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WORD OF THE DAY: Nobby

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[NAH-bee] Part of speech: Adjective Origin: Unknown, late 17th century Definition: Describing a person of wealth or high social position. Examples of Nobby in a sentence “When he wasn’t saving lives as Batman, Bruce Wayne lived a nobby lifestyle as a socialite.” “It doesn’t matter if the rental car is a nobby convertible or a family minivan — I’ll be happy either way.”   About Nobby The closest guess is that “nobby” developed by way of the Scottish word “knab” (a person of importance) as slang for high society. Did you Know? Don’t mix these homophones up. Knobby is an adjective that describes something that has a lot of knobs — such as a pilot’s switchboard or an old branch. Nobby is an adjective that specifically describes a wealthy person or one who has a high social position. Both are adjectives, but possess different meanings.

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PROFITS FOR HOME SELLERS SURGE AGAIN ACROSS U.S. AMID NEW ROUND OF PRICE SPIKES IN SECOND QUARTER OF 2022

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Profit Margins on Typical Home Sales Hit Another Record, Rising to 56 Percent;Investment Returns in Second Quarter Rise at Fastest Pace in More Than a Decade;Median U.S. Home Price Up 9 Percent Quarterly and 15 Percent Annually, to New High of $346,000 ATTOM, a leading curator of real estate data nationwide for land and property data, released its second-quarter 2022 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales across the United States hit another new record of 55.5 percent following the largest quarterly gain in a decade. On the heels of a lackluster first quarter of 2022 that suggested possible weakness in the nation’s long-running housing market boom, the latest typical profit margin was up from 48.3 percent in the first quarter of 2022 and 42.9 percent in the second quarter of 2021. It was more than 20 points above the 32 percent figure from the second quarter of 2020. “Home sellers in the second quarter continued to benefit from the rapid growth in home price appreciation the country has experienced over the past few years,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “While price growth may slow down as higher mortgage rates dampen demand from prospective homebuyers, home sellers should continue to profit from the record $27 trillion in homeowner equity in today’s market. “While profit margins routinely go up during the Spring home-buying season, the latest spike of more than seven percentage points marked the largest quarterly gain since at least 2008. The year-over-year gain of 13 points in the typical return on investment was one of the largest in the past decade. Gross profits also hit new highs in the second quarter of 2002, after dipping slightly in the early months of the year. The typical single-family home and condo sale across the country generated a gross second-quarter profit of $123,869, up 19 percent from $103,750 in the first quarter of 2022 and up 38 percent from $90,000 a year earlier. The second-quarter records for gross profits and profit margins came as the national median home price hit a new high of $346,000 in the second quarter of 2022 – the 10th straight quarterly increase. The latest median value was up 8.8 percent from the first quarter of 2022 and 15.3 percent from the second quarter of 2021. The second quarter profit figures showed how strong the nation’s housing market prices remained despite rising economic uncertainty and home-mortgage rates that have surged this year. Average mortgage rates have nearly doubled from a year