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The median home price in almost half of all opportunity zones increased more than the national average between the fourth quarter 2018 and fourth quarter 2019, analytics firm ATTOM Data Solutions reported Feb. 20. Arizona, New Jersey, North Carolina, Ohio and Pennsylvania had the most zones with prices higher than the national average.
The demand for lab space, diagnostic centers and healthcare facilities is expected to significantly increase within the next few years, and could reach “transformative” levels, according to the “Life Sciences 2020: The Future is Here” report from real estate firm Cushman & Wakefield, MBA NewsLink reported Feb. 19.
While the lending environment for commercial real estate was virtually unchanged between the third and fourth quarters, it was up 4.2% from the same point a year ago, according to commercial real estate firm CBRE, MBA NewsLink reported Feb. 19. Favorable capital markets are expected to support strong lending activity throughout the year.
Total housing starts decreased 3.6% in January, with single-family starts down 5.9% from December and multifamily starts up 0.7% during the same period, the National Association of Home Builders reported Feb. 19. However, overall permits reached a 13-year high, with the Northeast seeing the greatest increase and the Midwest the biggest decrease.
Rents are steadily increasing, up 3% in January compared with the same point a year ago, although growth is at its slowest pace in 18 months, according to a report from online real estate marketplace RentCafe, HousingWire reported Feb. 19. The nation’s average monthly rent is $1,463; Manhattan had the highest average at $4,210.
Spokane, Washington, was named the most competitive housing market in the country, thanks to its inexpensive land and low building costs that helped boost new home sales by 37% during the fourth quarter compared to the same point a year ago, online real estate marketplace Redfin reported Feb. 14.
San Jose, California, is the toughest place to find a new home, with only four listings per 1,000 households, Realtor.com reported Feb. 18. Fort Myers, Florida, was the easiest place to find a home, with 37 listings per 1,000 households.
Foreclosure filings jumped 13% between December and January, and are up 7% from the same point a year ago, analytics firm ATTOM Data Solutions reported Feb. 19. California saw the greatest jump in foreclosures, increasing 27% year over year. Iowa had the greatest decrease in foreclosure filings, down 44%.
Mortgage delinquencies dropped more than 5% in January, with fewer than 2 million homeowners past due on their mortgages or in foreclosure — a record low, according to the First Look Monitor report from analytics firm Black Knight, MBA NewsLink reported Feb. 19. The 14% year-over-year drop was the biggest in more than 12 months.
Mortgage rates were mostly unchanged during the past week, remaining near historic lows and continuing to boost homebuying activity, Freddie Mac reported Feb. 20 in its Primary Mortgage Market Survey. Freddie noted that purchase applications have increased 15% from the same point a year ago.
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