Today's Real Estate Investing Pulse
Housing Prices Slip 2.4% as Buyers Return, Pending Sales Rise 4.3%
Median list prices dropped 2.4% year‑over‑year to $429,500, the steepest decline since 2017. Pending sales climbed 4.3% YoY, extending a six‑month growth streak. New listings rose sharply in the Northeast (+8.6%) and Midwest (+4.7%) while remaining flat in the South.
Also developing:
Borrower Hesitation in High-Cost Regions
Borrower hesitation in high‑cost metros is increasingly driven by soaring insurance premiums, rising property‑tax and HOA costs, and the complexity of covering high‑value personal assets. Lenders report longer decision cycles, higher pre‑qualification fallout, and more renegotiations as total cost‑of‑ownership calculations shift debt‑to‑income ratios. The jumbo segment feels the pinch most, with elevated replacement‑cost estimates and specialized coverage needs. Early integration of realistic hazard data and proactive borrower education are emerging as critical tools to stabilize pipelines beyond traditional rate‑focused messaging.
Rent Prices Plunge Nationwide, Boosting Tenants and Buyers
Rental market deflation is spreading across the U.S. Austin is down 22% from peak. Fort Myers is down 19% Denver is -13% Atlanta is -11% Nashville is -11% Dallas is -11% Landlords are doing big rent cuts across the Sun Belt and West. In some cases, they're...
Per‑unit Housing Costs Mislead without Unit Mix Context
This is an example of why I dislike "per unit" metrics in housing discourse & policy $827K/per unit sounds really really bad ... and it's not GOOD BUT ... when you take unit mix, and size, into account it gets a little...
Apollo To Invest $1B In 500 Realty Income Single-Tenant Properties
Apollo Global Management is investing $1 billion for a 49% stake in a new joint venture with Realty Income Corp. to acquire roughly 500 single‑tenant retail properties under long‑term net leases. Realty Income will continue to manage the portfolio, with the...
Home Flippers Face Great Recession‑era Returns as Costs Catch Up
Home flippers ended 2025 with sharply reduced returns as acquisition costs and high resale prices pushed gross ROI to 25.5%, the weakest level since the 2008 crisis. The sector’s share of total home sales fell to 7.4%, the lowest volume...
BrightSpire Sells LIC Office Building to Pearl Realty at $36M Discount
BrightSpire Capital sold the seven‑story Paragon Building in Long Island City for $28 million, a $36.3 million discount from its 2023 purchase price of $64.3 million. The sale represents a roughly 56 percent loss, reflecting broader devaluation in New York’s office market. Pearl Realty...
Trade Alert by Scott Kennedy 3/20/2026
Scott Kennedy released a series of Trade Alerts between March 16 and March 19, 2026, culminating in a detailed mREIT sector comparison. The Part 1 article examines Rithm Capital’s book value, sector valuation, and dividend yield against 17 peer mREITs following...
Mortgage Rates Jump Above 6.5%, More Hikes Ahead
A 6.50%+ 30-year fixed mortgage rate is coming today. Crazy we had sub-6% rates less than a month ago. It's going to get worse before it gets better.
ARMs Offer $150 Monthly Savings, Biggest Discount Since 2022
"The typical homebuyer would save $150 per month taking out an adjustable-rate mortgage instead of a 30-year fixed rate mortgage. That’s a 5.8% discount, the biggest ARM users have had since June 2022 in both dollar and percentage terms." -Redfin
Land & Buildings Boosts Midwest REIT Stake with $20 M Share Purchase
Land & Buildings Investment Management, LLC bought an additional 229,146 Centerspace shares, increasing its exposure by $19.97 million and lifting the fund’s stake to 9.19% of its 13F assets. The move underscores a strategic tilt toward stable, Midwest‑focused multifamily assets amid...
February Home Sales Slowest Since 2016, 66-Day Average
"U.S. homebuyers are taking their time as we head into spring, which is usually the busy season for the housing market. The typical home that went under contract in February spent 66 days on the market. That’s the slowest February...
