll find the greatest number of foreclosure starts are Chicago, New York, Los Angeles, Houston, and Philadelphia.

FHA 40-Year Covid Loan Modification Option

The Federal Housing Administration introduced a 40-year loan modification option for borrowers impacted by Covid. Loan servicers can offer this option immediately to help homeowners avoid foreclosure. In 90 days, it will be a requirement to offer the 40-year modification to help people lower their payments. (10)

That's it for today. Check the show notes for links. And please remember to hit the subscribe button, and leave a review!

Thanks for listening. I'm Kathy Fettke...

Show Notes link: https://www.newsforinvestors.com

Join link: https://join.realwealth.com/?utm_content=Real%20Estate%20News%20Podcast&utm_campaign=Join%20for%20Free&utm_term=Description%20Text%20Link

Subscribe link: https://podcasts.apple.com/us/podcast/real-estate-news-real-estate-investing-podcast/id1079952715

Links:

1 - https://www.cnbc.com/2022/04/21/powell-says-taming-inflation-absolutely-essential-and-50-basis-point-hike-on-the-table-for-may.html

2 - https://magazine.realtor/daily-news/2022/04/21/fannie-mae-predicts-moderate-recession

3 - https://www.marketwatch.com/story/u-s-unemployment-claims-dip-to-184-000-and-stay-near-53-year-low-11650544616?mod=economy-politics

4 - https://www.marketwatch.com/story/new-home-construction-improves-despite-high-inflation-and-rising-mortgage-rates-11650372876?mod=economic-report

5 - https://www.marketwatch.com/story/home-builder-confidence-declines-in-the-face-of-rising-interest-rates-11650290417?mod=economy-politics

6 - https://www.marketwatch.com/story/existing-home-sales-fall-for-second-consecutive-month-amid-rising-mortgage-rates-2022-04-20?mod=economy-politics

7 - https://www.freddiemac.com/pmms

8 - https://www.prnewswire.com/news-releases/kiavi-real-estate-investor-survey-reveals-inflation-pains-renovation-gains-and-need-for-technology-301525483.html

9 - https://magazine.realtor/daily-news/2022/04/21/foreclosure-activity-at-new-high-since-the-pandemic-began

10 - https://www.housingwire.com/articles/fha-adds-40-year-loan-term-to-covid-19-arsenal/

Supreme Court Asked to Decide Fate of "Floor Plans" Apr 21, 2022

Show notes

The National Association of Realtors is hoping to bring a case before the Supreme Court on the use of "floor plans" for real estate deals. NAR and a coalition of real estate groups want the high court to overturn an appeals court ruling that claims the creation of a floor plan is a copyright violation, by anyone, including the homeowner who might want to post a floor plan online to help sell the home. (1)

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

The lawsuit was filed last year by Missouri-based Designworks Homes, and the company's owner, Charles James. They claim that two real estate companies violated copyright laws by creating floor plans to help with the sale of homes that James had built. Designworks lost the first case, but the Eighth Circuit Court of Appeals overturned that ruling saying that copyright law also applied to floor plans.

Ruling Has Wide-Reaching Implications

The ruling has wide-reaching implications for all sorts of real-estate related purposes. In a brief to the U.S. Supreme Court by NAR and other real estate groups, they claim that Congress specifically allowed for pictorial representations of homes by their owners when it created the Copyright Act of 1976. They also argue that:

"Many home buyers rely on floor plans in real estate listings to decide whether to purchase a residence, and their ability to secure financing for that transaction is often contingent on an appraisal that requires the creation of a floor plan." The brief also describes other reasons a homeowner might need a floor plan, for things like renovations, installations, and the arranging of furniture. They are also useful for mortgages, tax assessments, property valuations and insurance coverage.

Real Estate Coalition Appeal to Supreme Court

The brief was submitted by NAR and a coalition of 18 other groups including Redfin, Zillow, the American Property Owners Alliance, and CoreLogic. They said in the brief that most Americans would be "startled" to hear they can't make a floor plan of their own home without violating copyright law. They say the ruling severely limits property rights and creates a scenario that invites frivolous lawsuits.

It would also be a big disappointment to buyers and sellers. In NAR's recent 2021 Generational Trends Report, floor plans were third on the list of important website features for online homebuyers. Photos and listing details are the only two features listed higher than floor plans. (2)

Floor Plan Popularity Among Buyers & Sellers

The American Property Owners Alliance also cited its own research on the topic. In a survey conducted last month, it found that almost 90% of the respondents strongly agreed with the idea that homeowners should be able to create a floor plan of their home anytime they want.

