Author: Brad Beckett

A recent report by the NAHB’s Eye on Housing says new manufactured homes saw a decline in shipments in 2023 compared to the previous year. Citing data from the Manufactured Housing Survey (MHS), around 89k,manufactured homes were shipped in 2023, a decrease of 21% from the 113k,homes shipped in 2022. The Census Bureau defines a manufactured home as a movable dwelling, 8 feet or more wide and 40 feet or more in length, designed to be towed on its own chassis, with transportation gear integral to the unit when it leaves the factory, and without need of a permanent foundation.…

Traction REIA recently held a webinar featuring Accruit’s David Gorenberg discussing the practical applications of 1031 Exchanges. Click here to watch/listen on YouTube.. Click here to watch/listen at Accruit.

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.  Interestingly, Ingo points out that the jobs picture isn’t as rosy as it’s being portrayed. National Economic Outlook By Ingo WInzer October, 2024 Despite optimistic reports over the 250,000 new jobs in September, the stark reality is that the increase in jobs from last September is just 1.5 percent, the lowest so far this year. And even that low number has a lot more to do with re-hiring rather than the creation…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,750 (down $3) in September, 2024.  Year-over-year growth was 0.9%.  Yardi says the recent spate of good news about interest rates and economic growth has buoyed the spirits of the commercial real estate industry. “The strong economy has been a major driver of multifamily demand. More than 300,000 apartment units were absorbed nationally through the first three quarters of 2024, and more than 1.7 million units since the pandemic lockdowns in Q1 2020. Absorption has been particularly strong in the Sun Belt and Mountain West, driven…

The U.S. government is reporting that privately‐owned housing starts in September, 2024 were at a seasonally adjusted annual rate of 1,354,000, which is 0.5% lower than August’s revised number and is 0.7% lower than one year ago.  September’s rate for units in buildings with five units or more was 317k.  Privately‐owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,428,000, which is 2.9% lower than August’s revised number bit is 5.7% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 398k…

Each month we post inflation data (CPI) from the U.S. Bureau of Labor Statistics.  Recently we came across an interesting site that allows you to calculate inflation for any year as well as comparing the value of a dollar with various years.  Interestingly, the site was started in 2023 but it lets you put in any date range up to the present.  Check it out…. Click here to read more at the CPI Inflation Calculator.

We recently posted about the value of $1 over the years, adjusted for inflation.  Today’s graphic from the Visual Capitalist looks at what $100 is worth in each U.S. state.  Interestingly, the purchasing power of $100 can vary by as much as 26% from state to state.  Not surprising, California has the lowest purchasing power ($88), while Arkansas has the highest ($113).  Indeed… Stay safe, watch those Benjamins, and have a Happy Friday!!! Hat tip to the Visual Caplitalist.

A recent article in the Wall Street Journal (reposted in Realtor.com) suggests that the “Great Florida Migration” might be coming undone.  They say a surplus of housing inventory and dwindling buyer interest are slowing sales and recent hurricanes & extreme weather events are making it worse.  In addition,  surging insurance costs, high mortgage rates and high home prices have more people reassessing their Florida dream. Those who must sell their homes right now because of lifestyle changes, upgrades, etc., are facing headwinds. I can’t unload the thing,” Holmes said. “In eight months, I’ve had zero offers. No one even showed…

According to Apartment List’s National Rent Report for October 2024, national median rent dropped 0.5% to $1,405.  They say we are likely to see that number continue to modestly drop through the remainder of 2024. “Rent growth follows a seasonal pattern – prices tend to go up during the spring and summer and dip during the fall and winter. We have now transitioned between those seasons – August saw month-over-month rent growth flip from slightly positive to slightly negative, and now September has brought a second, sharper monthly decline.” Click here to read the full report at Apartment List.

According to the latest ICE Mortgage Monitor, serious delinquencies (loans 90+ days past due but not in active foreclosure) rose 14K (+3.3%) to a six-month high, but remain historically low.  Interestingly, they say nearly 70% of seriously delinquent mortgages are still protected from foreclosure via either forbearance, loss mitigation, or bankruptcy.  The ICE Mortgage Monitor provides a view of the current mortgage market, including loan-level performance, home price trends data, secondary market metrics and public records. Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).