According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 175k in April, 2024 with the unemployment rate rising to 3.9% (up 0.1 percentage points). Once again, employment in the government sector continued to climb with the BLS saying it increased by 51k, close to the average monthly gain of 54k over the past 12 months. Click here to read the full report at the Bureau of Labor Statistics.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The U.S. government is reporting that the national vacancy rates for Q1, 2024 were 6.6% for rental housing and 0.8% for homeowner housing. The national homeownership rate for Q1 2024 was 65.6%. In addition, approximately 89.6% of the housing units in the United States in Q1 were occupied and 10.4% were vacant. Owner-occupied housing units made up 58.8% of total housing units, while renter-occupied units made up 30.8% of the inventory. Vacant year-round units comprised 7.9% of total housing units, while 2.5% were vacant for seasonal use. Click here to read the full release at the U.S. Census Bureau.
This week’s infographic is really a no-brainier. It illustrates just a few of the awesome benefits of joining a real estate investors association, or REIA as they’re commonly known. You really do get “a bang for your buck” when you become a part of a local community of real estate investors. Click here to find a REIA near you! As always, stay safe and have a Happy Friday!!! Click here to find a REIA near you!
The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) recently released their 2023 Internet Crime report which offers critical insights into the cyber threat landscape based on aggregated data from reported complaints. The FBI says that in 2023, the most frequently reported crime was phishing schemes, which use unsolicited e-mail, text messages, and telephone calls purportedly from a legitimate company to request personal, financial, and/or login credentials. The crimes with the highest reported losses were attributable to investment scams – which is a deceptive practice that induces investors to make purchases based on false information. “IC3 is an important…
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.
