Author: Brad Beckett

Citing data from the Federal Reserve’s G.19 Consumer Credit Report, the NAHB’s Eye on Housing says total outstanding U.S. debt stood at $5.05 trillion for Q1 2024, which is increasing at an annualized rate of 1.86% (SA).  They report that from the Q1 2023 to the first quarter of 2024, the total increased by 2.09%. This is lower than the 6.67% year-over-year (YoY) rise from Q1 2022 to Q1 2023, and the 6.51% YoY rise from Q1 2021 to Q1 2022. In addition, of the total outstanding US debt Q1 2024, the nonrevolving share is 73.47%, with revolving at 26.53%. …

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.  Take note the growth of jobs in Government, which we’ve been pointing out in other posts. Do you have questions that you would like to have answered in the next NEO presentation? Please submit questions here. Click here for more information about Local Market Monitor.

The National Association of Realtors is reporting that pending home sales dropped 2.1% in in May, 2024.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 70.8 in May.  The NAR says month over month, contract signings declined in the Midwest and South but increased in the Northeast and West.  In addition, compared to one year ago, pending home sales declined in all U.S. regions. “The market is at an interesting point with rising inventory and lower demand…Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in…

The U.S. Government is reporting that sales of new single-family houses in May, 2024 were at a seasonally adjusted annual rate of 619k, which is 11.3% lower than April’s revised rate and is 16.5% lower than one year ago.  The median sales price of new houses sold in May was $417,400 with an average sales price of $520k.  There were an estimated 481k new houses for sale at the end of May representing a 9.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

Next Thursday, July 4th, will mark 248 years of America’s independence!  Today’s infographic takes a look at the Fourth of July “by the numbers” and provides insight into this holiday that we Americans hold dear.  Whatever you do to celebrate, do it safely and have fun…..and, as always, Stay safe and have a Happy Friday!!! “On July 2nd, 1776, the Continental Congress voted in favor of independence, and two days later delegates from the 13 colonies adopted the Declaration of Independence, a historic document drafted by Thomas Jefferson. From 1776 to the present day, July 4th has been celebrated as…

The venerable AAA predicts that close to 71 million Americans will travel 50+ miles from home over the week of 4th of July – an increase of 5% over 2023.  AAA says this year, for the first time, they looked at the entire July 4th week, plus the Saturday before and the Sunday after the holiday.  Indeed…. “We anticipate this July 4th week will be the busiest ever with an additional 5.7 million people traveling compared to 2019.”   Said Paula Twidale, Senior Vice President of AAA Travel. Click here to read the full report at AAA.com.

Recent analysis from the Tax Foundation says property taxes remain by far the most important source of local revenue in the U.S, generating about 72% of local tax collections.  Their research sheds light on the current state of two major revenue sources for local governments in the U.S. (after property taxes).  In addition they provide a descriptive analysis of the most recent local tax data. Some key findings: Local sales and income taxes generate 13% and 5% of local tax revenue. Local income taxes are authorized in 16 states and the District of Columbia. Localities in only seven states do…

On a recent episode of the Rent Perfect podcast David Pickron sheds light on the reality behind rising credit scores and why, as a landlord, you may need to dig a little deeper to understand your tenants’ ability to make rental payments. “Is a credit score really a good indicator of a tenant applicant’s ability to pay their rent?” – David Pickron Click here to listen on Spotify.

In response to the National Association of Realtors reaching a settlement in a class-action lawsuit requiring them to change its brokerage fee rules, the U.S. Department of Veterans Affairs recently announced an update to help ensure that Veterans using the VA-guaranteed home loan benefit remain competitive buyers. Specifically, the VA says eligible Veterans, active duty service members and surviving spouses who use their VA home loan benefits can pay for certain real estate buyer-broker fees when purchasing a home beginning Aug. 10, 2024.  The update was intended to ensure VA’s programs continue to promote access to homeownership for Veterans.  Previously,…

According to ATTOM Data’s May 2024 U.S. Foreclosure Market Report, there were a total of 32,621 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions)  – up 3% from a month ago but down 7% from a year ago.  Their data show that one in every 4,320 housing units nationally had a foreclosure filing in May. States with the highest foreclosure rates were New Jersey (one in every 1,939 housing units with a foreclosure filing); Illinois (one in every 2,362 housing units); Delaware (one in every 2,595 housing units); Connecticut (one in every 2,600 housing units); and…