Author: Brad Beckett

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…

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…

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…

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 January, 2024 Growth in the US economy, as reflected in the rate at which new jobs are being created, keeps slowing, producing a situation where any new shock, like the wars in Ukraine and Israel, the price of oil, or political instability can cause consumers to shut their wallets and create a new recession. The number of jobs in December was 1.9 percent higher than a…

The U.S. government is reporting that privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000, which is 4.3% lower than November’s revised number and is 7.6% higher than one year ago.  December’s rate for units in buildings with five units or more was 417k.  Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,495,000, which is 1.9% higher than November’s revised number but is 6.1% higher than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 449k in…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 5.2% in November 2023, the strongest annual growth rate recorded since January 2023.  CoreLogic says annual home price growth is projected to slow to 2.3% in the spring of 2024 before stabilizing for the rest of the year. “Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year…And while the annual growth reflects comparison with last year’s declines, seasonal gains remain in line with historical averages. However, in some…

The National Association of Realtors is reporting that existing home sales were down 1% in December to a seasonally-adjusted annual rate of 3.78 million (down 6.2% year over year) – their lowest level since 1995.  Total housing inventory at the end of December was 1 million units, down 11.5% from November but up 4.2% from one year ago.  Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 29 days.  The median existing-home price for all housing types in December was $382,600, up 4.4% from one year ago. “The latest…

We’ve had a lot of posts about population and the demographics behind it.  In that vein, today’s infographic from the Visual Capitalist takes a look at the population of each U.S. state and its equivalent country.  Their map offers up an interesting perspective and really puts things into a much greater context. Keep in mind, too, that the United States is the 3rd most populous country in the world with approximately 336 million people.  Indeed….Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

A real estate investor in NW Philadelphia recently had to pay squatters $1,200 to leave a house he was selling after police said they couldn’t get involved – calling it a landlord-tenant issue since they claimed to be renters.  And, to add insult to injury, local court staff said a formal eviction could take more than six months.  According to the FOX News report, the suspects had squatters’ rights as soon as they moved into the house, which is why the police suggested that he file a landlord-tenant complaint. Interestingly, a few days later the squatters reached out to to…

On a recent episode of the Rent Perfect podcast David Pickron says when you create a new lease, your new tenants may ask if you’ll include items like washer/dryer and other appliances in your property.   David says you should always include strong language in your lease regarding any items left in the home that aren’t nailed down. Click here to listen on Spotify.