Author: Brad Beckett

The Mortgage Bankers Association points out that the October’s Employment Situation Report  said 531k jobs were added over most sectors of the economy and the unemployment rate decreased further to 4.6%. There were around 44k construction jobs were added in October with a fourth of those being residential construction and residential specialty trade contractors.  However, MBA says even though production has picked up, home builders are facing labor shortages, rising costs for building materials and low availability of these materials, limited lot availability, and more.  A recent MBA “chart of the week” examines the growth rates of single-family construction and…

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 November, 2021 Most of us thought the pandemic would have a deep but temporary effect on the economy, that our medical ingenuity would allow us to control and eventually defeat the virus and then get back to normal. That didn’t happen. We now face the likelihood that the pandemic will linger at a low level for years, affecting how we work, shop and interact with each…

A recent Wall Street Journal story (reposted on Realtor.com) says single-family homes that were built to rent are emerging as the hottest corner of the U.S. property market.  The report suggests that steep down payment requirements are causing people to stay on as renters, even as those rents are rising at a break-neck pace.  In addition, they say a land-grab is being driven by growing investor interest in building homes for rent – especially in the south. “Close to 100,000 built-to-rent homes will have started construction this year, according to estimates from Brad Hunter, founder of the Hunter Housing Economics…

According to ATTOM Data’s Q3 2021 U.S. Home Sales Report, profit margins on median-priced single-family home and condo sales jumped to 47.6 percent – which they say is the highest level in 10 years.  The report says that the typical home sale across the country during Q3 ’21 generated a profit of $100,178, with the national median home price hitting a record of $310,500. “The third quarter of this year marked another period in a banner year for a housing market boom that’s steaming ahead through its 10th year. Prices and seller profits again hit new highs since the market…

No surprises here;  A recent report from Redfin says Crime & Cost of Living were the most commonly cited factors for homeowners and renters when it came time to move.  Interestingly, homeowners and renters differed the most on the issue of taxes.  Redfin says nearly three times as many homeowners cited taxes as an important factor in deciding where to move. “There are plenty of positive reasons to make a move, but sometimes people move to flee a place where they felt unsafe…Concerns with crime, especially among homeowners, contributed to a recent increase in migration out of cities and into…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in October increased $23 to $1,572 (13.7% year-over-year).  Yardi says the growth is driven by an ongoing surge in demand that started in the spring and has yet to subside.  Indeed… “But 2021 is not a normal year. The combination of pent-up demand, rapid job growth, increase in single-family prices keeping renters in place, long-term shortage of supply, and rapid migration to markets with low-cost housing has created seemingly inexhaustible demand…” Click here to read the full report at Yardimatrix.com.

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.9% in October, 2021.  The all items index rose 6.2% for the 12 months ending October, the largest 12-month increase since 1990. Click here to read the full release at the Bureau of Labor Statistics.

The Visual Capitalist reminds us that every day, millions of Americans take prescribed drugs to help them stay healthy and live their lives – and that includes many of you reading this right now.  To that end they put together today’s infographic with the most prescribed drugs in America. Interestingly, the majority of those prescriptions are used to treat high blood pressure or its symptoms.  Stay safe & healthy and have a Happy Friday!!! “As our understanding of medicine has evolved, we’ve been able to develop drugs to aid with some of the most common medical conditions—from pain and blood…

On a recent episode of Real Estate News for Investors, Kathy Fettke takes a look at why it’s a “banner year” for homeseller profits, how much an ADU (accessory dwelling unit) will increase your home value, and which states are attracting the most newcomers.  Tune in! Click here to listen on Spotify.com.

RentCafé says “they don’t make ’em like they used to” and to prove their point, they recently highlighted the top 20 oldest buildings still renting today – some of which are more than 135 years old. “The oldest apartment building on our list is the quaint Pendleton in Cincinnati, OH. Dating back to before the Civil War, the red brick structure is alive with residents inhabiting its 78 rental units. And it’s not just the 171-year-old Pendleton that still has some life left in it! Some of today’s apartment communities witnessed the glitz and innovation of the Gilded Age, while…