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Good morning wonderful professionals, I hope everyone is well. The recent US existing home data is out.

U.S. existing home sales fell to 4.06 million in 2024, the lowest level since 1995.

For context, the U.S. population was about 70 million smaller in 1995; 266 people million then and 335 people million now.

This marks the third consecutive year of declining home sales, a trend last seen during the 2006 housing market crash and the recessions...
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Good morning wonderful professionals, I hope everyone is well. The recent US existing home data is out. U.S. existing home sales fell to 4.06 million in 2024, the lowest level since 1995.For context, the U.S. population was about 70 million smaller in 1995; 266 people million then and 335 people million now. This marks the third consecutive year of declining home sales, a trend last seen during the 2006 housing market crash and the recessions of the 1980s and 1990s.Adding to concerns, first-time buyers made up just 24% of all purchases in 2024, the lowest share on record.At the same time, the median home price surged 6% to $404,400, setting a new all-time high.
Chelsea Kneeland Good info to have Duriel Taylor!
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Duriel Taylor Chelsea Kneeland thank you for the feedback.
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Jim Puccio shared 2 photos in the Jim Puccio album yesterday

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After 20+ years in this industry (shhh, don't tell anyone I'm not in my twenties), I'm always fascinated by how quickly market dynamics can shift.
Reading about the projected starts and rent growth for Multifamily in the NAA update on 2024's apartment market and the 2025 outlook reminded me that the devil is always in the details.

Despite projected national growth, markets like my hometown of Austin are experiencing significant rent declines (nearly...
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After 20+ years in this industry (shhh, don't tell anyone I'm not in my twenties), I'm always fascinated by how quickly market dynamics can shift. Reading about the projected starts and rent growth for Multifamily in the NAA update on 2024's apartment market and the 2025 outlook reminded me that the devil is always in the details.Despite projected national growth, markets like my hometown of Austin are experiencing significant rent declines (nearly 10%!), and demand remains incredibly strong. Year-to-date absorption is only second to the record-breaking 2021, proving once again that multifamily is about so much more than just units and national trends—it's about understanding complex economic ecosystems and the specific unique factors that impact each market. The resilience of this market never ceases to amaze me. What are you predicting for 2025? (Link to the full article in the comments)
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Guest Insider I'm having a hard time finding a conclusive number on housing supply for 2025 nationwide;
from NAHB (SF) i get 1.7MM new homes in 2025 & from of the data in MFI i see 500K MF units; is that right?
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Chelsea Kneeland From what I found, each forecast varies a bit, but this seems to be the most comprehensive forecast data for 2025 starts I've seen.
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I’m writing to you from the future (or at least many things seem that way while I’m in China). I’m not sure if any domestic suppliers are selling these yet but once there is critical mass jump in with both feet. From a building delivery management these are amazing. Multi family, hotels, commercial buildings they are used all over. Deliveries are dropped in the not that then deliver to the door. Great for restricted access spaces. Small... Show more