The case will go before the Supreme Court if four of the nine justices vote in favor of hearing the case and that won't happen until later this year. In the meantime, is it an issue to create and post floor plans right now? NAR's General Counsel Katie Johnson acknowledges the risk in the brief: She says: "Homeowners should be able to create and use floor plans without fear of litigation throughout the ownership and sale of their homes."

If you'd like to read more on this topic, you'll find links in the show notes at newsforinvestors.com.

Also, please remember to hit the subscribe button, and leave a review!

Thanks for listening. I'm Kathy Fettke.

Links:

1 -https://www.nar.realtor/newsroom/nar-asks-supreme-court-to-protect-consumers-from-lawsuits-when-making-floor-plans-of-their-homes

2 -https://www.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf

3 -https://propertyownersalliance.org/article/american-property-owners-alliance-supports-appeal-of-ruling-on-homeowners-use-of-floor-plans/

The Real Estate News Brief: Inflation Hits 40-Year-High, Double-Digit Rent Growth, Rising Cost for New Homes Apr 21, 2022

Show notes

In this Real Estate News Brief for the week ending April 16th, 2022... the latest surge in consumer prices, where rents are growing the fastest, and the high cost of building new homes.

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

Economic News

We begin with economic news from this past week, and another alarming report on inflation. The consumer price index jumped 1.2% last month to a 40-year high of 8.5%. The increase was mostly driven by higher prices for gas, food, and housing. If you eliminate gas and food you get a core rate of 6.5%. Some economists believe that inflation will ease up soon, when the price of oil stabilizes and some of the supply chain issues clear up. But other economists worry that we might continue to see prices going higher. (1)

Wholesale prices are also surging. The producer price index was up 1.4% in March to an annual rate of 11.2%. That's the highest it's been in almost 40 years and likely a sign of continued inflation. Economist Kurt Rankin of PNC Financial Services says: "Producer prices are an early warning sign of what households can expect in terms of consumer price inflation." (2)

There was a slight rise in new jobless claims, but that's off a 54-year low just last week. The Labor Department reported an 18,000 increase in applications, to a total of 185,000. Meanwhile, the number of continuing claims went down 48,000 to a total of 1.48 million. (3)

Mortgage Rates

Mortgage rates hit the 5% mark for the first time in more than 10 years. Freddie Mac says the average 30-year fixed-rate mortgage was up 28 basis points to exactly 5%. The 15-year was up 26 points to 4.17%. High home prices combined with higher mortgage rates are making it a lot harder for many Americans to become homeowners. (4)

In other news making headlines…

Rents Hit Double-Digits in Many Areas

Rents are also moving higher in step with home prices. Many landlords are playing catch-up with rent levels after the pandemic. Realtor.com says that average rents are up almost 20% since 2020. The research covered March of 2020 to March of this year. (5)

Among the areas with the fastest rent growth are Miami; Riverside County, California; and Tampa, Florida. Orlando and Jacksonville are also both in the top 10 for rent growth.

Realtor.com economist Daniel Hale says that rents are creating affordability issues for some renters. She also says there are signs that rent growth is slowing down but it's hard to predict if the trend will continue. She says: "The jury is still out on whether rent growth will hit single digits by the end of 2022."

Property Taxes Heading Higher

Home values appear to be rising much faster than property tax, which suggests that tax assessors have some catching up to do. ATTOM Data Solutions says the average property tax on single-family homes rose 1.8% nationwide last year. That's the slowest pace of tax growth in five years. (6)

ATTOM's Rick Sharga says it's surprising that property taxes have gone up more because home values are up 16% for last year. That likely means that homeowners can expect to see higher tax bills as homes are reassessed.

Some areas have already increased property taxes. In Nashville, Tennessee, they went up an average of 27% last year. Milwaukee homeowners are paying about 18% more on property taxes. Baltimore and Grand Rapids, Michigan, are third and fourth for the highest recent tax increases. Surprisingly, tax rates actually went down in some areas including Houston, Dallas, and Austin, Texas.

Prices Keep Rising for Building Materials

The cost of building a new home keeps going up, although lumber prices just came down a little. The National Association of Home Builders says building material prices have gone up 20.4% year-over-year and 33% from the beginning of the pandemic. (7)

Additional costs have added 31% to the cost of a new home. Realtor.com reports the average sales price of a new home was $511,000 in February.

Insider attributes the drop in lumber prices to improvements in the supply chain and a softening of demand for lumber. It says lumber prices have fallen 39% from a March high and are now 52% lower than they were in May of last year. That's when they peaked at $1,733 per one thousand board feet.

That's it for today. Check the show notes for links. And please remember to hit the subscribe button, and leave a review!

