Author: Brad Beckett

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) decreasd 0.1% in June, 2024.  The all items index was up 3% for the 12 months ending in June.  The index for shelter rose 0.2% in May, the fifth consecutive month of increases. Click here to read the full release at the Bureau of Labor Statistics.

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,739 (up $4) in June, 2024.  Year-over-year growth was unchanged at 0.6%.  Yardi says multifamily performance remained healthy in June, as strong demand is largely keeping up with rapid supply growth. “The U.S. job engine keeps chugging along, and demand is boosted by the U.S. housing shortage, foreign immigration and the low number of home sales, which keeps in place some renters who would prefer to buy homes but cannot.” Click here to read the full report at Yardi.

On a recent episode of Real Estate News for Investors, Kathy Fettke says senior housing is suddenly becoming a critical issue as the oldest baby boomers turn 80 next year. A firm that provides data and analytics for the senior housing industry expects an incredible increase in demand over the next 25 years, and says we already have a serious senior housing gap to contend with.  Take a listen…. Click here to listen.

According to the ADP National Employment Report for June, 2024, private employers added 150k jobs in May – slowing for the third consecutive month.  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. “Job growth has been solid, but not broad-based…Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”  Said ADP chief economist Nela Richardson. Click here to read the full report at ADP.

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.

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,…