Author: Brad Beckett

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. Click here for more information about Local Market Monitor.

A recent report from the NAHB’s Eye on Housing says state & local tax revenue from property taxes reached $203.9 billion in Q3 2024, based on data form the U.S. Census Bureau.  They say this marks a 2.8% increase from the second quarter of 2024 and is the first quarter where property tax revenue topped $200 billion for state & local governments.  Year to date, the total state & local tax revenue was $1.56 trillion.  Indeed… Click here to read the full report at the Eye on Housing.

The U.S. government is reporting that privately‐owned housing starts in November, 2024 were at a seasonally adjusted annual rate of 1,289,000, which is 1.8% lower than October’s revised number and is 14.6% lower than one year ago.  November’s rate for units in buildings with five units or more was 264k.  Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,505,000, which is 6.1% higher than October’s revised number and is 0.2% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 481k…

The National Association of Realtors is reporting that existing home sales were up 4.8% in November to a seasonally-adjusted annual rate of 4,15 million – up 6.1% year over year and the largest year-over-year gain since June 2021.  Total housing inventory at the end of November was 1.33 million units, down 2.9% from October and up 17.7% from one year ago.  Unsold inventory sits at a 3.8-month supply at the current sales rate with properties remaining on the market for around 32 days.  The median existing-home price for all housing types in November was $406,100. “Home sales momentum is building…More…

Christmas is next week and the folks over at Statista have put together their list of the most desired gifts.  Not surprising, money is the most desired Christmas present in the U.S. this year, followed by clothes and gift cards.  Stay safe, have a Merry Christmas and happy holiday season!!! Hat tip to Statista.

The American Automobile Association (aka AAA) says that over 119 million people will be traveling this holiday season –a record number.  In addition, AAA expects nearly 117 million people will drive to their holiday destinations.  AAA calculates the holiday season from Saturday, December 21 to Wednesday, January 1. “This is the time of year when lifelong memories are made with loved ones, and travel plays a big role in that…This year, with Christmas Day falling on a Wednesday, we’re anticipating record-breaking travel numbers the weekend before and the weekend after the holiday.”  Said Stacey Barber, Vice President of AAA Travel.…

A new report from the NAHB’s Eye on Housing shows that house prices posted modest annual growth for Q3, 2024, however for the past two quarters this price growth has slowed.  The NAHB says this has occurred while elevated mortgage rates have kept many potential home buyers away – even with additional inventory. Between the third quarter of 2023 and the third quarter of 2024, all 50 states and the District of Columbia had positive house price appreciation, ranging from 1.2% to 8.8%. New Jersey and Connecticut topped the house price appreciation list with an 8.8% gain. Click here…

Last week’s infographic illustrated America’s fastest growing housing markets based on data from this report.  That being said, Storagecafe says the U.S. housing market has been on a steady, albeit slow, growth trajectory over the past two decades with total inventory reaching 144 million housing units in 2023 – up 16.7% from 2005.  However, data show that even though homes continue are being built, housing supply still falls short of meeting demand, and prices keep rising.  Their recent report points out that housing stock has evolved differently across various types, with single family and middle housing under-performing while multifamily developments…

According to the CoreLogic’s latest Loan Performance Insight Report, the share of U.S. borrowers who were in some stage of delinquency (30 days or more past due, including those in foreclosure), was up 0.2% year-over-year from September, 2023.  In addition they point out that Early-Stage Delinquencies (30 to 59 days past due) in September were 1.6%, up from 1.5% from one year ago.  The foreclosure inventory rate (share of mortgages in some stage of the foreclosure process) was 0.3% in September, same as a year ago. “Loan performance in the third quarter of 2024 showed a continual upward trend in…

While smoking is not as “in vogue” as it once was, a recent report from the Tax Foundation says higher tax rates on cigarettes incentivize smuggling and as tax rates increase, consumers and suppliers search for ways around these costs.  They point out that, when it comes to cigarettes, consumers tend to shop across borders where the tax rates are lower and dealers develop black and gray markets to sell illegally to consumers, paying little or no tax at all.  They say cigarette smuggling is both a national problem and a lucrative criminal enterprise.  Citing data from a partnership with…