Author: Brad Beckett

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.7% in October, 2023 – marking the the 141st straight month of annual appreciation.  On a month-over-month basis, home prices increased by 0.2% in October compared with September.  CoreLogic predicts that home prices will increase 2.9% through October 2024. “Home price growth maintained its upward momentum in October, which continues to reflect gains from the strong spring season and contrasts with last year’s home price declines…But even with high mortgage rates, October’s price gains line up with historical trends…

The Biden administration is proposing a $15 billion plan to replace water pipes containing lead within 10 years.  According to FOX Business, the proposal would strengthen the EPA’s Lead and Copper Rule and allocate $15 billion from a bipartisan infrastructure law to replace lead service lines in water systems across the nation.  Once the proposed rule is published in the Federal Register, the EPA will accept comments from the public for a 60-day period.  Stay tuned… Click here to read the full story at FOX Business.

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 199k, in November 2023, with the unemployment rate coming in at 3.7%.  Interestingly, government employment increased by 49,000 in November – which is 25% of the total. Click here to read the full report at the Bureau of Labor Statistics.

On a recent episode of Mornings with Maria, Realtor.com’s chief economist, Danielle Hale, said “We’ve got a big hole to dig out of” when discussing the volume of new homes being built. She went on to add that she remains optimistic about the new unit inventory, arguing the industry will see an improvement, but said it’s a “multiyear problem.” Indeed….it’s worth a watch. Watch the latest video at foxbusiness.com Click here to read more at FOX Business.

The Visual Capitalist reminds us that the U.S. economy is like a giant machine driven by many different industries, each one akin to an essential cog that moves the whole.  To that end, today’s infographic uses data from the U.S. Bureau of Economic Analysis to breakdown U.S. GDP by industry.  Interestingly, real estate, rental, and leasing comes in $3.3 trillion (12% of U.S. GDP).  Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

As part of the Biden Administration’s Blueprint for a Renters Bill of Rights, the U.S. Department of Housing and Urban Development issued a proposed rule to require public housing agencies (PHA) with tenants in public housing and owners of properties participating in HUD Multifamily project-based rental assistance programs to provide their tenants with written notification at least 30 days prior to filing for an eviction due to nonpayment of rent in court. According to the release (see below) stakeholders can access the proposed rule (by clicking here) and have 60 days following publication in the Federal Register on December 1st…

Apartment List says their national median rent fell 0.9% to $1,340 – marking the 4th straight month of negative rent growth.  However they do say year-over-year rent growth remains in negative territory at -1.1%, meaning on average, apartments across the country are slightly cheaper than they were one year ago. “Rent growth follows a seasonal pattern – rent increases generally take place during the spring and summer, whereas the fall and winter usually see a modest price dip. This year, the slow season started a month earlier than usual…” Click here to read the full report at Apartment List. …

Rental information site Zumper recently released their latest monthly National Rent Report for November, 2023.  According to their data, median rent for 1-bedroom apartments was $1,499 (down 0.4% from October) and $1,856 (down 0.3% from October) for two-bedrooms. Be sure to check out their list of the top 100 metro areas. “We’re seeing most major markets settle into their new resting heart rates. Miami, for example, is more expensive than pre-pandemic; but it’s no longer seeing steep hikes month after month.”  Said Zumper CEO Anthemos Georgiades. Click here to read the full report at Zumper.

The U.S. government is reporting that total construction spending in October, 2023 was at a seasonally adjusted annual rate of $2027.1 billion, which is 0.6% higher than September’s revised estimate and 10.7% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $884.4 billion in October, which is 1.2% higher than September’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

On a recent episode of Real Estate News for Investors, Kathy Fettke says you’ll find out why many Americans are choosing to rent, why apartment landlords are offering more concessions, and other important news that affects real estate investing. Click here to listen on Spotify.com.