Author: Brad Beckett

The Wall Street Journal (re-posted on Realtor.com) is reporting that home insurers are pushing for big rate increases along with weakened consumer protections.  In addition, the WSJ says they are increasingly getting what they ask for.  According to their report, state regulators across the country appear to be adhering to industry demands, fearing that insurers will exit their states. States are also giving home insurers almost everything they ask for on rates, an analysis conducted for The Wall Street Journal suggests. The average state-approved increase since the start of last year is just 0.2 percentage point below the increase requested…

According to the ATTOM Data’s Midyear 2024 U.S. Foreclosure Market Report, there were a total of 177,431 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) in the first six months of 2024.  That figure is down 4.4% from one year ago and up 7.8% from the same period two years ago. “In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024…In addition, U.S. foreclosure starts also decreased by 3 percent in the first six months of 2024. These shifts could suggest a potential…

Several states across the nation are holding off sales tax holidays for the back-to-school season.  Whether you think this is good or bad public policy is can be saved for another day;  the bottom-line is saving your hard-earned money!  The data has been provided by the Federation of Tax Administrators and actually covers the entire year – as well as many more products than just school supplies & clothing. Be sure to read your state’s “fine-print” for this exemption.  This list is subject to change and some states have already had some sales tax holidays in 2024. Upcoming States: Arkansas…

The U.S. government is reporting that privately‐owned housing starts in June, 2024 were at a seasonally adjusted annual rate of 1,353,000, which is 3% higher than May’s revised number but is 4.4% lower than one year ago.  June’s rate for units in buildings with five units or more was 360k.  Privately‐owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,446,000, which is 3.4% higher than May’s revised number and 3.1% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 460k in…

The Census Bureau’s Population Estimates Program (PEP) produces estimates of the population for the United States, its states, counties, cities, and towns, as well as for the Commonwealth of Puerto Rico and its municipios. In addition, as illustrated by the interactive chart below, they also produce housing unit estimates for the nation, states, and individual counties. Hat tip to the U.S. Census Bureau.

We’ve covered the disastrous effects of Rent Control for sometime now. This week various news outlets are reporting that President Joe Biden is proposing a 5% cap on rental increases, in effect implementing a de-facto rent control, nationwide.   According to the Rental Housing Journal, Biden’s plan will cap rent increases to 5% annually for landlords with more than 50 units but, they say, it will face stiff opposition in Congress. In addition, The Washington Post says the measure would not only apply to landlords who own more than 50 units, which represents roughly half of all rental properties, but it…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) decreasd 0.1% in June, 2024.  The all items index was up 3% for the 12 months ending in June.  The index for shelter rose 0.2% in May, the fifth consecutive month of increases. Click here to read the full release at the Bureau of Labor Statistics.

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,739 (up $4) in June, 2024.  Year-over-year growth was unchanged at 0.6%.  Yardi says multifamily performance remained healthy in June, as strong demand is largely keeping up with rapid supply growth. “The U.S. job engine keeps chugging along, and demand is boosted by the U.S. housing shortage, foreign immigration and the low number of home sales, which keeps in place some renters who would prefer to buy homes but cannot.” Click here to read the full report at Yardi.

On a recent episode of Real Estate News for Investors, Kathy Fettke says senior housing is suddenly becoming a critical issue as the oldest baby boomers turn 80 next year. A firm that provides data and analytics for the senior housing industry expects an incredible increase in demand over the next 25 years, and says we already have a serious senior housing gap to contend with.  Take a listen…. Click here to listen.

According to the ADP National Employment Report for June, 2024, private employers added 150k jobs in May – slowing for the third consecutive month.  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. “Job growth has been solid, but not broad-based…Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”  Said ADP chief economist Nela Richardson. Click here to read the full report at ADP.