I’m writing to you from the future (or at least many things seem that way while I’m in China).  I’m not sure if any domestic suppliers are selling these yet but once there is critical mass jump in with both feet. From a building delivery management these are amazing. Multi family, hotels, commercial buildings they are used all over. Deliveries are dropped in the not that then deliver to the door. Great for restricted access spaces.  Small packages are staged up in central area then delivered once someone is home and calls for it.  What is just stupid cool is how fast food comes here.  15-20 minutes foods here or pretty much anything else you want.
Miles Scruggs Oh yes I've seen them in the resterant setting. Either bussing tables or delivering dishes. I haven't seen them for building delivery systems though here in the US.
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Brent Williams Mya, who says society has gotten more casual over the years... 😂
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Brent Williams Miles Scruggs yeah, we see them in restaurants delivering drinks - work pretty well from a diner perspective.
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Why do developers build luxury apartments? Because they are easy to underwrite. Just raise projected rents till the proforma works, build it, then toss it over to the opps team to take the bullet(s) in the back of the head. It takes years before the NOI catches up to the development proforma.
And then there’s the damned “re-positionists” that think fixing pot-holes in the parking lot, replacing a few rotten boards and patching leaky roofs...
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Why do developers build luxury apartments?  Because they are easy to underwrite. Just raise projected rents till the proforma works, build it, then toss it over to the opps team to take the bullet(s) in the back of the head. It takes years before the NOI catches up to the development proforma. And then there’s the damned “re-positionists” that think fixing pot-holes in the parking lot, replacing a few rotten boards and patching leaky roofs should increase NOI. That’s all for today’s rant…!!! https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.credaily.com%2Fnewsletters%2Fwhy-developers-keep-building-luxury-while-affordable-housing-lags%2F%3Ffbclid%3DIwZXh0bgNhZW0CMTEAAR19osU0xMdoJCISHsWTFzYKL_ixi6rZV3qTvzgVdUEGLC1n3FOCDPq6dn0_aem_PQDh78T4NZngt6PpCFNfRQ&h=AT3Yhk9fLsqirRMV9Omy7FzjdMZIwZQ7NoDILLesvi2eyAsZt4m2QjMXQRphwZplH8gTwTL2OaHBbuw_wdYtO1xvSL-vqkswzgqmjxgWCtjpzwEoeqBCVg8xGul32MA9vmVY&__tn__=%2CmH-R&c[0]=AT1fhC6fvkIgIL-Rpy1YCUxaraBfuwwzZYiSD8Azij_GHrcuHtP5FE2iW4MHsgnxYLM1IlPJXI-1JRZF4T2slNFtIzbDtzovtoeFkVP-y5bCn7O6BEfK8SxU5ypBJmkCf7aPyr57nfhOsqiacTDaPjqnPEFNsz3WDPnJZv5bKHAByw
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HUD has approved new underwriting parameters on multifamily projects, effectively lowering the minimum DSCR threshold and the raising the maximum LTV or LTC thresholds. These changes benefit refinance and acquisition projects via the 223(f) program, as well as new construction and substantial rehabilitation projects via the 221(d)(4) program, by increasing available loan proceeds in most situations.

Additionally, HUD has created a "Middle...
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HUD has approved new underwriting parameters on multifamily projects, effectively lowering the minimum DSCR threshold and the raising the maximum LTV or LTC thresholds. These changes benefit refinance and acquisition projects via the 223(f) program, as well as new construction and substantial rehabilitation projects via the 221(d)(4) program, by increasing available loan proceeds in most situations.Additionally, HUD has created a "Middle Income" underwriting category for the 221(d)(4) program. This category effectively broadens the more aggressive underwriting metrics designated for affordable projects to a larger swath of the market. Middle Income requires a minimum of 50% of a project's units be restricted to 120% AMI or less, with a recorded use restriction monitored by a public agency.
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Good morning wonderful Professionals, I hope EVERYONE is well.

The 10-year note yield is now up 100 basis points since the Fed’s cuts in September 2024.

To put in perspective, the Fed has CUT rates by 100 bps, rates in the market have RISEN by 100 bps.

So why are interest rates rising as the Fed cuts rates?

Short answer, the markets have realized that inflation is back on the rise.

3-month annualized core CPI is nearing 4% (for perspective you...
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Good morning wonderful Professionals, I hope EVERYONE is well. The 10-year note yield is now up 100 basis points since the Fed’s cuts in September 2024.To put in perspective, the Fed has CUT rates by 100 bps, rates in the market have RISEN by 100 bps.So why are interest rates rising as the Fed cuts rates?Short answer, the markets have realized that inflation is back on the rise.3-month annualized core CPI is nearing 4% (for perspective you want to be 2%
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Help! I need a new marketing company that’s not expensive that will help me with move in and prospect offers! See pics for examples!

Help! I need a new marketing company that’s not expensive that will help me with move in and prospect offers! See pics for examples!
Khara House If you're still looking, check out CASA Communications LLC: casacommunicationsllc.com/
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Ursula Gerson I use Can You Imagine. They do things like brochures as well as move in gifts.
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Apparently, based on my resume of 20 years in property management, this is a job match. 😂

Apparently, based on my resume of 20 years in property management, this is a job match. 😂
Guest Insider I’ve always said it was a transition that a PM could make!
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Kathy Vance Learned more from this career than some learn in earning their degree! 😂
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Gerry Hunt Perfect!! When we survive 20 years or more in our industry, we are VERY skilled Mental Heath Therapists!! 😅🤗
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www.facebook.com/RandyandMandyandFriends/videos/59…

https://www.facebook.com/RandyandMandyandFriends/videos/591000186698582/
Guest Insider Clever!!!
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Brent Williams What a neat way to repurpose the stool!
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I have an Active 55 property with two DIY rooms in the plans. There is no design concept other than built-ins from construction. Anyone have one they can share photos of. Any do's or don'ts when planning the space? Photos of one of the two spaces still under construction.

