Author: Brad Beckett

Here’s an interesting report we’ve never posted about.  Yardi recently started a new report about the RV & boat storage sector, drawing on their database of nearly 2k, dedicated RV & boat storage properties and more than 15k traditional self storage properties that offer parking for rent. According to the report, advertised rental rates for parking units have grown incrementally since February but were down 0.4% year-over-year in June 2024, as demand for new RV and boat sales dropped after annual new supply reached an 18-year high last year. However, they say the sector has outperformed traditional self storage, where…

We have has several posts about the growing trend of more and more young people “staying in the nest” and not striking out on their own.  A recent report from Apartment List says more young adults are now living with their parents since 1940.  They say young adults who live at home today are also more likely to be there out of necessity rather than choice, with their data showing fewer than one-in-five are earning incomes that would allow them to comfortably afford local rent prices.  Indeed… Moving out of one’s parents’ house is often thought of as a key…

The American Land Title Association says seller impersonation fraud attempts continue to increase as 28% of title companies experienced at least one of these incidents in 2023, according to their recent study.  Interestingly, they point out that seller impersonation fraud often is caught before the real estate closing is completed. Their study showed that in 2023, 46% of companies said identifying and preventing fraudulent transactions before closing was at least somewhat common. To compare, only 26% of companies reported it was somewhat common to catch the fraud after closing. Common characteristics of seller impersonation fraud include notarization issues and use…

The U.S. government is reporting that privately‐owned housing starts in July, 2024 were at a seasonally adjusted annual rate of 1,238,000, which is 6.8% lower than June’s revised number and is 16% lower than one year ago.  July’s rate for units in buildings with five units or more was 363k.  Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,396,000, which is 4% lower than June’s revised number and 7% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 408k in…

We recently posted about the nation’s GDP was up 2.8% in Q2, 2024.  The NAHB’s Eye on Housing took a deeper dive into the numbers to reveal that housing’s share of the economy stayed level at 16.1% in the Q2, 2024 and remained above 16% after staying constant at 15.9% for all of 2023.  In addition, the more cyclical home building and remodeling component, residential fixed investment (RFI), was 4.0% of GDP, level from 4.0% in Q1, 2024.  RFI subtracted 5 basis points from the headline GDP growth rate in the second quarter of 2024, marking the first negative contributions…

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.

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).