Author: Brad Beckett

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 February, 2021 The latest job figures suggest very strongly that a real economic recovery won’t take place this year. The recovery of jobs we’ve seen since last April has hit a limit because most people won’t resume normal economic activity until the pandemic is over, so they’re not going to restaurants, stores, gyms or their doctor, even when governments allow them to do so. And the…

The NAHB’s Eye on Housing recently crunched the numbers from the most recent BLS Producer Price Index, where the found that prices paid for goods used in residential construction (excluding energy) rose 0.7% in December and ended 2020 5.4% higher than December, 2019.  Interestingly, they point out that over the course of 2020, building materials prices declined only 2 times.  Indeed… “Prices paid for softwood lumber (seasonally adjusted) rose by double digits (+12.5%) following a 23.9% decline over the prior two months. The softwood lumber PPI remains nearly 15% lower than the record high set in September, but data from…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.3% in January, 2021.  Over the last 12 months, the all items index increased 1.4% before seasonal adjustment. Click here to read the full release at the Bureau of Labor Statistics.

Monday, February 15th is President’s Day across America.  While it does honor all of our presidents, it is actually the official birthday observance of our first president, George Washington – and since Abe Lincoln’s birthday was also in February he, of course, gets to tag along.  Stay safe and have a Happy Friday!!! Hat tip to the Bristol Hearld Courier.

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were down 0.2% year-over-year in January.  However, overall rents increased in January by $3 to $1,392.  Yardi says bright spots are beginning to emerge. “As we enter 2021, there seems to be a light at the end of the tunnel, as it relates to the economy and housing market. The U.S. is continuing the effort to roll out COVID-19 vaccinations nationwide, the number of workers that filed for unemployment declined for the week ending Jan. 23, and consumer spending held up well in December.” Click here to…

The National Multifamily Housing Council (NMHC) says that 79.2% of apartment households made a full or partial rent payment by February 6th, 2021.  This figure is 1.9% lower than those who paid rent through February 6, 2020 and higher than the 76.6% that paid by January 6th, 2021.  The data comes from the NMHC’s Rent Payment Tracker which uses data from 11.4 million professionally managed apartment units across the country. “As we approach almost a full year of navigating the pandemic and the resulting financial distress, we remain encouraged by the COVID relief package passed at the end of 2020…

The Federal Housing Finance Agency (FHFA) announced they are extending their moratorium on foreclosures and evictions from single-family foreclosures and real estate owned (REO) through March 31, 2021.  The foreclosure moratorium applies to Enterprise-backed (Fannie Mae & Freddie mac), single-family mortgages only.  The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. In addition, The FHFA announced that borrowers with a mortgage backed by Fannie Mae or Freddie Mac may be eligible for an additional forbearance extension of up to three months. Eligibility for the extension is limited to…

According to a recent report from Redfin, Americans are staying put longer as rising home prices, a housing shortage and the pandemic make moving less attractive. However, they do point out that there are a handful of migration hot-spots, that include Charlotte, Tampa and Atlanta, that are bucking the trend.  In addition, the report says that in 2020, a record 25.1% of homeowners lived in the same home for over 20 years.  For comparison, this figure was 14.3% in 2010 and 8.6% in 2005.  They partially attribute this increase to rising home prices that have made it more beneficial stay…

The AP is reporting that two counties in the state of Georgia are refusing to enforce the CDC’s eviction order that effectively halts evictions during the coronavirus pandemic.  Magistrates in the two GA counties, Carroll & Coweta, have recently refused to stop landlord evictions and said the CDC order violates landlord rights.  The article highlights a family was ultimately evicted owing >$5k in back rent and are currently residing in a local hotel. “The CDC, as far as I know, has no control over Georgia courts,” Carroll County Chief Magistrate Alton Johnson told WABE-FM. “I think that if the federal…

According to their Year-End 2020 U.S. Home Sales Report, ATTOM Data Solutions says profits on home sales increased in 9 out of 10 Housing Markets in 2020 with the national median home price up 13%.  In addition the report says sellers nationwide realized price gains of $68,843 (a 34.7% ROI) on the typical sale, up from $53,700 in 2019 and $48,500 two years ago. “Last year marked a unique year in the history of home prices and profits in the United States. A once-in-a-century health crisis tore through much of the nation’s economy but seemed to have the opposite effect…