Author: Brad Beckett

We’ve seen a lot of stories about squatters lately….it’s a serious and apparently growing problem.  The New York Post recently reported that a couple’s plan in Queens, New York, to move into a $2 million dream home and retire in with their disabled son has become a “nightmare” as they’re now doing battle with a squatter who “claims” he had an agreement with the previous owner.  Adding insult to injury (and we have seen this before in other situations), the squatter has even been advertising rooms for rent. “An online listing shows Flores advertising “The Prince Room” for $50 a…

The National Law Review is reporting that the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency.  Comments on the proposed rule are due within 60 days of its Feb. 16, 2024, publication in the Federal Register. “The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. FinCEN’s proposal is tailored to target residential real estate transfers considered…

We have posted a lot about the dangers of cybercrime…It’s serious business.  According to a recent data illustrated by Statista, the global cost of cybercrime is expected to surge in the next four years, rising from $9.22 trillion in 2024 to $13.82 trillion by 2028.  Please, stay [cyber] safe and have a Happy Friday!!! “As more and more people turn online, whether for work or their personal lives, there are more potential opportunities for cyber criminals to exploit. At the same time, attacker techniques are becoming more advanced, with more tools available to help scammers.” Hat tip to Statista.

According to Apartment List’s National Rent Report for March 2024, national median rent rose 0.2% to $1,377.  They say this increase is in line with the rental market’s typical seasonal pattern. “…for the last two years seasonal declines have been steeper than usual and seasonal increases have been milder. So on a year-over-year basis, rent growth remains in negative territory at -1 percent, where it has sat for the last several months. In other words, as the market cools, apartments are on average slightly cheaper today than they were one year ago…” Click here to read the full report at…

The U.S. government is reporting that total construction spending in January, 2024 was at a seasonally adjusted annual rate of $2,102.4 billion, which is 0.2% lower than December’s revised estimate and is 11.7% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $900.8 billion in January, which is 0.2% higher than December’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 3.2% in Q4 2023.  That figure is 1.7 percentage points lower than Q3’s annualized increase. Click here to read the full report at the U.S. Bureau of Economic Analysis.

Various news outlets are reporting that a federal judge in Alabama has ruled that the Corporate Transparency Act is unconstitutional.  According to the AP, U.S. District Judge Liles C. Burke decided in early March that the Corporate Transparency Act (CTA) is unconstitutional on the grounds that Congress exceeded its powers in enacting the law and any rulemaking stemming from it is unlawful.  The case was originally filed by the National Small Business Association in 2022.  The WSJ says NSBA argued the bill was unconstitutional because it infringes on protected rights of state sovereignty, privacy and due process.  Indeed… “…Judge Burke…

Rental information site Zumper recently released their latest monthly National Rent Report for February, 2024.  According to their data, median rent for 1-bedroom apartments was $1,482 (down 0.9%) and $1,837 (down 0.5%) for two-bedrooms. Be sure to check out their list of the top 100 metro areas. “With record apartment supply hitting the U.S. market, renters have more options to choose from so property owners are even more incentivized to retain tenants since units may sit empty for longer in current conditions…”  Said Zumper CEO Anthemos Georgiades.  Click here to read the full report at Zumper.

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.5% annual change for December, 2023.  Their 10-City Composite increased 7% and their 20-City Composite increased 6.1%, year-over-year. “2023 U.S. housing gains haven’t followed such a synchronous pattern since the COVID housing boom. The term ‘a rising tide lifts all boats’ seems appropriate given broad-based performance in the U.S. housing sector. All 20 markets reported yearly gains for the first time this year, with four markets rising over 8%.”  Said Brian D. Luke, Head of Commodities, Real & Digital assets at S&P DJI. Click here to read…

The National Association of Realtors is reporting that pending home sales in January, 2024 dropped 4.9%.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 74.3 in January.  In addition, the NAR is projecting a 13% increase in existing-home sales for 2024.  Indeed… “The job market is solid, and the country’s total wealth reached a record high due to stock market and home price gains…This combination of economic conditions is favorable for home buying. However, consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that’s impacting home…