Author: Brad Beckett

A recent report from the NAHB’s Eye on Housing says private fixed investment in student dormitories declined 4.4% to a seasonally adjusted annual rate (SAAR) of $3.2 billion in Q2, 2021.  However they do point out that Student housing investment is on the road to a limited recovery, as the economy reopens and pent-up demand is realized.  The cited data is from a recent Bureau of Economic Analysis. “Private fixed investment in student housing experienced a surge after the Great Recession, as college enrollment increased from 17.2 million in 2006 to reach 20.4 million in 2011. However, during the pandemic,…

On a recent episode of Real Estate Underground (by Connecticut REIA), hosts Ed Matthews & Rich Brown talks with Deirdre Virvo who is passionate about providing a better option for seniors living in her Fairfield County (CT) community. She provides a premiere boutique one-level Dementia specific, purpose-built residential senior care. Click here to listen at Real Estate Underground.

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices rose 0.1% in June and were up 17.7% from Q2, 2021. 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. “Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data…he pace of growth has subsided recently, which is consistent with other recent…

The U.S. Department of Housing and Urban Development announced their new FY 2023 Fair Market Rates (FMR’s) which are used to determine payment standards for many housing assistance programs, including Housing Choice Vouchers (HCV) and Project-Based Section 8 programs.  Published annually, the FMR’s are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40 percent of the rental housing units in an area.  HUD’s notice indicates that the 2923 FMRs will take effect on October 1, 2022. “…The new FMR levels announced today will enable the voucher program to keep up with…

The U.S. government is reporting that total construction spending in July, 2022 was at a seasonally adjusted annual rate of $1,777.3 billion, which is 0.4% lower than June’s revised estimate but is 8.5% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $920.4 billion in July, which is 1.5% lower than June’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 18% annual gain for June, 2022.  Their 10-City Composite annual increase came in at 17.4% and their 20-City Composite posted a 18.6% year-over-year gain. “The market’s strength continues to be broadly based, as all 20 cities recorded double-digit price increases for the 12 months ended in June. In 19 out of 20 cases, however, June’s reading was less than May’s, showing the impact of deceleration at the regional level.”  Said Craig J. Lazzara, Managing Director at S&P DJI. Click here to read the full report at S&P Dow…

Labor Day weekend marks the unofficial end of Summer so here’s a quick infographic from WalletHub with some interesting & updated facts about the holiday.  As always, have a Happy Friday…..and, of course, Have a Safe and Happy Labor Day Weekend!!! Hat tip to WalletHub.

A recent poll from Gallup reveals that more Americans are using cash less often, with a majority believing the U.S. will be a cashless society in their lifetimes.  Gallup says greater use of online shopping, especially during the coronavirus pandemic, is one major factor leading to changes in cash usage.  In addition they say lower-income Americans more commonly use cash for purchases than do middle- and upper-income Americans.  Seventy-three percent of upper-income earners use cash for only a few or none of their purchases, compared with 49% of lower-income earners. “Internet and smartphone technology has transformed the way people pay…

Rental information site Zumper recently released their latest monthly National Rent Report showing double-digit year-over-year rent hikes in more than half of U.S. cities, with several posting hikes of 30% or more.  They say high rents are forcing renters to sacrifice on location, size or amenities, move in with roommates or even opt out of the traditional 12-month lease altogether.  Be sure to check out their list of the top 100 metro areas. Click here to read the full report at Zumper.

A recent article on Redfin reminds us that everything is becoming virtual nowadays – from artwork, to concerts, to marketing, to meetups, virtual tools have entered most people’s daily routine.  However, it goes without saying that real estate, too, has entered this digital world in the form of something called the “metaverse.”  Redfin attempts to unravel what this thing is all about and explain what’s behind all of the hype & mystique.  Some of the concepts are, quite frankly, hard to grasp and it is clear that the metaverse isn’t for everyone.  However, say what you will, it is certainly…