Spring Housing Outlook Crumbles as Rates Surge Above 6%
In less than a month, hope for a decent spring selling season has all but vanished in housing as oil spikes, rates jump, and inflation expectations reset higher. Can’t even get an adjustable-rate mortgage below 6% anymore. https://t.co/YOV544jjTl
Garry Marr: Why It Could Be the Right Time to Walk Away From Your Real Estate
Canadian homeowners and condo investors are increasingly facing underwater properties as market values retreat. Insolvency filings tied to real estate rose to eight percent of all bankruptcies in 2025, up from five percent a year earlier. Experts warn that while...
Spring Housing Surge Meets Rising Mortgage Rates
The spring #housing market is on, but mortgage rates just shot higher. Here's what to know. https://t.co/RH3r7ufpUH @realtordotcom @cotality @mortgagenewsmnd @jonathanmiller #realestate #realestateinvesting @SelmaHepp
Most Major Metro Home Prices Cooling; New Orleans Defies Trend
47 of the nation's 50 largest metro area housing markets have a weaker year-over-year home price shift this early spring than a year ago The biggest exception is New Orleans—which is firming up after passing through a 'material' correction Analysis via @ResidentialClub...
VNQI Beats REET on Yield, Offers Broader Global Reach, Analysts Say
Analysts at The Motley Fool compared Vanguard's VNQI and iShares' REET, finding VNQI provides a higher dividend yield and exposure to more than 30 countries, while REET is 70% U.S.-focused and has a marginally higher expense ratio. The contrast highlights...
Rising Transport and Petroleum Costs Squeeze Homebuilder Margins
Falling construction costs were a rare positive for homebuilders in 2025. That’s quickly shifting as transport costs jump, as will build costs since many construction products are petroleum based. Hard for homebuilders to push new cost increases through, so more...
Slower Inventory, Strong Demand Thanks to Low Mortgage Spreads
Inventory growth has been much slower this year vs last; the housing demand curve has been positive this year because rates are still lower YoY. If mortgage spreads didn't improve rates would have already been above 7% already https://t.co/J8onCbn0WP
Builders Invested over £3bn in Single-Family Housing in 2025, Savills Reports
UK housebuilders poured £3.17 bn into single‑family housing (SFH) rentals in 2025, a jump from £544 m in 2022 and representing 59 % of all build‑to‑rent (BTR) capital last year. The share of BTR investment in SFH has risen dramatically from 6 % in...
385. Market Shocks: Oil Prices Reframe the Macro, Six Years Post-COVID, Self-Storage Consolidation, & Office Green Shoots
In this episode, the Trepp Wire team analyzes how a sudden energy shock—driven by the Iran‑Saudi conflict—has pushed oil above $100, reigniting inflation and reshaping CRE financing amid a still‑steady Fed rate hold. They revisit the March 2020 COVID disruption,...
Tight Supply and Rising Costs Shape Start of 2026 Property Market
January 2026 showed a mixed property market. New buyer registrations steadied at 74 per branch, while 29 % of adults reported difficulty covering rent or mortgage payments. In lettings, each available home attracted an average of seven applicants, even as fully managed...
Lettings Market Shows Resilience Amid Post-Budget Tax and Legislative Changes
The UK lettings market has shown unexpected stability after the Autumn Budget, defying forecasts of a mass landlord exit. LRG’s Winter 2025/26 Lettings Report finds 51% of landlords intend to maintain or grow their portfolios, with tenant affordability driving 46%...
New Home Prices Fall, Inventory Peaks Since 2009
Prices of New Single-Family Homes Drop Further, Inventory of Completed New Homes for Sale Highest since 2009. Hoping for lower mortgage rates that may not come https://t.co/xfMYbwdtVK https://t.co/ImauhfwDWA
Basel Reproposal's Impact on Non-Bank Mortgage Lenders
The Federal Reserve’s Basel III reproposal softens capital requirements for mortgage‑backed assets, notably easing the Tier 1 cap on mortgage servicing rights (MSRs) while keeping a 250% risk weight. It introduces LTV‑based risk‑weight tiers, dropping to 25% for loans under 50% LTV,...
