According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 206k in June, 2024 with the unemployment rate rising slightly to 4.1%. As we keep seeing, employment in the government sector keeps climbing with the BLS reporting that it increased by 70k, well above the average monthly gain of 49k over the past 12 months. Click here to read the full report at the Bureau of Labor Statistics.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to the latest ICE Mortgage Monitor (formerly Black Knight), the national delinquency rate fell 6 basis points (bps) year over year to 3.04% in May – the second lowest point on record. In addition, they report that foreclosure starts were down almost 5% from one year ago. 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. “All in, there are 5.8M fewer sub-5% mortgages in the market today than there were at this time in 2022. This has been a slow-moving change, as…
We’ve had a lot of posts about folks moving from high-tax states to lower taxed ones. A recent report from Realtor.com says Blue-State residents are fleeing to Red States for lower house Prices – but Locals Warn, ‘Don’t Bring … Politics’. They say a lot of this mass migration has to do with real estate prices, which have shot up astronomically in blue-state strongholds such as California and New York. Citing data from Stateline, they point out that Republican counties (defined by the 2020 presidential vote) gained 3.7 million more people than they’ve lost since 2020. While at the same…
The Visual Capitalist says that come election time Americans won’t hesitate to show their approval or disapproval of the country’s elected leaders. However, they point out that feelings about the federal bureaucracy and its agencies are a little harder to gauge. Indeed….Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.
The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product increased in 39 states and DC in Q1 2024, with the percent change ranging from 5% at an annual rate in Idaho to –4.2% in South Dakota. In addition, personal income increased in all 50 states and DC, with the percent change ranging from 9.5% at an annual rate in South Carolina to 0.6% in North Dakota. Click here to read the full report at the U.S. Bureau of Economic Analysis.
What are the top housing markets for military and veteran homebuyers? Realtor.com says Americans in the military have a variety of government benefits available to them for their service and certain cities excel at making veterans feel more at home. To find these military-friendly metros, their economists sifted through America’s 100 largest metros analyzing the following factors; Homeownership accessibility, Veterans Affairs home loan use, Affordability, Availability of homes for sale, and Job stability. Their top 10 cities are: Des Moines, IA Augusta, GA Columbia, SC Birmingham-Hoover, AL Palm Bay-Melbourne-Titusville, FL Little Rock-North Little Rock-Conway, AR Indianapolis-Carmel-Anderson, IN Memphis, TN Richmond,…
According to Apartment List’s National Rent Report for July 2024, national median rent rose 0.4% to $1,411. They say rent prices ticked up for the fifth straight month, but rent growth over the course of 2024 as a whole remains modest, signaling ongoing sluggishness in the market. Indeed… “At the midpoint of the year, the rental market looks very similar to what we saw in 2023: positive but slow rent growth during what are normally the busiest months.” Said Igor Popov, Chief Economist for Apartment List. Click here to read the full report at Apartment List.
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.9% in May, 2024 – the lowest rate of appreciation since October 2023. In addition, CoreLogic predicts that by May 2025, national price gains are projected to slow to 3%. Indeed… “While national annual home price growth continues to slow as anticipated, cooling appreciation over the past months is now observed in more markets, as the surge in mortgage rates this spring caused both slowing homebuyer demand and prices…However, persistently stronger home price gains this spring continue in markets…
According to Yardi’s U.S. Multifamily Outlook for Summer 2024, multifamily performance continues to be strong, but it is not without challenges. They say demand remains steady from consistent job growth and immigration, but some fundamental metrics including rent growth and occupancy have deteriorated since the market peak in 2022. In addition, they say the capital markets will remain a headwind until rates recede. Click here to read the full report at Yardi.
The U.S. government is reporting that total construction spending in May, 2024 was at a seasonally adjusted annual rate of $2,139.8 billion, which is 0.1% lower than April’s revised number. However, May’s revised estimate is 6.4% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $918.2 billion in May, which is 0.2% lower than April’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
