• Zero Flux
  • Posts
  • Unsold Housing Inventory is Rising

Unsold Housing Inventory is Rising

Top 10 Zombified ZIPS in Q2 2024 and 6 more Real Estate Insights

Hey, If you have not received an email in a while, as a reminder you signed up on Zero Flux - A daily newsletter with 5-10 actionable real estate trends.

Unsubscribe below if you would like to stop receiving future emails

A Quote

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

-Alexandra K. Trenfor

Latest Rates

Loan Type

Rate

Daily Change

Wkly Change

52-Wk Low/High

30 Yr. Fixed

7.17%

-0.12%

+0.01%

6.61/8.03

15 Yr. Fixed

6.70%

-0.06%

+0.00%

5.95/7.35

30 Yr. FHA

6.75%

-0.07%

+0.05%

6.00/7.44

30 Yr. Jumbo

7.45%

-0.07%

+0.04%

6.63/8.09

7/6 SOFR ARM

7.33%

-0.05%

+0.05%

6.11/7.55

30 Yr. VA

6.77%

-0.07%

+0.05%

6.02/7.46

Real Estate Trends

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.

Get 3 Months of Premium For Free

Top 10 Zombified ZIPS in Q2 2024 link

Image

  • 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.

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.

Please note: I send an email most weekdays at 6:00 ET, so if you don’t see the email in your inbox in the future, please check your spam.

Something I found Interesting

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.

Pro Member Only Content Below

2024 US Hotel Investor Intentions Survey 

(This content is restricted to Pro Members only. Upgrade)

Multifamily Absorption Rates Fall to Decade Low as Completions Remain Elevated 

(This content is restricted to Pro Members only. Upgrade)

Single-Family Rents Post First Annual Decrease in 14 Years 

(This content is restricted to Pro Members only. Upgrade)

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

(This content is restricted to Pro Members only. Upgrade)

Off Topic

Ranked: Top 10 Deadliest Animals for Humans

Image

It would mean a lot if you could reply and tell me which story you liked the most 🙏. It helps me pick the best trends, but your reply also helps with deliverability + ensures the email lands in your inbox. 🙂

That's all, folks.

Cheers,

Vidit

P.S - Read past newsletters here

Referral Milestones

Discount

Referrals Needed

3 MONTHS FREE on the Pro Plan

1

30% off FOREVER on the Pro Plan

5

50% off FOREVER on the Pro Plan

10

75% off FOREVER on the Pro Plan

15

100% off FOREVER on the Pro Plan

25

Want to sponsor the newsletter? Details here

If you are finding value, please consider helping the newsletter by becoming a paying subscriber

A subscription gets you:

✓ More issues per week

✓ Special reports on new housing studies

✓ Exclusive insights that are usually tucked behind paywalls (which I cover the costs for)

✓ Curated Top 10 lists

✓ The latest updates on prop-tech funding rounds

Join the conversation

or to participate.