Author: Brad Beckett

Rental information site Zumper recently released their latest monthly National Rent Report for August, 2023.  According to their data, rent for 1-bedroom apartments was $1,510 (up 1.6% year over year) and the median two-bedroom rent was $1,864 (up 3.9% year over year) .  Be sure to check out their list of the top 100 metro areas. “Many renters are still in a wait-and-see mindset. Americans’ nerves about economic uncertainty have been somewhat soothed by slowing inflation, but there are certainly lingering fears following the roller-coaster ride our economy—and the rental market—have been on for more than three years…”  Said Zumper…

On a recent episode of Real Estate News for Investors, Kathy Fettke says like any industry, there are plenty of stories within the real estate world about lawsuits, fraud, and scandalous behavior.  She discusses the recent resignation of the president of the National Association of Realtors in the midst of a scandal, a huge class-action price-fixing lawsuit against RealPage and some of the nation’s biggest landlords, and a real estate influencer in Philadelphia accused of swindling starry-eyed first-time real estate investors. Click here to listen on Spotify.

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 187k, in August 2023, with the unemployment rate rising to 3.8%.  The BLS said Employment continued to trend up in health care, leisure and hospitality, social assistance, and construction. Click here to read the full report at the Bureau of Labor Statistics.

The U.S. government is reporting that total construction spending in July, 2023 was at a seasonally adjusted annual rate of $1,972.6 billion, which is 0.7% higher than June’s revised estimate and 5.5% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $879 billion in July, which is 1.4% higher than June’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices were up 3% over Q2 2022 though Q2 2023.  In addition, they report prices were up 1.7% compared to the first quarter of 2023 and up 0.3% from May to June, 2023.  The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house prices appreciated at a slightly higher rate in the second quarter…

The National Association of Realtors is reporting that pending home sales were up 0.9% in July, 2023.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 77.6 in July.  The NAR says all four U.S. regions saw year-over-year declines in transactions. “Jobs are being added and, thereby, enlarging the pool of prospective home buyers. However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.”  Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of Realtors.

This Monday, September 4th is Labor Day.  This weekend marks the unofficial end of Summer and ushers in the Fall season – although Summer doesn’t officially end until September 23rd.  Today’s graphic from the U.S. Census Bureau gives a a quick snapshot of select American occupations, broken down by male/female.  As always, have a Happy Friday…..and, of course, Have a Safe and Happy Labor Day Weekend!!! Here are some facts from the U.S. Department of Labor’s History of Labor Day: “Observed the first Monday in September, Labor Day is an annual celebration of the social and economic achievements of American…

A new program from Zillow Home Loans is offering potential home-buyers a 1% down payment on their home purchase.  The program, currently being rolled out in Arizona (with plans to expand), says qualified buyers who come up with a 1% down payment will matched by Zillow with an additional 2% at closing.   Zillow says their 1% Down Payment program lowers the down payment barrier and increases access to the housing market for eligible borrowers. “For those who can afford higher rent payments but have been held back by the upfront costs associated with homeownership, down payment assistance can help to…

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 0% annual change for June, 2023.  Their 10-City Composite decreased 0.5% and their 20-City Composite decreased 1.2%, year-over-year.  However, all 20 major metro markets reported month-over-month price increases for the fourth straight month “As we’ve noted previously, the recovery in home prices is broadly based. Prices rose in all 20 cities in June, both before and after seasonal adjustment. Over the last 12 months, 10 cities show positive returns. Otherwise said, half the cities in our sample now sit at all-time high prices.”  Said Craig J. Lazzara,…

A recent report from CoreLogic says while HELOC activity hit a 15-year high in 2022 (the highest level since mid-2007), the numbers declined during the first half of 2023.  Interestingly, they say that the HELOC market is keeping pace with its pre-pandemic level. “…the HELOC landscape has changed dramatically so far in 2023, as the elevated interest rates of the past six months discourage homeowners from pursuing such loans.” Click here to read the full report at CoreLogic.