Lawler: Some Observations on the February Existing Home Sales Release
The National Association of Realtors moved its existing‑home‑sales release about ten days earlier, a change that Tom Lawler says will likely generate larger-than‑usual revisions. January’s non‑seasonally adjusted sales were revised up by 5,000 units, pushing the SAAR to 4.02 million from...
Builder Surplus Signals Coming Resale Slowdown, Owners Cling
One of the more interesting things in the housing market right now is the divergence between Builders and existing owners. Builders are now near 9 months of supply (heavy correction / near crash level) But existing owners are at only 4...
30
I'd say a 6.50% 30-year fixed seems like a foregone conclusion at this point. When not if... That'd be the first time rates were that high since last summer. Pretty sure the housing market can't handle a return to 7%, not...
US New Home Sales Collapse
U.S. new‑home sales plunged in February, posting a 9.5% month‑over‑month decline—the steepest drop since 2013. The slowdown coincided with mortgage rates hovering above 7%, weakening buyer affordability. Builder confidence fell to its lowest level since 2020, and unsold inventory rose...
ADU Preemption Law Drives 100,000 New Homes.
California's ADU preemption law—of the sort Michigan is considering this year—has directly led to the construction of over 100,000 housing units that would have been illegal prior to 2017. https://t.co/dtgk8BfnNT
U.S. Home Prices Edge Up Slightly, Still 43% Above 2020
U.S. home prices, as measured by the Zillow Home Value Index, rose +0.1% month-over-month between January 2026 and February 2026. Year-over-year: +0.4% Since the 2022 peak: +1.6% Since March 2020: +43.2% Table via @ResidentialClub https://t.co/LC4jle3nVp
Greater Miami Area Housing Market Posts Solid Gains in February
Miami‑Dade’s residential market posted solid February gains, with total closed sales climbing 9.6% year‑over‑year. Single‑family transactions rose 4.3% to 733 units, while condo sales surged 14.7% to 845 units. Median single‑family prices hit $685,000, up 4.6% from last year, and...
Sacramento Home Prices Down About 2% Year‑over‑year.
Let's look to multiple price metrics to try to understand the market. Here are various sources I watch every month. I think we can generally say prices are down about 2% from one year ago in the Sacramento region. Look...
January Home Sales Slip; Watch Under‑Construction Trend
New home sales and prices stumble in January. But my eyes are on that Under Construction line... https://t.co/ba6EOBkX36
Supply Pullback Stabilizes Orange County Multifamily Market
Orange County’s multifamily market entered 2026 with moderated activity as developers sharply reduced new deliveries. Vacancy held steady at 3.8% while average asking rents slipped $9 but still rose 1.7% year‑over‑year. Fourth‑quarter 2025 saw a 26% drop in unit deliveries...
Assuming 100% Development Underestimates Needed Zoning by 5x
This assumes that the probability of development of zoned capacity is 100%. That's unrealistic. Let's math it out: DC needs 120,000 units by 2050. Assume a high p(dev) of 5% every 5 years. DC would need to zone for 622,100...
New Home Share Still High, Gradually Normalizing
New home share of total inventory remains historically elevated, but is moving back toward normal. https://t.co/fgRMXqrkuk
Mar. 19: Cap. Mkts Tech, U/W, LO Jobs; Broker, Correspondent, Subservicer Oversight Tools IMB Cost Still $11k per Loan; STRATMOR...
The FHFA announced it will drop certain homeowners‑insurance requirements, which should lower costs for lenders and borrowers. CrossCountry Mortgage disclosed an agreement to acquire Summit Funding, expanding its presence on the West Coast and underscoring ongoing consolidation in residential lending....
