The National Association of Realtors is reporting that, in Q4 2022, seven of the 10 metro areas with the largest percent gains in existing single-family home prices were in Florida, North or South Carolina and the others were in New Mexico, Texas, and Wisconsin. And, as we’ve recently seen, those are the places people are flocking to…. Stay safe and have a Happy Friday! Hat tip to the NAR.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
On a recent episode of Real Estate News for Investors, Kathy Fettke discusses what’s ahead for single-family rentals and build-to-rent homes, the economy and a look at why Los Angeles landlords may be fuming right now, over a new law. A limited supply of new single-family homes will push demand higher for renters, especially among Millennials with growing families….the spotlight is on the Southeast with “continued strong demand and solid performance in BTR, even during 2023, but at an even greater level from 2024 to 2028.” And he says that “Florida is going to be one of the strongest markets……
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.5% in January, 2023. The all items index was up 6.4% for the 12 months ending in January. The BLS says the index for shelter was by far the largest contributor to the monthly all items increase, accounting for nearly half of the monthly all items increase, with the indexes for food, gasoline, and natural gas also contributing. “The shelter index was the dominant factor in the monthly increase in the index for all items less food and energy, while…
You could say that sales taxes are the form of taxation that truly affects every person – it’s the classic consumption tax. It is also the one politicians often reach for first to ratchet-up to fund their next project du jour. That being said, the folks over at the Tax Foundation recently put together some numbers showing combined sales tax rates (state & local where applicable) for each state. Interestingly, five states do not have statewide sales taxes: Alaska, Delaware, Montana, New Hampshire, and Oregon. However, Alaska does allows localities to charge local sales taxes. Indeed… “Sales taxes are just…
Citing data from the most recent American Community Survey, The NAHB’s Eye on Housing says the median age of owner-occupied homes in the U.S. is 40 years. They point out that the age of housing stock is an important remodeling market indicator as older structures will need to add new amenities, and repair/replace older components. “The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will require remodeling and renovation in the future. Moreover, as people use their homes for more purposes and require additional space, older housing…
A recent report from RentCafe says the number of millionaires who rent has tripled, while high-income renters earning $150k + has reached reach 2.6 million – among them is a new ritzy kind of tenant which they call “the millionaire renter.” “So, what do millionaire renters do for a living? Data shows that the most popular jobs among millionaire renters are in management positions (1,653); followed by securities, commodities and financial services sales agents (519); chief executives and legislators (468); software developers (459); and lawyers, judges, magistrates and other judicial workers (421).” Click here to read the full report at…
A recent report in the Wall Street Journal says travel booking companies such as Airbnb and Expedia have become “unlikely beneficiaries” of the Federal Reserve’s fight against inflation. Huh? Apparently, Airbnb & Expedia have been investing billions of dollars of their customers’ money for their own profit and, thanks to rising interest rates, the returns on these investments are higher than ever. Here’s how it works; travel sites generally collect money from guests the moment that they book. However, they only pass the funds on to the hosts (or hotels) after the guest stay starts, which could be several months…
According to Black Knight’s “first look” report for December, 2022, the national delinquency rate on first lien mortgages increased to 3.08% in December, but finished the year 30 basis points (-9%) below its December 2021 level. Black Knight says foreclosure starts increased by 15% in December to 26,900 – which was the third consecutive increase, however that figure was still 30% below pre-pandemic levels. In addition, foreclosure was started on 4.9% of serious delinquencies in December (up from November) but was still 46% below the start rate seen in December 2019 prior to the pandemic. Click here to read the…
With all the recent issues & problems involving parties in short-term rentals, VRBO is taking steps to mitigate this by deploying what it calls a “new unauthorized event prevention technology.” FOX News is reporting that this new program was responsible for blocking over 500 event-related bookings in the first 12 months of being piloted in the U.S. According to the report, an algorithm examines length of stay, the timing ahead of a stay, the number of guests, number of beds, property amenities and the weekday of the first night’s stay. FOX says VRBO offered little details on how it determines…
This Sunday, February 12th, the super deluxe happy fun bowl (aka Super Bowl 57) will be played in Glendale, Arizona. The Kansas City Chiefs and Philadelphia Eagles will battle it out to claim the top NFL crown. Today’s graphic from the U.S. Census Bureau asks if someone from your hometown is playing in the “big game.” It simply shows the towns where players in Sunday’s game come from. Be sure to click on the map to make it interactive… Stay safe and have a Happy Friday!! Hat tip to the U.S. Census Bureau.