ago, reaching almost 6 percent for a 30-year fixed rate loan, making affordability a challenge for many potential homebuyers. These higher rates, coupled with rising home prices, the highest U.S. inflation rates in 40 years, and soaring food and fuel prices are all headwinds threatening to slow down what has been a white-hot housing market over the past few years. Still, home prices and seller profits surged anew in the second quarter, after a first quarter that saw a rare dip in investment returns. Profit margins rise quarterly and annually across most of U.S. Typical profit margins – the percent change between median purchase and resale prices – increased from the first quarter of 2022 to the second quarter of 2022 in 162 (89 percent) of the 183 metro areas around the U.S. with sufficient data to analyze. They were up annually in 174 of those metros (95 percent). Metro areas were included if they had at least 1,000 single-family home and condo sales in the second quarter of 2022 and a population of at least 200,000. The biggest annual increases in profit margins came in the metro areas of Fort Myers, FL (margin up from 47.1 percent in the second quarter of 2021 to 90.9 percent in the second quarter of 2022); Naples, FL (up from 40.4 percent to 83.1 percent); Ocala, FL (up from 44.4 percent to 85.2 percent); Gulfport, MS (up from a loss of 6.5 percent to a gain of 30.8 percent) and Yuma, AZ (up from 42.7 percent to 77.8 percent). The biggest annual profit-margin increases in metro areas with a population of at least 1 million in the second quarter of 2022 were in Orlando, FL (margin up from 36.4 percent to 67.6 percent); Tampa, FL (up from 47.4 percent to 76.3 percent); Miami, FL (up from 38.9 percent to 66.8 percent); Cleveland, OH (up from 21.4 percent to 42.1 percent) and Jacksonville, FL (up from 43.4 percent to 63.4 percent). Profit margins decreased annually in just 20 of the 183 metro areas analyzed (11 percent) and annually in only nine metro areas (5 percent). The biggest annual decreases were in Salem, OR (margin down from 87.5 percent in the second quarter of 2021 to 55 percent in the second quarter of 2022); Hilo, HI (down from 140.8 percent to 110.5 percent); Boise, ID (down from 122.8 percent to 100.1 percent); Salisbury, MD (down from 57.1 percent to 48.6 percent) and Albany, NY (down from 35.4 percent to 28.3 percent). The largest annual decreases, or smallest gains, in profit margins among metro areas with a population of at least 1 million came in Atlanta, GA (down from 48.9 percent to 42.8 percent); Sacramento, CA (up from 61.5 percent to 62.5 percent); San Francisco, CA (up from 81.5 percent to 83.1 percent); Washington, DC (up from 44.9 percent to 46.7 percent) and Boston, MA (up from 49.8 to 52.9 percent). Prices up in almost every metro area around the U.S. Median home prices in the second quarter of 2022 exceeded values from the prior quarter in 181 (96 percent) of the 183 metropolitan statistical areas with enough data to analyze and were up annually in 180 of those metros (96 percent). Nationally, the median price of $346,000 in the second quarter was up from $318,000 in the first quarter of 2022 and $300,000 in the second quarter of last year. The biggest annual increases in median home prices during the second quarter of 2022 were in Gulfport, MS (up 55.3 percent); Naples, FL (up 36 percent); Lakeland, FL (up 35.7 percent); Fort Myers, FL (up 31.7 percent) and Port St. Lucie, FL (up 29.8 percent). The largest annual increases in metro areas with a population of at least 1 million in the second quarter of 2022 were in Tampa, FL (up 29.3 percent); Orlando, FL (up 25.5 percent); Phoenix, AZ (up 25.3 percent); Nashville, TN (up

