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 September, 2021 The latest data on home prices show an incredible surge in almost all markets across the country. This can’t be explained through economic growth or population growth or income growth, because there hasn’t been any. It seems to be a pandemic phenomenon unrelated to ordinary economic measurement, and therefore we don’t know how it will develop. There isn’t an enormous surge of demand. Last…

HousingWire is reporting (reposted on RealTrends) that the National Association of Realtors (NAR) is giving insight into the U.S. Department of Justice’s investigation into their recent ban on Pocket Listings.  According to the report, the Biden Justice Department unilaterally withdrew from their consent decree with the NAR in July, 2021.   In mid-September,  the NAR sent out a 44-page legal briefing stating that they want to set aside or modify a civil investigative demand made by the Justice Department.  HousingWire says that a “civil investigative demand” is a tool used by federal government agencies to gather information, usually prior to the…

The NAHB’s Eye on Housing recently took a deep-dive into the Bureau of Labor Statistics Producer Price Index (PPI) regarding the prices of goods used as inputs to residential construction. Their data shows that overall (excluding energy) they have increased 19%.  If you add in energy that rate drops to 12%. The NAHB says that prices related to residential construction, including lawn care products, the 10 that have increased the most so far this year are: Steel mill products Building paper and building board mill products Asphalt Plastic water pipe Fertilizer materials Laminated veneer lumber Thermoplastic resins and plastics materials…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.3% in August, 2021.  Over the last 12 months, the all items index increased 5.3% before seasonal adjustment. Click here to read the full release at the Bureau of Labor Statistics.

According to recent data from the Mortgage Bankers Association, home price appreciation & loan sizes continued to accelerate in Q2, 2021.  The MBA says this was driven by robust housing demand that continues to outpace the supply of homes for sale. “While challenges to replenishing the housing supply will persist for the months ahead, an increasing number of younger households approaching homeownership age will support growth over the next few years. We expect that supply will eventually grow enough to help moderate the rapid pace of home price growth as home builders see supply chain bottlenecks ease and existing homeowners…

According to various media reports, Democrats in the U.S. House of Representatives’ Ways & Means Committee have promulgated a series of tax increases to fund the expansion of social safety net programs and fight climate change, as part of President Biden’s $3.5 trillion spending plan.  Among the many proposed items is an increase in the corporate tax rate to 26.5% (up from 21%), a 3 percentage point surtax on top earners and a capital-gains tax increase. The WSJ says the basic capital-gains rate would rise to 25% (up from 20%), however when combined with an existing 3.8% investment-income tax and…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in August increased $25 to $1,539 (up 10.3% year-over-year).  Yardi says the recovery in rents is widespread and being fueled by a return to urban cores, job growth and an increased savings rate.  In addition, they say many who were living at home or with roommates during the pandemic are now able to afford their own apartments, creating a surge in demand. Indeed… “Tech hub metros that have led the nation in rent growth over the last year and a half continued to outperform. Not only are…

The National Multifamily Housing Council (NMHC) says that 72% of apartment households made a full or partial rent payment by September 6th, 2021.  This figure is 4.4% lower than those who paid rent through September 6, 2020.  The data comes from the NMHC’s Rent Payment Tracker which uses data from 11.7 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 more at the NMHC.

All across the nation men & women are engaged in numerous trades and occupations – and let’s not forget they all need a place to live!  Recent data from the U.S. Census Bureau took a look at selected occupations with more than 1 million full-time, year-round workers by sex.  Stay safe and have a Happy Friday!!! Hat tip tip to the U.S. Census Bureau.

A recent study from Harvard’s Joint Center for Housing Studies asks, “How Are Landlords Faring During the COVID-19 Pandemic?”  In the report, 2,500 landlords shared information about their rental property portfolios, as well as the individual rental properties themselves. Harvard’s Joint Center for Housing Studies advances understanding of housing issues and informs policy. Through its research, education, and public outreach programs, the Center helps leaders in government, business, and the civic sectors make decisions that effectively address the needs of cities and communities. This working paper, produced as part of the Housing Crisis Research Collaborative, describes the results of a…