Author: Brad Beckett

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 20.2% year-over-year in May.  On a month-over-month basis, home prices increased by 1.8% in May compared with April.  CoreLogic’s  HPI Forecast predicts home prices will increase on a year-over-year basis by 5% from May 2022 to May 2023. “Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention. With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory. And while annual home…

Today’s graphic from the American Petroleum Institute reminds us that fuel prices are determined by the market forces of supply & demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.  Indeed….  Stay safe and have a Happy Friday!!! “Oil prices are at a seven-year high amid a persistent global supply crunch, workforce constraints, increasing geopolitical instability in Eastern Europe, the economic rebound following the initial stages of the pandemic, and policy uncertainty from Washington.” Hat tip to the American Petroleum Institute.

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) decreased at an annual rate of 1.6% in Q1 2022.  Their data show that GDP decreased in 46 states and the District of Columbia. “Mining, quarrying, and oil and gas extraction contributed to decreases in 49 states. This industry was the leading contributor to the decreases in 10 states, including Wyoming, Alaska, North Dakota, West Virginia, and New Mexico—the 5 states with the largest decreases in real GDP.” Click here to read the full report at the Bureau of Economic Analysis.

The U.S. government is reporting that total construction spending in May, 2022 was at a seasonally adjusted annual rate of $1,779.8 billion, which is 0.1% lower than April’s revised estimate and 9.7% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $938.2 billion in May, which is 0.2% higher April’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

In late June a federal appeals court upheld a 2020 California law that forces property owners who legally evict tenants to pay them one month’s rent.  According to FOX Business, Under the law, rent increases are limited to 10% a year in areas without rent control and it requires financial assistance to renters who were evicted because the owner decided to move or convert the property into a condo. An owners’ group, Better Housing for Long Beach, filed the lawsuit against the state, arguing that requiring payments to legally evicted tenants amounted to confiscating their property.  It is not yet…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices rose 1.6% in April and were up 18.8% from April 2021 to April 2022. The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s. “House price appreciation continues to remain elevated in April…The inventory of homes on the market remains low, which has continued to keep upward pressure on sales prices. Increasing mortgage rates have…

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 20.4% annual gain for April, 2022.  Their 10-City Composite annual increase came in at 19.7% and their 20-City Composite posted a 21.2% year-over-year gain. “April 2022 showed initial (although inconsistent) signs of a deceleration in the growth rate of U.S. home prices,” said Craig J. Lazzara, Managing Director at S&P DJI. Click here to read the full report at S&P Dow Jones Indices.

In late June, short-term rental platform Airbnb announced that they were making their temporary ban on all parties and events permanent.  Airbnb says the policy, implemented in August 2020, has proved effective and they are officially codifying the ban as their policy. “We know that the overwhelming majority of our Hosts share their homes responsibly, just as the overwhelming majority of guests are responsible and treat their listings and neighborhoods as if they were their own.” “This new and long-term policy was enacted to help encourage and support community safety. We look forward to sharing updates in the coming weeks…

Rental information site Zumper recently released their latest monthly National Rent Report showing that their median national rent for 1-bedroom apartments in June, 2022 was $1,421 (up .05% from May) and the median two-bedroom rent was $1,707 (down 2.9% from May).  Be sure to check out their list of the top 100 metro areas. “National rent prices typically peak during the summer–which, during “normal” years, is the busiest moving season. But Zumper’s National Index is up just 0.5 percent for one-bedrooms and down a whopping 2.9 percent for two-bedroom apartments–a sign that rent hikes are beginning to slow, and a…

This Monday, July 4th, will mark 246 years of America’s independence!  Today’s infographic takes a look at the Fourth of July “by the numbers” and provides insight into this holiday that we Americans hold dear.  Whatever you do to celebrate, do it safely and have fun…..and, as always, Stay safe and have a Happy Friday!!! “On July 2nd, 1776, the Continental Congress voted in favor of independence, and two days later delegates from the 13 colonies adopted the Declaration of Independence, a historic document drafted by Thomas Jefferson. From 1776 to the present day, July 4th has been celebrated…