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U.S. Needs 4.3M More Apartments by 2035 to Address Demand, Deficit and Affordability

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Nation Faces 600,000 apartment deficit, 4.7 million fewer affordable apartments Amidst demographic shifts and lingering pandemic-impacts on the population and broader economy, the U.S. faces a pressing need to build 4.3 million new apartments by 2035, according to a new study commissioned by the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC). Based on research conducted by Hoyt Advisory Services and Eigen10 Advisors, LLC, commissioned by NAA and NMHC, the data include an estimate of the future demand for apartments in the United States, the 50 states and 50 metro areas, including the District of Columbia. For the purposes of this study, apartments are defined as rental apartments in buildings with five or more units. The data are available on the website www.WeAreApartments.org.  Key findings:   Shortage of 600,000 apartment homes. The 4.3 million apartment homes needed includes an existing 600,000 apartment home deficit because of underbuilding due in large part to the 2008 financial crisis. Loss of affordable units. The number of affordable units (those with rents less than $1,000 per month) declined by 4.7 million from 2015 to 2020. Homeownership. Apartment demand also factors in a projected 3.8% increase in the homeownership rate. Immigration. Immigration is a significant driver of apartment demand, and levels tapered before the pandemic and have remained low. A reversal of this trend would significantly increase apartment demand. Texas, Florida and California. These three states account for 40% of future demand and will require 1.5 million new apartments by 2035. “The U.S. has undergone tremendously difficult conditions that have fundamentally altered our nation’s demographics, but one thing remains certain – there is a need and demand for more rental housing,” said NAA President and CEO Bob Pinnegar. “Put simply, we do not have enough housing. The U.S. must build 3.7 million new apartments just to meet future demand, on top of a 600,000 unit deficit and loss of 4.7 million affordable apartment homes. It is time to reverse course after decades of underbuilding, and instead pursue responsible and sustainable policies that will not only meet this demand but address the missing middle and loss of affordable housing stock.” “The lack of available housing is holding our country back. Whether it is a multifamily residence, duplex or single-family home, we need a massive supply of new for sale and rental homes – including millions of new apartments by 2035,” said NMHC President and CEO Doug Bibby. “Making sure everyone has access to quality, affordable housing is a bipartisan issue, and the industry stands ready to do its part to help create the 4.3 million new apartment homes our country needs.” In conjunction with the study’s release, the website www.WeAreApartments.org breaks down the data by each state and 50 key metro areas. Visitors can also use the Apartment Community Estimator – or ACE – a tool that allows users to see the trends in their state or metro area to determine the potential economic impact locally.  For more information, visit www.WeAreApartments.org.  For more than 26 years, the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) have partnered on behalf of America’s apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 141 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. One-third of all Americans rent their housing, and 40 million of them live in an apartment home. 

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WORD OF THE DAY: Emblematize

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[em-BLEM-ə-tiyz] Part of speech: verb Origin: Greek, 17th century Definition: Serve as a symbolic representation of (a quality or concept) Examples of Emblematize in a sentence “The spectacle of the Super Bowl emblematizes the intensity of America’s love of football.” “Singer Lizzo emblematizes a new generation of women who love their bodies in all sizes.” About Emblematize “Emblematize” was coined as a verb after the word “emblematist,” a 17th-century term for a person who drew or painted emblems. Did you Know? “Emblem” itself comes from the Latin “emblema,” referring to an inlaid work or a raised ornament used to represent a grander idea than could be shown pictorially. For example, the national flag of France is an emblem that could represent the country and its people in a variety of contexts. Likewise, religious emblems represent complex beliefs, traditions, and histories. To “emblematize” means to stand for something in the way an emblem stands for an abstract idea.

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WORD OF THE DAY: Aplomb

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[ə-PLAM] Part of speech: noun Origin: French, late 18th century Definition: Self-confidence or assurance, especially when in a demanding situation. Examples of Aplomb in a sentence “The lead actor recovered with such aplomb that the audience forgot he had tripped onstage moments before.” “I think I could pull off that outfit with aplomb.” About Aplomb This word developed to mean “perpendicularity, steadiness” from the French term “à plomb,” or according to a plumb line. Did you Know? Aplomb partially comes from the French word “à plomb,” or according to a plumb line — but what is a plumb line? With origins that can be traced back to ancient Egypt, a plumb bob is a line with a pointed weight (usually made of brass or steel) affixed to the end. When the weight is dangled, it creates a vertical line known as a plumb line, which was used by architects, builders, and engineers as a vertical reference point. While plumb bobs are still used in their original form, there is a more efficient update often used in its place — a laser level, which can project both vertical and horizontal lines hands-free.

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WORD OF THE DAY: Compendious

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[kəm-PEN-dee-əs] Part of speech: Adjective Origin: French; late 14th century Definition: Containing or presenting the essential facts of something in a comprehensive but concise way. Examples of Compendious in a sentence “Jared’s compendious recitation of archaic literature impressed his professors.” “The book was a compendious study of film history.” About Compendious This word stems from the Old French “compendieux,” from the Latin “compendiosus,” which means “advantageous, brief.” Did you Know? R.D. Trivedi’s 888-page “A Compendious History of English Literature” was published in India in 1976. The literature in it ranges from the Anglo-Saxon period to the 20th century. The volume is used by many Indian students to gain a better grasp on the literature and history of the English language.

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