I have an Active 55 property with two DIY rooms in the plans.  There is no design concept other than built-ins from construction.  Anyone have one they can share photos of.  Any do's or don'ts when planning the space?  Photos of one of the two spaces still under construction.
Guest Insider I live in a very large 55+ community. The shared spaces that get used the most are 1. Card tables (Bridge and Poker are huge), 2. music spaces not sure if ya have space but a place to play hook up guitar, keyboard, electronic drum and sing 3. Crafts but remember we are not your parents 55+, we are the parents we grew up in 70s. We like rock, disco, we still party. So prepare yourself, we still get in trouble.
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Ryan Baldwin We have art’s and crafts rooms and game rooms
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Whitney Kincaid sewing machine, crickets, etc. you supply the larger equipment and residents can use it? That's so cool!
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Residents at a senior living complex said they've been stuck inside for four months due to a broken elevator. One tenant even goes to the lengths of having the fire department help her out every time she needs to leave the building.
abc13.com/post/broken-elevator-has-renters-stuck-i…

Residents at a senior living complex said they've been stuck inside for four months due to a broken elevator. One tenant even goes to the lengths of having the fire department help her out every time she needs to leave the building.https://abc13.com/post/broken-elevator-has-renters-stuck-inside-months-senior-living-complex-life-sterling-woods/15573471/?ex_cid=TA_KTRK_FB&utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook&fbclid=IwY2xjawG9egtleHRuA2FlbQIxMQABHVvxgm1nNR6g80pKwg5jtumIWy9sZaw4SWP8fKq_QpfOQtXPRYHth9mhLw_aem_fnH2mQi2zbIuNKCeF1ijBA
Megan Goodmundson I once had a small (36 unit) HUD senior/disabled bldg in my portfolio that was 3 stories with one elevator. It was in a Small rural town in northwest Minnesota. Elevator hydrolic jack went bad. Custom made part (customized to the exact measurement of the space). Elevator out of order for minimum of 3 months and that is only if every step went in perfect optimal conditions. We had the repair contract signed within 48 hours of the failure. We offered any resident to be put in a hotel if needed (no one did!) . We brought up mail. We hauled groceries up the stairs. The volunteer Fire dept helped lift people up and down the stairs when planned in advance for unavailable doctors appointments. Honestly it went great all things considering . I havent read this article to find out if the owner is being negligent or if its just a matter of circumstances.
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Megan Goodmundson Oh also we made little sitting/ visiting areas in the small open area outside the elevator on each floor so residents could have somewhere to sit and visit with others. We put folding chairs in the stairway landings in between each floor so if someone was going up or down and needed a place to rest a moment they could sit.
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Guest Insider Elevators are not only a pain for residents but for owners too. The costs are astronomical when they break. Months on end waiting on parts. Ridiculous.
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A day in the life of a LL... 9 year tenant lost 75% of here BS IHSS income 5 months ago, instead of finding a really job she has spent her time fighting to regain here hours after 2 appeals and countless efforts to help her find assistance we started the eviction process with her owing 2.5 months of rent... Today was lock out...
Although we have been paying for pest control for the last 9 years she still has roaches... I don't understand why people...
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A day in the life of a LL...  9 year tenant lost 75% of  here BS IHSS income 5 months ago, instead of finding a really job she has spent her time fighting to regain here hours after 2 appeals and countless efforts to help her find assistance we started the eviction process with her owing 2.5 months of rent... Today was lock out...  Although we have been paying for pest control for the last 9 years she still has roaches...  I don't understand why people enjoy living like this...  🤮
Gerry Hunt The cleanest residents can also have roaches. They don't discriminate! 😁
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Carletta Richardson-Cheeseboro There is a such thing as functional depression…. I pray she gets housing somewhere 😔
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David Troup Been through lots of trash outs that look like that or worse. I have and will never understand how people can live like that.
I have always wished that I could make a visit to the prospective resident's current home a part of the application process. Obviously anyone whose current apartment looked anything like that is going to be denied. I suppose it wouldn’t be legal and maybe not practical, but it sure would save us from some situations like this!
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