The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.4% in February, 2021. Over the last 12 months, the all items index increased 1.7% before seasonal adjustment. Click here to read the full release at the Bureau of Labor Statistics.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to data from the NY Fed (illustrated for us by Statista), U.S. household debt climbed to a record high of $14.6 trillion at the end of 2020, with mortgage going above $10 trillion for the first time. They say this was driven mainly by a a record volume of mortgage originations, with households taking advantage of historically low rates to refinance. Either way, that’s a lot of debt. As always, stay safe and have a Happy Friday! “…the high volume of refinances from super-prime borrowers has also contributed to historically low delinquency rates. With 96.8 percent of total household…
A former Congresswoman from NE Ohio, Marcia Fudge, was confirmed during the second week of March by the U.S. Senate to lead the U.S. Department of Housing and Urban Development. According to The Hill, she will be the first woman to hold the position since 1979. After her confirmation, she resigned from her seat in the U.S. House of Representatives where she had represented parts of Cleveland and Akron (Ohio) since 2008. “Fudge vowed during her confirmation process to turn HUD around at a critical moment for the U.S. with a special focus on narrowing the racial inequities in…
According to recent data from the Associated General Contractors of America, construction employment decreased by 61k jobs in February, with the sector’s unemployment rate soaring to 9.6% amid severe winter weather and continuing weakness in new nonresidential projects. However, residential construction employment (comprising residential building and specialty trade contractors) dropped only by 200 jobs in February with the sector’s employment remaining slightly higher than a year ago. Indeed… “The steep decline in construction employment in February continues a downward trend in nonresidential activity that began before the disruptions caused by last month’s freezes and power losses,” said Ken Simonson, the…
On a recent episode of Real Estate News for Investors, Kathy Fettke says selling a home is about to get cheaper thanks to the settlement of a recent antitrust lawsuit between the National Association of Realtors and the U.S. Department of Justice. The agreement says that fees that sellers pay to buyers will now be publicly displayed on listing pages. Katy says this kind of transparency may result in more competition in the marketplace and lower rates. Indeed… Click here to listen at Real Estate News for Investors. Background: Justice Dept Charges Realtors with Alleged Antitrust Violations, 11-24-20 Real Estate…
The National Multifamily Housing Council (NMHC) says that 80.4% of apartment households made a full or partial rent payment by March 6th, 2021. This figure is 4.1% lower than those who paid rent through March 6, 2020 and higher than the 79.2% that paid by February 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 – representing a wide variety of market-rate rental properties that can vary by size, type and average rental price. Click here to read the full report at the NMHC. Click…
According to ATTOM Data’s latest Vacant Property and Zombie Foreclosure Report, zombie foreclosures represent only one of every 14,825 homes in Q1, 2021, which they say are just a minuscule portion of the nation’s 99 million residential properties. In addition, they report that the states with the biggest increases from Q4 2020 in zombie properties, among those with at least 100 properties in pre-foreclosure in Q1 2021, included: Arkansas (up 63%), Texas (up 62%), Minnesota (up 32%), Massachusetts (up 24%) and Missouri (up 20%). “These days, you can walk through most neighborhoods in the United States and not spot a…
A recent report from Bankrate.com says that before the Coronavirus-induced recession, states like Utah were already “on fire,” however residents from high-tax states like California & Washington emigrating and added fuel to that fire. States like Utah, Montana, Nebraska, Idaho and Indiana are hotter than ever as well as many others experiencing strong housing economies as of Q4, 2020. “Dave Robison, president of the Utah Association of Realtors, sums up the activity simply. “It’s insane,” says Robison, a real estate broker in Salt Lake City.” Bankrate.com says these five states had the strongest housing economies in Q4, 2020: Utah – …
A few years ago we shared a story about a prototype house that was being built by a mobile 3D printer, now fast forward to a new report from CNBC’s Diana Olick about the first ever 3D-printed homes for sale here in the U.S. Olick says with builders up against skyrocketing lumber costs as well as a labor shortage, these homes could help alleviate the ongoing housing shortage. Indeed….by the way, this Long Island, NY property has been listed on Zillow for $299k. Click here to watch at CNBC.com.
Last month we had a post about Generation Z entering the housing market and this month we’re discovering where they want to live. A new report from RENTCafé says small towns in the heartland of America are now trending for Generation Z renters. Yes…that’s right… they’re renting now but who knows for how long. RENTCafé says this emerging cohort, aka Zoomers, is the fastest-growing active renter segment in the U.S. and their locations of choice are just the opposite of their Millennial predecessors. Indeed… “Surprisingly, the trending locations preferred by Gen Z are small towns in the heartland, in the…
