Author: Brad Beckett

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.1% in August, 2022.  However, the all items index was up 8.3% for the 12 months ending in August.  The CPI’s food index increased 11.4% over the past year, the largest 12-month increase since the Carter Years. Click here to read the full release at the Bureau of Labor Statistics.

We saw in the news this past week that inflation continues to rear its ugly head.  Today’s graphic from Statista illustrates how inflation is causing hardship for the majority of U.S. households.  Stay safe, watch your wallet and have a Happy Friday!!! “As inflation remains at the highest level in more than 40 years, millions of Americans are facing financial hardship due to rising consumer prices. According to a survey conducted by Gallup in August, the majority of U.S. adults now say that price increases are causing financial hardship for their household…” Hat tip to Statista.

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. National Economic Outlook By Ingo Winzer September, 2022 Home prices in the second quarter were on average 20 percent higher than last year, 30 percent higher than they were two years ago. There is no economic underpinning for this phenomenon. The number of jobs in the economy is now exactly the same as before the pandemic, two and a half years ago; we can congratulate ourselves on that recovery but it’s…

Anyone who has ever driven in San Francisco can share how hard it is to park a car.  Now comes a report from the Bay Area’s KNTV about how a single covered parking spot is currently listed for $90,000.  Interestingly, the exclusive parking spot is located in a condo complex that is near Oracle Park, home of the SF Giants. “While $90,000 could be someone’s down payment on a house in the Bay Area, it could also buy an exclusive parking spot in San Francisco.” Click here to read the full story at KNTV San Francisco.

According to ATTOM Data’s August 2022 U.S. Foreclosure Market Report, there were a total of 34,501 U.S. properties with foreclosure filings.  This figure is up 14% from one month ago and 118% from the same time period a year ago.  In addition, lenders started the foreclosure process on 23,952 U.S. properties in August 2022, up 12% from last month and up 187% from “Two years after the onset of the COVID-19 pandemic, and after massive government intervention and mortgage industry efforts to prevent defaults, foreclosure starts have almost returned to 2019 levels…August foreclosure starts were at 86 percent of the…

A recent report from LendingTree says 32% of young adults moved back home during the pandemic – two-thirds of which are still there.  Slightly more than half (51%) of those who moved home said it was out of necessity.  Indeed… “The pandemic turned back time for many empty nesters, as their homes were suddenly filled with the pitter-patter of their young adult children’s feet returning to the relative safety and financial security of their parents’ homes. But in the two-plus years since the pandemic’s onset, only a third of those who returned home during the pandemic have spread their wings…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents dropped $1 to $1,718 in August, marking the first month-over month decline since June 2020.  Yardi says multifamily rents finally hit a wall in August, presaging a deceleration that may extend through the second half of 2022.  Indeed… “Despite the flattening rent growth, much about the market remains positive. Year-to-date rent growth is still higher than any previous year aside from 2021, and occupancy rates have been above 96% for the past 14 months.” Click here to read the full report at Yardi.

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 15.8% year-over-year in July.  However, on a month-over-month basis, home prices decreased by 0.3% in July compared with June.  CoreLogic’s HPI Forecast predicts home prices will increase on a year-over-year basis by 3.8% from July 2022 to July 2023. “Following June’s surge in mortgage rates and the resulting dampening effect on housing demand, price growth is taking a decisive turn. And even though annual price growth remains in double digits, the month-over-month decline suggests further deceleration on the horizon. The higher cost of…

Yes, believe it or not, the Autumnal Equinox will soon be upon us….that’s right, the first day of Fall is September 22nd.  That means it’s time to start thinking about lawn-care for the upcoming cooler months and prepping for next Spring. Today’s infographic from The Home Depot lays out exactly what needs to be done to prepare your yard for the winter months ahead so it’s in tip-top shape for the Spring.  As always, stay safe and have a Happy Friday!!!! Hat tip to The Home Depot.

A recent report from Breitbart says recent record rents are coinciding with skyrocketing immigration – especially in the nation’s largest urban cores.  Citing recent data from Zumper, rents across the United States have hit a record high, with the median rent for a one-bedroom apartment reaching nearly $1,500 a month.  They point out that cities inundated with mass immigration (New York City, San Francisco, Miami, Los Angeles, and Washington, D.C.) have the highest rents as thousands of new arrivals push up the cost of housing, which the author says is a boon for real estate investors and a detriment for…