Author: Brad Beckett

The Pacific Legal Foundation recently announced that a Michigan mom has asked the Michigan Supreme Court to affirm her constitutional right to just compensation after Manistee County foreclosed on the home that she and her boys lived in, sold it, and unconstitutionally kept $102,636 more than she owed.   According to the release, Chelsea Koetter, a single mother of two boys, fell behind on her property taxes In 2018. She then mistakenly underpaid what she owed based on incorrect tax information from a local government employee.   As a result, she had an outstanding tax bill that grew to $3,863 with…

According to the ADP National Employment Report for July, 2024, private employers added 122k jobs in July.  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. “With wage growth abating, the labor market is playing along with the Federal Reserve’s effort to slow inflation. If inflation goes back up, it won’t be because of labor.”  Said ADP chief economist Nela Richardson. Click here to read the full report at ADP.

The U.S. government is reporting that total construction spending in June, 2024 was at a seasonally adjusted annual rate of $2,148.4 billion, which is 0.3% lower than May’s revised number.  However, June’s revised estimate is 6.2% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $928 billion in June, which is 0.3% lower than May’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,753 (up $4) in July, 2024.  Year-over-year growth was unchanged at 0.8%.  Yardi says multifamily growth is weak, but there is some strength.  Indeed… “Multifamily rent growth is weak nationally compared to long-term levels, but the market is exhibiting strength in many ways. Advertised rents were up only 0.8% year-over-year through July, but growth remained consistent through the beginning of the summer.” Click here to read the full report at Yardi.

The Visual Capitalist says rental prices have surged in several American cities in recent years. Citing data form Zumper, they say such factors such as inflation, limited housing inventory, and barriers to homeownership have all contributed to the increase in rent costs.  Today’s graphic illustrates the top 10 American cities with the highest rental costs as of May 2024.  Indeed…..stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

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. Do you have questions that you would like to have answered in the next NEO presentation? Please submit questions here. Click here for more information about Local Market Monitor.

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 114k in July, 2024 with the unemployment rate rising slightly to 4.3%.   Employment continued to trend up in health care, in construction, and in transportation and warehousing, while information lost jobs. Click here to read the full report at the Bureau of Labor Statistics.

What are the top markets for renters in 2024?  Realtor.com says we’re now in the second half of the peak rental season, so with that in mind, they produced a new report with top rental markets with cities offering a great combination of affordable rental options and job opportunities.  Top get their list, they analyzed 325 cities & towns with a population of 75k+ and located within the 50 largest metro areas.  Next, they ranked them by such factors as rental affordability (rent-to-income ratios), unit availability, job opportunities and commute times.  Perhaps not surprising, all top 10 rental markets are…

The U.S. government is reporting that the national vacancy rates for Q2, 2024 were 6.6% for rental housing and 0.9% for homeowner housing.  The national homeownership rate for Q2 2024 was 65.6%.  In addition, approximately 89.6% of the housing units in the United States in Q2 were occupied and 10.4% were vacant. Owner-occupied housing units made up 58.8% of total housing units, while renter-occupied units made up 30.8% of the inventory.  Vacant year-round units comprised 8% of total housing units, while 2.4% were vacant for seasonal use.  Interestingly, these numbers are almost identical with Q1. Click here to read the…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices were unchanged in May, 2024.  However, prices rose 5.7% from May 2023 to May 2024.  The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house price movement was flat in May…The slowdown in U.S. house price appreciation continued in May amid a slight rise in both mortgage rates and housing inventory.” …