January New‑home Sales Plunge to Lowest Since 2022
Temporary Freeze or Deeper Chill? New home sales fell sharply in January to 587K (vs. 722K expected), marking the slowest pace since Oct 2022 and the steepest monthly drop since 2013. https://t.co/W9Fwrwtvjb
Real Estate Set to Benefit From Private Credit Exodus
Real estate could be the big winner in the private credit exodus https://t.co/DFzvuJjBGz #realestateinvesting @JLL @blackstone @CoStarGroup
Hotel Valuations Stall Across Europe, Impacted by War, Instability and US Leadership
Hotel consultancy HVS reported that Europe’s hotel valuation index barely rose, expanding just 0.2% in 2025 despite robust travel demand. The continent logged three billion overnight stays, a 2.4% increase, driven largely by leisure tourists. Growth was uneven: Copenhagen posted...
Rental Returns Rarely Beat Market After Hassle Costs
Even if your rental properties do outperform the market (unlikely), when you include the "return on hassle", it's not even close. The cost of your time, dealing with tenants, etc., is far higher than a few percentage points a year.
Promise of AI-Driven Efficiencies Draws Investors to Hotels, C&W Reports
European hotel investors remain bullish for 2026, driven by AI‑enabled cost efficiencies, according to Cushman & Wakefield. 58% plan to allocate more capital than in 2025, and 54% intend to be net buyers, while only 7% expect to sell. AI is...
Melbourne’s Manhattanisation Won’t Deliver Affordable Homes
The Albanese government aims to deliver 1.2 million new homes by 2031, focusing on high‑rise towers in Melbourne. The Victorian Allan administration has lifted height limits in 25 suburbs, permitting up to 20‑storey buildings to be planned within weeks. Critics argue...
Canadian Net REIT Issues $184K in Units and Grants 157K Performance Units
Canadian Net Real Estate Investment Trust issued 30,038 units at $6.12 each, totaling $183,832, and granted 157,270 performance units to senior staff under its Equity Incentive Plan. The move ties compensation to performance targets and adds 115,527 deferred trust units...
Gantry Secures $12M Refinance for Portland Region Industrial Property
Commercial real‑estate financing firm Gantry has arranged a $12 million permanent loan to refinance debt on two industrial warehouses in Hillsboro, Oregon. The 10‑acre site comprises 192,000 rentable square feet, including a 152,000‑square‑foot single‑tenant building and a 40,000‑square‑foot multi‑tenant flex space....
Mortgage Rates Move Back Up Near Recent Highs
Mortgage rates rebounded Wednesday, climbing to the highest levels seen in several months after three rapid repricings. A stronger-than-expected Producer Price Index lifted inflation expectations, while a $6 jump in crude oil pushed bond yields higher. Fed Chair Jerome Powell’s...
Private Lending Demands Active Vetting, Not Pure Passivity
Private money lending isn’t 100% passive. There’s upfront work you need to do. Vetting borrowers will take a majority of your time and this part isn’t nor will ever be passive. The closest thing you get is if you have...
San Francisco's Pandemic‑Era Inventory Has Vanished Completely
Gave a quick talk for agents in San Francisco today. Would you be surprised to learn that all the pandemic-era inventory in the city is completely gone? We really are in the next era of the housing market https://t.co/JmnzqbgEMn
Charlotte, Raleigh Named No. 1 And No. 2 Retail Markets In U.S.
Marcus & Millichap’s 2026 Retail Investment Forecast ranks Charlotte and Raleigh as the top two U.S. retail markets. Charlotte posted a 3.5% vacancy rate, driven by big‑box and discount‑store leases, while Raleigh‑Durham held a 3.0% vacancy rate, buoyed by small‑shop...
Housing Market Shows Fragile Early Green Shoots
Spoke with @SchwabNetwork about the outlook for the housing market. Some fragile green shoots are beginning to emerge. https://t.co/AnXqQAj4mN