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Today: Housing starts dropped to pandemic lows as multifamily construction slows sharply, home flipping returns ticked up to 25.4% in Q1 after nearly two years of declines, and the ROAD to Housing Act cleared the Senate 87-8 with final passage expected Monday.
National housing starts hit 2020 levels, multifamily drops hard. Housing starts fell to the lowest level since 2020 as residential construction activity "rapidly slows," with multifamily construction showing the sharpest decline in May. Builders cited inflation concerns and tighter financing as the primary drag. For Clarke County, this signals reduced rental inventory coming online through 2027, which should support rent stability but limits options for tenants. If you represent landlords, this is the time to lock in renewals before competition tightens further. If you represent renters, encourage early lease negotiations while vacancy still exists. Source 1, Source 2, Source 3
New home sales data due next week. National new home sales and PCE price index data release next week. Watch for pricing signals and inventory trends. Clarke County's new construction market remains tight, with most inventory concentrated in Oconee County developments. If sales data shows national weakness, expect local builders to offer rate buydowns or closing cost credits to maintain velocity. Source
Homeowners tapped $47B in equity in Q1. Home equity withdrawals totaled $47 billion in Q1 2026, with 54% coming from HELOCs and home equity loans rather than cash-out refis. Nearly two-thirds of second-lien borrowers have first mortgages originated between 2020 and 2022 at rates in the 3-4% range, making second liens attractive compared to cash-out refinancing at current 6.5%+ rates. For Athens agents, this is a client education opportunity. Buyers with low-rate mortgages should hear about HELOCs for renovations or down payments on investment properties. Sellers considering upgrades should know second liens preserve their rate lock. Frame it as unlocking dead equity without resetting the mortgage clock. Source
Home flipping returns tick up after two-year slide. Q1 2026 saw 64,348 flips nationwide (8% of sales), down from Q4 2025 but up from 7.2% last quarter. Typical gross returns rose to 25.4%, up from 24.7% in Q4, marking the first quarterly gain in nearly two years. Gross profit hit $66,000, still trailing the $74,172 from Q1 2025. Cash purchases accounted for 61.1% of flips, and median days to complete ticked up to 165. Properties purchased between $100K-$200K produced the strongest returns at 32%, while sub-$50K properties posted a 14% loss. For Athens investors, this signals a market rewarding discipline over volume. Stop selling "flip activity" and start selling "flip viability." The deals that pencil are getting done; the marginal ones are getting screened out. In Clarke County, target the $150K-$250K range in older neighborhoods near UGA where reno costs are predictable and buyer demand is stable. Source
Building permit guidance for homeowners. Redfin published a detailed guide on when building permits are required, covering structural work, electrical rewiring, plumbing changes, HVAC installs, additions, and major renovations. Mid-tier projects like window replacements, roof work, sheds, retaining walls, and pools often trigger permit requirements based on size, utilities, or proximity to property lines. The guide emphasizes that permits exist to ensure safety and code compliance, and that homeowners should verify not only which permits are required but who is responsible for obtaining them. For Athens agents, this is listing prep intel. Before advising sellers on pre-sale improvements, confirm permit status. Unpermitted work kills appraisals and title insurance. If a seller mentions a finished basement or added bathroom, ask to see the permit. If they can't produce it, price accordingly or require disclosure. Source
Bankruptcy filings up 11%, agents should lead with education. Total U.S. bankruptcy filings increased 11% in 2025, reaching over 574,000 nationwide. RISMedia published ethics guidance for agents approaching bankruptcy seller leads, emphasizing trust over timing. Key points: many homeowners file specifically to keep their property (especially Chapter 13), financial distress does not equal lack of equity, and public record filings are not automatic listing opportunities. Agents should focus on understanding the homeowner's goal (keep the home, preserve equity, avoid foreclosure, reduce pressure) before discussing a sale. For Athens agents, this is a long-game prospecting channel. Bankruptcy filers receive outreach from investors and agents immediately, so differentiate by slowing down the conversation. Offer clarity, not pressure. Connect them with bankruptcy attorneys if needed. The listing may not happen for six months, but the relationship matters. Source
