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America’s Happiest States in 2024

and 12 more real estate insights

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Latest Rates

Loan Type

Rate

Daily Change

Wkly Change

Monthly Change

Yearly Change

52-Wk Low/High

30 Yr. Fixed

7.04%

-0.10%

+0.09%

-0.01%

+0.40%

6.11/7.52

15 Yr. Fixed

6.43%

-0.02%

+0.20%

+0.02%

+0.38%

5.54/6.91

30 Yr. FHA

6.42%

-0.08%

+0.10%

-0.02%

+0.32%

5.65/7.00

30 Yr. Jumbo

7.28%

-0.02%

+0.12%

+0.06%

+0.27%

6.37/7.68

7/6 SOFR ARM

6.98%

-0.05%

+0.15%

-0.07%

+0.81%

5.95/7.55

30 Yr. VA

6.43%

-0.09%

+0.10%

-0.02%

+0.32%

5.66/7.03

Real Estate Trends

Household real estate value and equity second highest on record link

  • The total value of owner-occupied real estate in 2024Q3 was $48.2 trillion, down $0.2 trillion from its peak but still the second-highest on record. This value represents a $3 trillion increase year-over-year and is over double the real estate value from a decade ago.

  • Mortgage debt grew to $13.3 trillion in 2024Q3, increasing $104.9 billion from the previous quarter. Despite this, annual growth in mortgage debt slowed to 2.6%, significantly lower than the rapid increases seen between 2020 and 2023.

  • Homeowner equity remained strong at $35 trillion, making up 72.5% of real estate value, a near-record level. Even under severe price drop scenarios (10%-20%), equity would remain robust, highlighting the resilience of current homeowners' financial positions.

CBRE forecasts economic growth in 2025 along with risk of higher-for-longer rates link

  • The U.S. economy is expected to see above-average growth in 2025, fueled by strong consumer spending. Inflation could remain persistent, potentially keeping interest rates elevated for an extended period.

  • Multifamily sector rents are set to rise despite significant new supply, while office market vacancies are predicted to stabilize. Commercial real estate investment volumes are projected to modestly increase as retail and industrial sectors adjust to higher U.S. tariffs.

  • Risks to this optimistic forecast include bond market volatility driven by the U.S. fiscal deficit and economic challenges in China. These factors could temper growth if they escalate.

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Something I found Interesting

Zillow, Fannie Mae diverge on 2025 housing market predictions link

  • Zillow forecasts mortgage rates will decline gradually, driving home sales to rise from 4.06 million in 2024 to 4.16 million in 2025. Home values are expected to increase by 2.2% in 2025.

  • Fannie Mae predicts mortgage rates will remain above 6%, with affordability and supply constraints keeping sales near historic lows. They expect modest economic stability and slower home price growth.

  • New-home sales are expected to remain a bright spot, especially in regions where building is easier. Multifamily housing will likely stay stagnant amid ongoing market uncertainties.

Older Americans are moving to Myrtle Beach faster than anywhere else link

  • Myrtle Beach saw a 23% increase in its 65-and-older population from 2020 to 2023, making it the fastest-growing area for retirees in the U.S. Its location halfway between New York City and Miami, coupled with a mild climate, appeals to those seeking coastal living without going too far south.

  • The area offers diverse housing options, from oceanfront condos and luxury homes to inland properties with privacy. Planned communities like Grande Dunes and Kingston Resorts cater to retirees and second-home buyers with resort-style amenities.

  • Challenges include rising home insurance costs due to hurricanes and extreme weather risks. However, proximity to top-notch healthcare facilities, including the Medical University of South Carolina, adds to its appeal for older residents.

Location Specific

Corporate investors own 25% of single-family market in Atlanta link

  • In 2022, corporate investors owned 25% of Atlanta's single-family market, equating to 71,832 homes, with seven major firms controlling 51,252 properties. Four counties, led by Henry County, had the highest concentration of investor-owned homes.

  • Three companies—Invitation Homes, Premium Partners, and Amherst Holdings—own 11% of rental single-family homes in metro Atlanta, totaling 19,000 properties. These firms operate behind over 190 LLCs registered across 10 states and one territory.

  • Investor purchases nationally accounted for 16% of homes sold in Q3 2024, totaling $38.8 billion. Las Vegas, Seattle, and San Jose saw notable increases in investor activity, while Fort Lauderdale, Newark, and Miami experienced declines.

Tampa's multifamily market sees highest vacancy in 15 years link

  • Tampa’s vacancy rate rose above 10% for the first time in 15 years, driven by a record supply of 7,400 new units in the second quarter. Pasco County had the highest vacancy at 20%, with 4,600 deliveries and only 1,900 units absorbed.

  • Despite high vacancies, demand grew significantly with 3,700 units absorbed, marking a 25% increase from early 2023 and a 200% jump from late 2023. However, the new supply outpaced absorption, intensifying market strain.

  • Asking rents fell 1.3% year-over-year, and further pressure is expected as 11,000 more units are projected for completion. Rent growth is not expected to recover until 2025 and even then at half the decade-average rate of 5%.

One Chart

Mapped: America’s Happiest States in 2024

  • Hawaii ranks as the happiest state with a score of 68.71, excelling in life expectancy, life satisfaction, and leisure time. 72% of residents report being productive and active daily.

  • Maryland follows in second place, boasting a high percentage of residents earning over $75,000 annually and an unemployment rate of 2.9%. Columbia is recognized as one of the happiest cities in the U.S.

  • Louisiana ranks as the least happy state, placing last in safety, 48th in divorce rates, and 45th in hours worked. These factors collectively contribute to low overall life satisfaction.

Pro Member Only Content Below

Most of the insights below stem from extra research and include content from paid sources and special reports.

Commercial real estate optimism is rising

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Mom-and-pop investors are quietly shaping the housing market

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House price appreciation by state

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The surprising implication for home prices in counties that flipped their vote to Donald Trump

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Apartment markets with the highest share of mid-rise assets

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List of Proptech Startups That Just Got Funded

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Off Topic

Fertility Rates Are Falling Around The World

Image

  • America’s fertility rate has been below replacement level since 2007, and South Korea now holds the world’s lowest rate at 0.72. China’s fertility rate has fallen to less than one-seventh of its 1963 peak.

  • Improved education, access to contraceptives, and rising female workforce participation contribute to declining birth rates. Social, financial, and political factors also play significant roles in people choosing not to have children.

  • Despite government efforts worldwide to boost fertility rates, the trend remains largely unchanged, with Africa being the only exception as its population is expected to double by 2050.

Unreal Real Estate

This is something else!

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Vidit

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