Author: Brad Beckett

Director of Education & Outreach, National Real Estate Investors Association

Drinks culture site VinePair says while there are new and exciting restaurants opening their doors every week, what about the establishments that have been standing for decades?   To that end, today’s infographic shows us the oldest restaurant in every state.  Stay safe and have a Happy Friday!!! “The majority of the oldest restaurants in the nation were established sometime in the 19th and 20th centuries, and sometimes before their home states even joined the union. Others, like Rhode Island’s The White Horse Tavern and Virginia’s Red Fox Inn predate the United States itself and have an ambiance to prove it.”…

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The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 3.3% in Q4 2023.  That figure is 1.6 percentage points lower than Q3’s annualized increase. Click here to read the full report at the U.S. Bureau of Economic Analysis.

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According to Harvard’s Joint Center for Housing Studies latest report, America’s Rental Housing 2024, climbing rents in recent years propelled US cost burdens to staggering new heights.  They say that in 2022, half of all US renters were cost burdened – an all-time high.  In addition, they say that while rental markets are finally cooling, evictions have risen, the country is seeing the highest homelessness counts on record, and the need for rental assistance is greater than ever. They also point out that aging rental stock requires significant investment to address structural inadequacies, inaccessibility, and climate risks. Their key points:…

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According to ATTOM’s Year-End 2023 U.S. Home Sales Report, home sellers made a $121k, profit on the typical sale in 2023, generating a 56.5% return on investment.  However, as the report points out, even as both gross profits and profit margins remained near record levels, they decreased from 2022, marking the first declines in either category since 2011.  ATTOM says the decline happened even as the median nationwide home price rose – albeit at its smallest annual pace in more than a decade. “Last year certainly stood out as another very good year for home sellers across most of the…

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The National Association of Realtors is reporting that pending home sales in December, 2023 rose 8.3%.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 77.3 in December.  In addition, the NAR is projecting a 13% increase in existing-home sales for 2024.  Indeed… “The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices…Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.” said Lawrence Yun, NAR chief economist. Click…

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The U.S. Government is reporting that sales of new single-family houses in December, 2023 were at a seasonally adjusted annual rate of 664k, which is 8% higher than November’s revised rate and is 4.4% higher than one year ago.  The median sales price of new houses sold in December was $413,200 with an average sales price of $487,300.  There were an estimated 453k new houses for sale at the end of December representing a 8.2-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

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We recently posted the latest inflation numbers, where we saw that the index for shelter was the largest factor in the monthly increase in the index – contributing over half of the monthly all items increase.  Today’s graphic from Statista illustrates the uptick in inflation along with rising housing costs.  Stay safe and have a Happy Friday!!! “Due to its weight in the Consumer Price Index, the cost of shelter continues to be a major driver of inflation. Rents and owners’ equivalent rents of residences increased 6.5 and 6.3 percent year-over-year in December, respectively, as the index for shelter climbed…

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According to ATTOM Data’s Year-End 2023 U.S. Foreclosure Market Report, there were 357,062 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) – representing 0.26% of all U.S. housing units, up slightly from 0.23% in 2022, but down from 0.36% in 2019 and down from a peak of 2.23% in 2010.  In addition, lenders started the foreclosure process on 270,222 properties in 2023, up 9% from 2022, up 193% from 2021, but down 20% form 2019 and down 87% from a peak of 2,139,005 in 2009. States with the greatest number of foreclosure starts in 2023 included…

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Realtor.com says that with now that mortgage rates are falling and the number of homes for sale has begun to rise, many would-be buyers are ready to jump back into the market.  To that end, their economics team put pent to paper to identify the 10 top markets for first-time buyers in 2024.  They say these towns offer more homes for sale at price ranges that many cash-constrained, first-time buyers can afford as well as plenty of job opportunities, short commutes and lots of things to do. “We picked these markets for their affordability and availability of listings. This makes…

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