Author: Brad Beckett

The U.S. government is reporting that privately‐owned housing starts in July, 2025 were at a seasonally adjusted annual rate of 1,428,000, which is 5.2% higher than June’s revised number and is 12.9% higher than one year ago.  July’s rate for buildings with five units or more was 470k.  Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,354,000, which is 2.8% lower than June’s revised number and is 5.7% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 430k in July.…

Have you ever wondered who was the richest person in your state?  Today’s graphic from the Visual Capitalist shows who that person is along with their net-worth (using data from Forbes).  Now you know…  As always, stay safe and have a Happy Friday!!! From tech moguls to retail tycoons, the richest person in each U.S. state reflects the industries driving wealth across the country. Some are household names, while others have built quiet fortunes in their home states. Hat tip to the Visual Capitalist.

Local Market Monitor recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. “With lower growth in the economy we very likely will see a slide in real estate values in the next year and especially in home prices, which itself will exacerbate the situation: people spend less when they think their home is worth less. The real estate market has been over-priced since 2022 and a rapid economic slowdown is just the kind of event to trigger a readjustment.” Click here for more information about Local Market Monitor.

According to the latest ICE Mortgage Monitor, the national delinquency rate rose 15 basis points (bps) to 3.35% in June.  FHA delinquencies, which ICE says tend to experience more seasonality, rose by 41 bps in June, the highest level since 2013 (excluding the 2020-2021 pandemic-era impact).  In addition they say FHA loans now represent more than half of all seriously past due (90+ days) mortgages nationwide despite accounting for around 15% of active mortgages. Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).

A recent report from ATTOM data says that in Q2 2025, 47.4% of all mortgaged residential properties across the country were equity‑rich –  reversing three straight quarterly declines.  They say the rebound points to ongoing strength of homeowner equity amid shifting market conditions. ATTOM defines an equity‑rich mortgage as one in which the combined loan balance is no more than half of the property’s estimated market value. Click here to read the full report at ATTOM.

The Tax Foundation says that the One Big Beautiful Bill Act (signed on July 4th) makes the most significant legislative changes to federal tax policy since the 2017 Tax Cuts and Jobs Act (TCJA).  They point out how the measure makes permanent the individual tax changes first put in place by the TCJA, avoiding a massive tax hike on an around 62% of tax filers in 2026. In addition, they say the law provides additional tax cuts to individuals and businesses on top of TCJA extensions, including new deductions for tipped and overtime income, an expanded child tax credit and…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July, 2025.  The all items index was up 2.7% for the 12 months ending in July.  The shelter index increased 0.2% and was the primary factor in the all items monthly increase.  The indexes for lodging away from home and communication were among the few major indexes that decreased in July. Click here to read the full release at the Bureau of Labor Statistics.

According to the latest Yardi Matrix Multifamily Report, multifamily rents posted gains in July, 2025 with the average U.S. advertised rent increasing $2 to $1,754. Year-over-year rent growth was 0.7%.  Yardi says multifamily rents due to robust demand, however elevated levels of lease-up inventory continue to restrain growth. “…rent growth has been restrained, largely due to the substantial number of units still under construction or in pre-lease. As of July, approximately 1 million units were under construction, about half of which are in the pre-lease phase.” Click here to read the full report at Yardi.

It seems like just yesterday that when your phone dialed up AOL or maybe Earthlink to get on the internet – and if you’re old enough you can still here those sounds.  Well, we’ve come a long way since then.  Today’s graphic from Chartistry (and Ooma) visualizes how connection speeds have drastically increased over time.  They rightfully point out that there are huge leaps in speed that can be difficult to understand…. Indeed…stay safe and have a Happy Friday!!! Hat tip to Chartistry.

Recent Census data analyzed by the NAHB’s Eye on Housing shows that the number of residential remodelers in the U.S. has reached a record high of 128,187, which is 65% higher than the number of residential builders (single-family & multifamily) at 77,455. Interestingly, the growth in the number of remodelers significantly outpaced builders between 2017 & 2022.  Indeed… Click here to read the full report at the NAHB’s Eye on Housing.