Thanks for listening. I'm Kathy Fettke.

Links:

1 - https://www.marketwatch.com/story/coming-up-consumer-price-index-for-march-11649764935?mod=economy-politics

2 - https://www.marketwatch.com/story/wholesale-prices-surge-1-4-and-point-to-high-u-s-inflation-through-the-spring-11649853503?mod=economic-report

3 - https://www.marketwatch.com/story/jobless-claims-bounce-higher-after-hitting-54-year-low-in-prior-week-11649940054?mod=mw_latestnews

4 - https://www.freddiemac.com/pmms

5 - https://magazine.realtor/daily-news/2022/04/14/rent-jumps-by-nearly-20-in-2-years

6 - https://www.attomdata.com/news/market-trends/home-sales-prices/attom-2021-property-tax-analysis/

7 - https://magazine.realtor/daily-news/2022/04/14/building-materials-rise-but-lumber-prices-ease

New Climate-Friendly Cement Substitute? Apr 16, 2022

Show notes

Cement is to the construction industry like dirt is to a garden. It's essential for all kinds of buildings and infrastructure. But it's also a huge greenhouse gas contributor. With the current push toward more climate-friendly technologies, two researchers from Massachusetts claim they have created a cement-like material that is not just carbon neutral, but literally sucks carbon dioxide out of the atmosphere.

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

So what is this intriguing new material? It's called Enzymatic Construction Material or ECM. It was created at the Massachusetts-based Worcester Polytechnic Institute by researchers Suzanne Scarlata and Nima Rahbar.

Carbon-Negative Foodprint

In addition to its eco-friendly carbon-negative footprint, they say it will also use stored carbon to heal cracks. And it may also be a good material to patch aging concrete.

As reported by Construction Dive, the primary component of ECM is calcium carbonate crystals. You get that by combining carbonic anhydrase with CO2, which is an enzyme found in living cells. The mixture also includes sand, water, and a polymer binding agent.

The final product isn't as strong as concrete, but Scarlata and Rahbar say it could be used for smaller projects with a lower load demand. That might be the side of a house, for example.

What's a Megapascal?

ECM's strength is currently 12 MPa, or Megapascals, which is a unit of measure for the compressive strength of concrete. The higher the number, the more pressure can be applied to the concrete before it starts to break down. Typical Portland Concrete ranges from 20 to 40 MPa but some concrete is rated much higher for projects that require high strength and durability.

Scarlata told Construction Dive: "The technology's there, but needs tweaking and a little more development." They have patented their product and founded a start-up called Enzymatic Inc. to develop it. In addition to making it stronger, they also reportedly want to make it more resistant to humidity and water damage.

They plan on conducting more tests, and will be filing for grants to help fund their research. ECM currently costs about $168 per cubic yard to produce although Rahbar says the benefits it provides for the environment are much greater than concrete. Concrete is cheaper, dollar-wise, at $125 per cubic yard.

Other Eco-Friendly Concrete Alternatives

But this isn't the only eco-friendly product being developed to replace concrete some day in the future. According to media website, Anthropocene, which focuses on sustainability science and innovation, there are other products in development that are also carbon-negative.

One is called hempcrete, which is made of hemp fibers and a binding agent. Another is a material that's infused with bacteria that absorbs carbon dioxide. The ECM product has an enzyme that does that.

ECM vs. Concrete

Anthropocene says that twenty-seven cubic feet of ECM will store 8 kilograms of carbon dioxide while the same amount of concrete will "emit" more than 180 kilograms of carbon dioxide. In addition to being carbon negative, ECM can use the carbon it stores to heal cracks. It can also be produced without high temperatures and doesn't take a long time to cure, like concrete.

It'll take a huge effort to displace concrete, however. Concrete pretty much rules the construction world right now, with some 30 billion metric tons used per year. It also accounts for about 7% of the greenhouse gases produced worldwide.

Rahbar says their goal is to produce a building material with a lower carbon footprint. He says: "It's our contribution to climate change issues."

If you'd like to read more on this topic, you'll find links in the show notes at newsforinvestors.com.

Also, please remember to hit the subscribe button, and leave a review!

Thanks for listening. I'm Kathy Fettke.

Links:

1 - https://www.constructiondive.com/news/self-healing-concrete-ecm-enzymatic-substitute-sucks-carbon-out-air/620368/

2 - https://www.anthropocenemagazine.org/2022/03/new-building-material-soaks-carbon-and-heals-itself/

The Real Estate News Brief: Fed's Game Plan, Housing Affordability, Metros with More New Listenings Apr 14, 2022

Show notes

In this Real Estate News Brief for the week ending April 9th, 2022... the Fed's inflation fighting game plan, first quarter housing affordability, and the metros with more new listings.

Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.

Economic News

We begin with economic news from this past week, and the Fed's plan to rapidly shrink its $9 trillion balance sheet to help control inflation. According to the minutes of its March meeting, which were released last week, the Fed plans to reduce its bond portfolio by about $95 billion per month. (1) Fed policymakers haven't made a final decision yet, but they say the reduction plan could begin next month.

Federal Reserve Governor Lael Brainard said at a conference that she expects a series of rate hikes and a rapid winding down of the balance sheet to bring inflation to a "more neutral position." That includes bigger-than-usual rate hikes. Kansas City Fed President Esther George said in a Bloomberg TV interview that "50 basis points is going to be an option that we'll have to consider, along with other things." San Francisco Fed Bank President Mary Daly said during a meeting in Seattle that she doesn't expect the nation to fall into a recession. She said: "We could slow so it looks like we are teetering close to it, that's possible, but it will be a short-lived event I expect, and then we'll be back up." (2)

Jobless claims came in at 166,000 last week, which is the second lowest reading in U.S. history. The last time jobless claims were that low was back in 1968. The job market is strong, and that's one major buffer against the risk of recession. Wages are rising at a fast pace, although they are not keeping up with inflation. But jobs are plentiful, and workers are easily quitting one job for another. (3)

Mortgage Rates

Mortgage rates are also rising quickly. Last Thursday, Freddie Mac said the average 30-year fixed-rate mortgage was 4.72%. The 15-year was 3.91%. It's gone even higher since then making it harder for many Americans to afford a mortgage. (4)

In other news making headlines...

Homes Affordability Drops in Many Areas

Rising mortgage rates combined with higher home prices are knocking a lot of people out of the home buying market. ATTOM Data Solutions' first quarter Home Affordability Report shows that home price growth in the first quarter was faster than it's been for at least 15 years.

It shows that median-priced single-family homes in 79% of the counties analyzed were less affordable in the first quarter than in the historical past. The same report at the beginning of "last year" showed that 38% of the counties were less affordable. (5)

ATTOM's Rick Sharga says: "It's certainly no surprise that affordability is more challenging today for prospective homebuyers." He says: "As home prices continue to soar and interest rates approach five percent on a 30-year fixed rate loan, more consumers are going to struggle to find a property they can comfortably afford."

Inventory Increasing for Spring Season

There has been an increase in listings for the spring buying season, with more on the way. Realtor.com says that new listings were up 8% last week, and a new survey shows that 64% of the people in the survey plan to sell their homes in the coming months. (6)

That's already starting to bring prices down. According to Redfin, 12% of the homes for sale had a price drop during the month of March, although Redfin's chief economist Daryl Fairweather says that "price drops are still rare" but they do show "there's a limit to a sellers' power." He says: "Sellers can no longer overprice their homes and expect buyers to clamor at their door." Redfin says the average home has been selling 2.1% above its asking price. (7)

Cities with the Most New Listings

Realtor.com did some research as to which metros are seeing the most new listings. At the top of the list is Panama City, Florida. Daphne, Alabama is second on the list followed by Myrtle Beach, South Carolina; Jacksonville, North Carolina; Iowa City, Iowa, and Macon, Georgia. Rounding out the top ten are East Stroudsburg, Pennsylvania; Greeley, Colorado; Boise, Idaho, and Atlantic City, New Jersey. It sounds like there's a little something in there for everyone.

That's it for today. Check the show notes for links. And please remember to hit the subscribe button, and leave a review!

Thanks for listening. I'm Kathy Fettke.

Links:

1 -https://www.marketwatch.com/story/balance-sheet-to-shrink-by-95-billion-per-month-as-many-on-fed-see-50-basis-point-hikes-coming-minutes-show-2022-04-06?mod=mw_latestnews

2 -https://www.reuters.com/business/feds-brainard-sees-methodical-rate-hikes-rapid-balance-sheet-shrinkage-2022-04-05/

3 -https://www.marketwatch.com/story/u-s-jobless-claims-drop-to-54-year-low-of-166-000-11649335442?mod=u.s.-economic-calendar

4 -https://www.freddiemac.com/pmms

5 -https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q1-2022-u-s-home-affordability-report/

6 -https://magazine.realtor/daily-news/2022/04/07/housing-inventory-turnaround-possible

7 -https://magazine.realtor/daily-news/2022/04/08/there-may-be-a-limit-to-sellers-power

8 -https://www.realtor.com/news/trends/where-were-seeing-the-most-new-listings/