Texas secondary markets outperform as growth normalizes. HousingWire published an underwriting guide for Texas secondary markets, highlighting Weatherford (western DFW edge) as a case study. Weatherford ranked 14th nationally for fastest-growing affordable suburbs in 2025, with average home prices around $350,000, well below inner-ring DFW suburbs. Demand is concentrated between $350K-$850K, with strong emphasis on attainable family housing. The piece argues that as capital becomes more selective, markets with real economic anchors and pricing headroom rise to the top. For Athens investors eyeing out-of-state opportunities, this is the comp. Athens and Weatherford share similar characteristics: college-adjacent, affordable relative to metros (DFW/Atlanta), and strong demographic tailwinds from people trading commute time for monthly savings. Apply the same underwriting lens locally: target neighborhoods 15-20 minutes from campus with pricing 20-30% below Normaltown/Five Points. Source
Tech trends reshaping rental market. KHTS Radio covered seven key technology trends affecting tenants: digital lease signing, AI-powered rent pricing, smart home integration, virtual tours, online maintenance requests, automated rent collection, and tenant screening via machine learning. The article emphasizes that technology is improving efficiency but also raising privacy and data security concerns. For Athens property managers, this is the new baseline. If you're still collecting rent via check and handling maintenance requests by phone, you're losing tenants to competitors with tenant portals. UGA students expect app-based everything. Upgrade your stack or partner with a property management platform that includes these features. The investment pays for itself in reduced vacancy and faster lease-ups. Source
ROAD to Housing Act advances 87-8, passage expected Monday. The U.S. Senate advanced the omnibus 21st Century ROAD to Housing Act by a vote of 87-8, with a final roll-call vote scheduled for Monday, June 22. The bill aims to spur housing construction through changes to federal guidelines and local incentives. California is already preparing complementary state legislation to coordinate with federal implementation. For Georgia agents, watch for follow-on state-level proposals. The federal bill creates incentives for local governments to streamline permitting and zoning, which could accelerate development timelines in Athens-Clarke County if the local government opts in. This is a long-term tailwind for supply, but it won't hit the market for 18-24 months. Source
New York considers doubling broker supervision period. New York is considering legislation that would raise the required supervision period for broker applicants from two years to four consecutive years. The bill has bipartisan sponsorship and is currently under review. A prior version proposing five years did not advance. Georgia agents should note this as a national trend toward raising licensing standards. GREC has not proposed similar changes, but increased professionalization is the direction of travel post-NAR settlement. Expect more focus on experience, education, and supervision in the next legislative cycle. Source
Ohio updates foreclosure and estate sale rules. Ohio is considering legislation that would allow exterior-only appraisals of residential properties in foreclosure and estate sales, and introduce new provisions for public property auctions, including requirements that private selling officers be independent of mortgagees and that online auctions remain open for at least three calendar days. The bill passed the State Senate and has been referred to committee in the House. For Athens agents handling estate sales or REO listings, this is a process efficiency model worth watching. Exterior-only appraisals reduce costs and timelines, which benefits sellers and buyers. If Georgia adopts similar rules, expect faster disposition of distressed inventory. Source
NWMLS vs. Compass private listing battle escalates. Northwest MLS (NWMLS) defended its countersuit against Compass in Western District of Washington, urging the court to allow fraud, Consumer Protection Act, and tortious interference claims to proceed. NWMLS alleges that Compass submitted listings to the MLS database without material history (days on market, price changes, prior exposure) after private marketing, which misled consumers, brokers, and appraisers. Compass argues its 3-Phased Marketing Strategy (3PM) was transparent and compliant. One week after a new Washington state law banning private marketing went into effect, NWMLS is asking the court to declare that Compass "Private Exclusives" violate the statute. Compass claims full compliance. For Athens agents, this is the post-settlement battleground. Private listings and off-MLS marketing are under legal scrutiny nationwide. Ensure your MLS submissions include complete history. If you're marketing listings privately before MLS entry, disclose it clearly and document everything. The risk of fraud claims and CPA violations is real. Source
NAR governance overhaul continues. NAR announced continued governance reforms to strengthen member engagement, including committee restructuring and streamlined decision-making processes. Separately, NAR submitted comments on proposed bank capital changes and published updates on MLS committee efficiency. For Georgia Realtors, these governance changes are meant to restore trust and accountability post-scandal. Pay attention to committee appointments and policy votes. The national direction affects MLS rules, commission disclosure, and compliance standards locally. Source 1, Source 2, Source 3