America’s rattiest cities

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Weekly housing trends —data for week ending Nov. 9, 2024 link

• The median listing price dropped by 0.2% year-over-year, marking the 24th consecutive week with stable or slightly lower prices compared to 2023. However, the median price per square foot still rose by 1.7% this week, suggesting that smaller homes are leading current market activity.

• New home listings increased by 1.7% over the previous year, even as higher mortgage rates deter many potential sellers. Roughly 84% of mortgage holders have loans at 6% or below, creating reluctance to sell and contributing to a limited increase in new inventory.

• Active listings are up 26.1% from last year but growing at a slower pace for the seventh week straight. Despite slower market activity, inventory remains elevated, giving prospective buyers more options than in previous years.

Republicans take control of the House, paving the way for Trump’s plans on housing link

• With Republican control of both the House and Senate, Trump can advance his housing agenda without significant Democratic opposition. This includes plans to slash home construction costs and mortgage rates, potentially to under 3%.

• Trump’s proposed policies include cutting regulations and using federal land to increase housing supply. He aims to reduce new home prices by 50%, addressing the current affordability crisis.

• Industry experts warn that deporting undocumented immigrants, who represent 15% of the construction workforce, could raise labor costs. Higher tariffs on imported materials, used in nearly 10% of housing projects, could further drive up new home prices.

REITs Poised for Growth link

• Public REITs are trading at an average discount of 5% to net asset value (NAV), but sectors like healthcare and self-storage are seeing premiums of 20% and 15%, respectively. Office REITs have the largest discount at nearly 20%, which impacts overall REIT market valuations.

• As REITs gain access to equity and leverage-neutral debt, they’re positioned for acquisitions; however, debt-heavy REITs may use stock issuance to reduce liabilities rather than pursue buybacks. A looming debt wall puts pressure on over-leveraged office REITs, which face refinancing challenges with 23% of debt maturing in the next three years.

• The industrial REIT sector shows growth potential, down only 2%, compared to an 11% year-to-date increase in the broader REIT market. Low new development and healthy absorption are expected to drive REIT sector outperformance in the coming year.

Home prices are rising in 87% of metro areas link

• In Q3 2024, 87% of the 226 metropolitan areas analyzed experienced home price increases, a slight decrease from 89% in Q2. This indicates a modest slowdown in the rate of price growth across the U.S.

• Only 7% of metro areas saw double-digit home-price growth in Q3, down from 13% in the previous quarter. This suggests that while prices are still rising, the pace of growth is decelerating.

• The median home price increased by 3.1% year-over-year in Q3, while falling mortgage rates led to a 2.4% decrease in the typical mortgage payment. This combination has slightly improved affordability for potential homebuyers.

U.S. foreclosure activity increases in October 2024 link

• Nationwide, U.S. foreclosure filings in October reached 30,784, marking a 4% increase from the previous month but an 11% decrease from October 2023. Nevada, New Jersey, and Florida led with the highest foreclosure rates, with Nevada posting one foreclosure for every 2,741 housing units.

• California saw the highest foreclosure starts in October, totaling 2,915, followed closely by Texas (2,282) and Florida (2,227). Among major cities, New York topped foreclosure starts with 1,247, followed by Los Angeles and Chicago.

• Completed foreclosures, or REOs, rose 12% from the previous month, with California, Illinois, and Texas seeing the most completions. Chicago recorded the highest number of completed foreclosures in a major metro area, with 162 repossessions.

America’s rattiest cities – 2024 link

• Chicago ranks as the top "rattiest" city in the U.S. for the 10th consecutive year, followed by Los Angeles and New York. This list from Orkin is based on the number of new rodent treatment services in each city.

• Rodents create structural hazards by gnawing through walls and pipes, which can result in significant property damage. They often chew wiring, increasing fire risks, a major concern for property owners.

• The list highlights rising demand for rodent control services, reflecting urban challenges with pest management. Cities are implementing stronger pest control measures to address resident and business concerns around safety and cleanliness.

Warehousing Trends 

How Trump’s plan for mass deportations could affect home prices

Homebuilder Activity Trends

Where are property taxes rising the most?

Takeaways from the coveted Urban Land Institute’s 2025 Emerging Trends Report

Attom analysis on best day to buy a home this year

Charted: Cancer Survival Rates Over Time

On the market for the first time since it was built in 1959

Link to the listing

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Vidit

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