Unsold Housing Inventory is Rising

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“The best teachers are those who show you where to look, but don't tell you what to see.”

-Alexandra K. Trenfor

Unsold Inventory is Rising Across the Country link

• The national housing market is seeing an increase in unsold inventory, with a significant rise in available homes compared to previous months. This uptick indicates a potential cooling in the housing market.

• Higher mortgage rates and economic uncertainties are contributing to slower buyer activity, leading to more homes staying on the market longer. Sellers may need to adjust pricing expectations in response.

• Regions like the Midwest and South are experiencing particularly notable increases in unsold homes. These areas show inventory growth of over 10% month-over-month.

Top 10 Zombified ZIPS in Q2 2024 link

• The list identifies areas with the highest percentages of vacant properties facing foreclosure. These 'zombie' properties can negatively impact neighborhood values.

• 1.3 million U.S. homes are vacant, representing 1.3% of all residential properties. The zombie foreclosure rate has decreased by 5.4% from the previous quarter.

• States with significant declines in zombie properties include Ohio (down 22%), Maryland (17%), and South Carolina (14%). This trend reflects a nationwide reduction in zombie foreclosures.

• The top 10 zombified zip codes include 61605 Peoria, IL (69.8%), 66604 Topeka, KS (50%), and 61603 Peoria, IL (47.8%). These areas have the highest zombie foreclosure rates in Q2 2024.

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Florida Nursing Homes Shut as Insurance Costs Soar link

• Insurance premiums for Florida nursing homes have increased by 27% annually for the past two years. This sharp rise is part of a broader 125% increase in property insurance costs over five years, nearly five times the national growth rate.

• The aging Baby Boomer population is driving demand for senior care facilities in Florida, exacerbating the impact of rising insurance costs. Combined with labor shortages, increasing wages, and rising supply costs, these financial pressures are forcing many nursing homes to shut down.

Data Center Growth Has Economic Ripple Effects link

• Data center-related jobs have surged by 20% from 2.9 million to 3.5 million between 2017 and 2021, greatly outpacing the overall U.S. employment growth of 2%. Each direct job in this industry supports 7.4 additional jobs in the economy.

• Local and state tax revenues are significantly boosted by data centers due to the heavy investments in computer hardware and software, alongside their maintenance needs. States like Virginia, Nebraska, and Ohio are prime examples, showing notable increases in sales and property tax incomes.

• In Virginia, particularly Northern Virginia, data centers have been a critical driver of local economic stability and growth. The substantial tax incentives provided by the state have catalyzed this sector's expansion.

2024 US Hotel Investor Intentions Survey 

Multifamily Absorption Rates Fall to Decade Low as Completions Remain Elevated 

Single-Family Rents Post First Annual Decrease in 14 Years 

Top 10 Opportunity Zones with the Highest Median Home Price in Q1 2024 

Ranked: Top 10 Deadliest Animals for Humans

That's all, folks.

Cheers,

Vidit

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