Author: Brad Beckett

As if to quickly pat themselves on the back, the U.S. Treasury Department says more than $1.5 billion in rental assistance was delivered to eligible households in the month of June, more than the assistance provided during all three previous reporting periods combined.  However, data reveal that of the $46 billion made available to the Emergency Rental Assistance Program, less than $3 billion has been spent.  Treasury says this represents “significant progress,” but they acknowledge that there is still much more to work do.  Indeed… “While more households are getting help, in many states and localities, funds are still not…

Realtor.com says the places where raw land prices have risen the most since last year all have vibrant and growing economies, making them good bets for relocation.  In fact, point out that people are fleeing more densely populated and expensive areas which is pushing up prices for lots, as well as existing homes. “Land prices are going up everywhere,” says Ali Wolf, chief economist at Meyers Research. “It’s one of the hottest commodities that exists today.” Click here to read the full story at Realtor.com.

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in June increased $23 to $1,482 (up 6.3% year-over-year).  Yardi says single-family (Built-to-Rent) rents grew even faster at an 11% year-over-year pace.  In addition they say a “slew of factors” has pushed asking rent growth across the nation to levels not seen in decades.  Indeed… “Rent growth will not be able to continue at these levels indefinitely, but conditions for above-average growth are likely to persist for months.” Click here to read the full report at Yardimatrix.com.

Last week we posted about the growing amount of student debt in America – now reaching over $1.7 trillion.  Now we’re turning to college students’ housing.  The NMHC says student housing has historically experienced recession-proof demand as measured by enrollment in America’s public four-year universities.  Recently, the NMHC’s Research Foundation released two new reports that explore the future of student housing as millennials age and are replaced by Gen Z.  Indeed… The first, “Structural Changes in Student Housing Demand,” examines the broad, structural, demographic and economic forces that will influence future demand for student housing, while the second, “The Future…

You know the expression….cash is king.  A new report from Redfin says cash is on the rise as Americans relocate to more affordable parts of the country.  They point out that over 30% of home purchases so far in 2021 have been in cold, hard cash.  In 2020 that figure was 25.3% and if the trend holds, 2021 could end up being the highest on record. Click here to read the full report at Redfin.com.

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 July, 2021 Although the pandemic is still with us – now with the delta variant – most covid restrictions around the country have been lifted and economic activity is rapidly resuming. This means that economic data have real meaning again; we can compare local real estate markets and we can think about the longer-term consequences of the recession. We’re currently in a surge of spending (much…

Lumber prices are finally coming down from the stratosphere.  In fact, the Wall Street Journal (reposted on Realtor.com) suggests they’ve fallen so far that they are starting to look cheap to some buyers.  However for new home buyers the WSJ paints a different picture.  They’re reporting that home builders are saying they expect to collect higher profit margins rather than lowering their asking prices.  Well, okay then… “…That is typical following periods of rising commodities costs, when the broad economic growth that normally accompanies higher raw-materials prices enables companies to pass along more expenses.” Click here to read the full…

We’ve posted a lot about student loan debt over the past few years.  According to the federal government, outstanding student loans in the U.S. has reached over $1.7 trillion comprising over 45 million borrowers.  Today’s infographic from Statista shows how what debt has sharply risen over the last 14 years.  Stay safe and have a Happy Friday! Hat tip to Statista.

According to a recent report from HousingWire, digital closings have spiked 228% since 2019 as more of the industry moves online.  Citing data from American Land Title Association, they also said remote online notarization use jumped 547%.   Indeed… “Since the onset of the pandemic, title and settlement professionals rapidly adapted their processes to meet the needs of their customers and to continue facilitating safe and secure closings, and one of the title industry’s most important tools in this process has been remote online notarization…”  Said Diane Tomb, ALTA’a chief executive officer. Click here to read the full story at HousingWire.…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.9% in June, 2021.  Over the last 12 months, the all items index increased 5.4% before seasonal adjustment. Click here to read the full release at the Bureau of Labor Statistics.