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Single-Family Production Shows Signs of Growth Nationwide
The latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the fourth quarter of 2023 reveal a turnaround in single-family growth rates, driven by larger urban metro markets.
According to the article, “The HBGI is a quarterly measurement of building conditions across the country and uses county-level information about single- and multifamily permits to gauge housing construction growth in various urban and rural geographies.”
Moderating mortgage rates and a shortage of existing inventory contribute to this upward trend. In coastal areas, new data indicates steady single-family home building but a decline in multifamily construction.
If you are looking to start a project, check out our 100% Premier Ground Up Construction Loan, with no LTC (Loan-to-Cost) cap and up to 70% as completed value (ACV), which is for builders of residential properties of 1-4 units and loans of $50,000 to $2 million, with terms from 8 to 18 months).
Affordable Housing Increasing Quickly as Spring Nears
Realtor.com’s February housing report shows a rise in housing inventory, particularly in the South, with a notable increase of 20.6% in homes priced between $200K and $350K. Overall, there were 14.8% more homes for sale compared to the previous year.
Included in the article is the following: “There are still plenty of holdouts waiting for lower mortgage rates, but the pickup in inventory suggests that one of the biggest roadblocks for home shoppers in recent years — a lack of homes for sale — is not going to be a big of a challenge this year,” said [Realtor.com’s chief economist, Danielle Hale].”
Foreclosure Activity in the U.S. Continues Annual Rise
In February 2024, ATTOM released its U.S. Foreclosure Market Report, revealing foreclosure filings for 32,938 properties; this activity includes default notices, scheduled auctions, and bank repossessions, and is a 1% decrease from the previous month but an 8% increase from the previous year. South Carolina, Delaware, and Florida reported the highest foreclosure rates during this period.
In the article, Rob Barber, CEO at ATTOM, says: “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.”
These trends may indicate shifts in homeowners’ financial situations, prompting adjustments in market strategies and lending practices.
Considering a foreclosure project? Our 100% Fix & Flip Premier loan offers an ideal financing solution for your endeavor.
This 4-bedroom, 2-bath end-unit home featured a convenient paved driveway. The basement, previously used as a hair salon, required conversion to a private space per township regulations. Richard undertook extensive renovations, including plumbing and wiring replacement, a nearly complete kitchen overhaul, and updates to cabinets, appliances, countertops, and flooring. Despite the challenges, his efforts resulted in a successful sale, fetching over $10,000 above the new appraisal value, yielding a profitable outcome—a testament to the rewards of hard work.
