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 April, 2024 The US population increased one half percent in 2023. This is a bit better than during the Covid years when over a million Americans died, but well below the 1 percent rate that was standard for decades before 2010. While Covid may still have some residual effect, population growth had already slid for a decade even before the pandemic. There’s a good chance, therefore,…

We’ve seen a lot of posts about Generation Z (those born between 1997-2012).  Realtor.com says this cohort is known for being thrifty, financially responsible, and prioritizes finding ways to stretch their money.  Now they are contending with high home prices, rising mortgage rates, and a shortage of homes on the market.  However, they also say there are many parts of the country where Gen Z are successfully becoming homeowners.  Indeed, with that in mind, they recently came up with the top U.S. metros where Gen Z are buying homes. “Gen Z does a lot of research before making any significant…

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 1.6% in Q1 2024. “Compared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment. Imports accelerated.” Click here to read the full report at the U.S. Bureau of Economic Analysis.

Following on the heels of Florida, Georgia Governor Brian Kemp recently signed legislation which would allow property owners to go after squatters for damages, in addition to speeding up the eviction process.  The new law is called the Georgia Squatter Reform Act and squatting would make squatting a misdemeanor criminal offense, punishable by a year in jail. According to Bill Track 50: “…The Act defines unlawful squatting as when an individual resides on another’s land or premises without their knowledge or permission. Violators will receive a citation, giving them three business days to present proof such as a lease or…

The National Association of Realtors is reporting that pending home sales rose 3.4% in in March, 2024.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 78.2 in March.  They says this marks the best performance in a year. “Home sales have lingered at 30-year lows, and since 70 million more Americans live in the country now compared to three decades ago, it’s inevitable that sales will rise in coming years…Inventory will grow steadily from more home construction, and various life-changing events will require people to trade up, trade down or move to…

The U.S. Government is reporting that sales of new single-family houses in March, 2024 were at a seasonally adjusted annual rate of 693k, which is 8.8% higher than February’s revised rate and is 8.3% higher than one year ago.  The median sales price of new houses sold in March was $430,700 with an average sales price of $524,800.  There were an estimated 477k new houses for sale at the end of March representing a 8.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

Now that the nation has turned its attention to baseball, let’s take a quick look at the football landscape.  A recent graphic from the U.S. Census Bureau says the top 50 metro areas in the U.S. have 31 NFL teams.  And as anyone with short-term rentals can tell you, having a professional sports team nearby can be quite lucrative….especially if a major tournament is held in that city (ie Super Bowl etc.). As always, stay safe and have a Happy Friday!!! [Source: U.S. Census Bureau] Hat tip to the U.S. Census Bureau. top

The NAHB’s Eye On Housing says data from the latest Producer Price Index shows the prices of inputs related to residential construction (less food and energy,) rose for the 5th straight month.  Data shows that the non-seasonally adjusted index increased 0.21% in March following a 0.54% increase in February and a 1.25% in January, 2024. They point out that the index continues to grow at a faster rate than in 2023 as the average monthly change in 2023 was 0.15%. Click here to read the full report at the NAHB’s Eye on Housing.

According to the latest ICE Mortgage Monitor (formerly Black Knight), the national delinquency rate eased to 3.34% in February, an 11 basis point improvement over last year.  In addition serious delinquencies fell to their lowest level in three months, while foreclosure starts, sales and inventory were all down on both a monthly and annual basis.  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. Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).

On a recent episode of the AZREIA Show, Michael Del Prete talks with Sophia Willets who shares her journey about growing up in a real estate investor family to becoming a successful multifamily real estate investor herself.  She discusses the advantages of starting in single-family homes before moving to multifamily properties, her strategy for off-market deals, and how she achieved significant returns on her investments. She also talks about the challenges she faced, including losing everything in the 2007 financial crisis and rebuilding her career and personal life. Click here to listen.