Troy Muljat CCIM/CPM

US Rents were down 0.9% over the last year, the 29th consecutive month with a YoY decline. Renting a home is cheaper than paying a mortgage in all 50 of the largest metros in the US. Video: youtube.com/watch?v=iXdUaX…

Currently, 40% of homes do not have a mortgage. The Loan to Value data was running at 85% back in 2008; currently, it is at 46.6%.

Remember, we weren't the prices have to follow volume crowd and that prices are going to crash in 2022/2023/2024

US commercial property foreclosures hit $20.55 billion in the 2nd quarter, a 13% increase from Q1 and the highest total since 2015.

JUST IN: The US office vacancy rate hits a fresh record high of 19%, surpassing levels seen in both 2008 and 2020. In other words, roughly 1 out of every 5 offices in the US is currently vacant. ~$1.7 trillion of commercial real estate debt is projected to mature from 2024 to 2026. This means that ~30% of outstanding commercial real estate debt will need to be refinanced at much higher rates. All while 70% of these loans are held by small banks that remain under pressure from the regional bank crisis. CRE is beyond bear market territory.

How are home prices relative to what a typical person can afford? Our index for Whatcom County is now at 54.9, which is the lowest on record. the median home price is just under $600k and a typical household in Whatcom County can afford $330k.

BREAKING: The cost of buying a home in the US rises to $2,750/month, the second highest ever recorded, according to Reventure. Prior to the pandemic in 2022, the average home in the US would cost $1,400/month. In other words, it is now 100% MORE expensive to buy a home in 2024 compared to 2020. Even at the peak of the 2008 Financial Crisis, the average home payment peaked at $1,550/month. The average US family would need to spend 44% of their PRE-TAX income to buy a home today. What do new homebuyers do now?

Active housing inventory shift in America's 50 largest metro area housing markets That 5-year change column is the most important, IMO ResiClub PRO members just got my latest inventory analysis, plus data for +800 metros and +3,000 counties: resiclubanalytics.com/p/deciphering-…

If you watch the NEWS, you may think we're headed for Civil War and the world is in Bad Shape. That's Bullsh!t And, here's 10 Charts to Prove it: 1. Child Survival is Up

Well this is unusual. This is Jared Bernstein, the Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy, from the documentary: Finding the Money. He seems unable to communicate how the US monetary system works, despite being an advisor on it to the president.

The cost to buy a house in America in 2024 is over $2,750/month on average. That's the most expensive homebuyer cost of all-time. In comparison to other time periods: $2,754/mo - Today $1,418/mo - 2020 Pre-Pandemic $1,577/mo - 2006 Bubble $1,060/mo - Dotcom Bubble $922/mo - 18% Mtg Rates in 1981 This monthly cost is inclusive of mortgage, taxes, & insurance. Assumes 13% Downpayment.

If you are wondering about construction at Easton and 11th in Bellingham that just commenced, they are building a residential fourplex on the property.

The multifamily market has slowed in the northern counties. The number of sales this past quarter was down 50% from 2022. Prices were increasing year on year on year until 2022.

The high-interest-rate real estate market has taken its toll on appraisers as well, but mostly residential. In Washington State, the amount of credentialed appraisers is down 3%, but residential is down 4.7% since 2022. This is the lowest amount in at least 20 years. #appraisal

U.S. households own about $45 trillion in owner-occupied real estate, $13 trillion in debt, and the remaining $32 trillion in equity. The national "LTV" in Q4 2023 was 29%, up slightly from a recent low of 27.5%. In inflation-adjusted terms, homeowners have an average of $324k in equity, down modestly from last quarter but up from one year ago.

Foreclosures by quarter Q4 2008: 417,880 Q4 2009: 463,660 Q4 2019: 71,320 Q4 2021: 8,860 Q4 2022: 34,180 Q4 2023: 40,120 Below you can download my presentation: The U.S. housing market, as told by 48 charts resiclubanalytics.com/c/48-charts-ex…

As we conclude 2024, if the NAR data doesn't break over 1,500,000 active listings, this 5-year period will have the lowest active listings span in the recent history of America. 2-2.5 million the norm 4,000,000 in 2007 Today, a tad over 1,000,000

The rent control bill has died in the WA senate

There are more exciting ways to look at housing! I know 🙄 However, the market stabilized after the most significant and fastest crash in sales ever, which happened in 2022.

Current market expectations for path of the Fed Funds Rate... -Dec 13, 2023: Pause -Jan 31, 2024: Pause -Mar 20, 2024: Pause -May 1, 2024: 25 bps cut to 5.00-5.25% -Additional cuts to 3.80% by Nov 2025