The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July, 2024. The all items index was up 2.9% for the 12 months ending in July. The index for shelter rose 0.4% in July (the 6th consecutive month of increases), accounting for nearly 90% of the monthly increase in the all items index. Click here to read the full release at the Bureau of Labor Statistics.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
Did you know that a Trader Joe’s or an ALDI near your property might increase its ROI? This is according to ATTOM Data’s recent report “8 Ways Neighborhood Data Influences Property Values and Real Estate Decisions.” Take that to the pantry! Ok, Stay safe and have a Happy Friday!!! Hat tip to ATTOM.
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.7% in June 2024 compared with June 2023. On a month-over-month basis, home prices grew by 0.3% in June 2024 compared with May 2024. CoreLogic says this is the 149th consecutive month that the U.S. has seen year-over-year home price gains, however the pace of growth is continuing to cool. Indeed… “Housing market activity essentially froze at the end of the spring homebuying season as high mortgage rates continued to compress affordability and dissuade potential homebuyers. The 0.3% gain…
On a recent episode of the Rent Perfect podcast David Pickron says with the rise of criminal activity across the country and in our industry, it’s critical to protect your personal safety when showing one of your rental properties. Pickron shares four simple steps you can take to help keep you safe the next time you are with a potential tenant at one of your properties. Click here to listen.
According to the latest ICE Mortgage Monitor (formerly Black Knight), mortgage delinquencies spiked in June, rising by 14.5% (+45 basis points) to 3.49%, the second highest level in 18 months. However, they say the number of loans in active foreclosure hit the lowest point since the end of COVID-era moratoria. 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).
The Pacific Legal Foundation recently announced that a Michigan mom has asked the Michigan Supreme Court to affirm her constitutional right to just compensation after Manistee County foreclosed on the home that she and her boys lived in, sold it, and unconstitutionally kept $102,636 more than she owed. According to the release, Chelsea Koetter, a single mother of two boys, fell behind on her property taxes In 2018. She then mistakenly underpaid what she owed based on incorrect tax information from a local government employee. As a result, she had an outstanding tax bill that grew to $3,863 with…
According to the ADP National Employment Report for July, 2024, private employers added 122k jobs in July. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees. “With wage growth abating, the labor market is playing along with the Federal Reserve’s effort to slow inflation. If inflation goes back up, it won’t be because of labor.” Said ADP chief economist Nela Richardson. Click here to read the full report at ADP.
The U.S. government is reporting that total construction spending in June, 2024 was at a seasonally adjusted annual rate of $2,148.4 billion, which is 0.3% lower than May’s revised number. However, June’s revised estimate is 6.2% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $928 billion in June, which is 0.3% lower than May’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,753 (up $4) in July, 2024. Year-over-year growth was unchanged at 0.8%. Yardi says multifamily growth is weak, but there is some strength. Indeed… “Multifamily rent growth is weak nationally compared to long-term levels, but the market is exhibiting strength in many ways. Advertised rents were up only 0.8% year-over-year through July, but growth remained consistent through the beginning of the summer.” Click here to read the full report at Yardi.
The Visual Capitalist says rental prices have surged in several American cities in recent years. Citing data form Zumper, they say such factors such as inflation, limited housing inventory, and barriers to homeownership have all contributed to the increase in rent costs. Today’s graphic illustrates the top 10 American cities with the highest rental costs as of May 2024. Indeed…..stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.
