Author: Brad Beckett

The venerable John Burns Real Estate Consulting recently shared their thoughts on what 2022 will bring to the rental and housing industry. They predict that new lease effective rents will continue to rise, with several popular in-migration markets producing double-digit rent growth over the last year, according to their Burns Single-Family Rent Index™ (BSFRI) – which covers 99 markets and includes homes that are owned by small investors, which are the vast majority of the market. Top SFR markets with double-digit new lease effective rent growth include: Phoenix (+12% YOY) Las Vegas (+10% YOY) Charlotte (+10% YOY) Atlanta (+10% YOY) Click here to read…

According to recent data from FreddieMac, interest rates have quickly risen to levels not seen since March, 2020.  Their research shows rates on types of loans have been rising with the 30-year fixed-rate mortgage increasing by almost a quarter of a percent from the prior week.  In addition, FreddieMac says the rise in mortgage rates so far has not yet affected purchase demand, but given the fast pace of home price growth, it will likely dampen demand them in the near future.  Be sure to look at their historical data. Click here to read the full story at FreddieMac.

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.5% in December, 2021.  However, the all items index rose 7% for the 12 months ending December, the largest 12-month increase since 1982. Click here to read the full release at the Bureau of Labor Statistics.

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 January, 2022 The economy looks like it’s just about back to where we were before the pandemic hit, although with some big changes. The number of jobs in December was just a half percent lower than in February of 2020. That’s not much different from November, probably because the omicron variant has again affected many businesses, but it’s a good sign for 2022 that jobs have…

Recently reported moving data keeps showing an exodus from high-tax states to those with better climes.  Today’s graphic from the U.S. Census Bureau shows changes in population for all 50 U.S. states (and Puerto Rico) and it seems to be pretty consistent with the recent data.  Stay safe and have a Happy Friday!! Hat tip to the U.S. Census Bureau.

Which cities have the best & worst drivers?  Conventional wisdom might say that would be hard to quantify but the folks over at QuoteWizard (part of lendingtree) gave it a shot.  They analyzed two million car insurance quotes from drivers in America’s 70 largest cities to come up with their list of cities with the best & worst drivers in America.  They looked at factors such as accidents, speeding tickets, DUIs and other misc traffic citations.  Cities having the most dangerous driving incidents are rated among the worst, while cities with the fewest are rated as the best.  Go figure……

Mortgage News Daily is reporting that after a few months of moderation lumber prices are once again soaring.  Citing data from the National Association of Home Builders, lumber prices have nearly tripled over the past four months, causing the price of an average new single-family home to increase by more than $18,600. In addition, recent increases have also added nearly $7,300 to the market value of the average new multifamily home. Click here to read the full story at Mortgage News Daily. Click here to see the latest lumber prices at the NAHB’s price tracker (updated weekly).

According according to a recent Redfin analysis of mortgage-rate lock data from real estate analytics firm Optimal Blue, demand for second homes remains well above pre-pandemic levels as affluent buyers continued to take advantage of remote work and low mortgage rates.  A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the buyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes.  Homebuyers must specify whether they are applying to secure a mortgage rate for a primary home, a second home or an investment…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in December increased $2 to $1,594 (13.5% year-over-year).  Encouragingly, Yardi says rent growth in2021 was more than double any previous year recorded by Matrix. “We anticipate that 2022 will be another strong year for multifamily performance, albeit not like the frenzied highs of 2021. Underpinning this forecast is that the economy should remain strong.” Click here to read the full report at Yardimatrix.com.

The Wall Street Journal says investors are buying up metaverse real estate in a “virtual land boom.”  It might be kind of hard to get your arms around what they’re talking about, however when you hear that millions of real dollars are being poured into virtual real estate it makes you wonder…..and it might make you want to learn more.  Indeed… “Real-estate transactions in the metaverse are reaching record highs. We spoke with companies investing in digital real estate to understand the economic model, and why investors are spending millions on virtual property.” Click here to watch on WSJ.com. …