Author: Brad Beckett

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,710 in January, 2024 – basically unchanged from December.  However, Yardi says ongoing strong demand is keeping U.S. multifamily rents steady, even as supply growth exerts downward pressure. “Multifamily rents nationally have leveled off as a strong delivery pipeline has counteracted ongoing strong demand. The impact of supply growth on rents, the slowdown in starts as construction debt costs rise, and the need for more deliveries to alleviate the nation’s housing shortage are key topics in the industry.” Click here to read the full report at…

The U.S. government is reporting that privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,331,000, which is 14.8% lower than December’s revised number and is 0.7% lower than one year ago.  January’s rate for units in buildings with five units or more was 314k.  Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,470,000, which is 1.5% lower than December’s revised number but is 8.6% higher than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 405k in…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in January, 2024.  The all items index was up 3.1% for the 12 months ending in January.  Once again, the index for shelter was the largest factor in the monthly increase in the index – contributing over 2/3 of the monthly all items increase. Click here to read the full release at the Bureau of Labor Statistics.

Today’s infographic from the Visual Capitalist says that in 2022, the median age for the United States as a whole was 39 years, but the median age by state varied a lot more.  Maine had the highest median age by state in 2022 at 45 years old with Utah having the lowest at 32….Indeed.  Stay safe and have a Happy Friday!!! “Some states have more work or school available for younger workforces and families. Others have better work or retirement support for older populations, or are struggling to attract families.” Hat tip to the Visual Capitalist.

You could say that sales taxes are the form of taxation that truly affects every person – it’s the classic consumption tax.  It is also the one politicians often reach for first to ratchet-up to fund their next project du jour. That being said, the folks over at the Tax Foundation recently put together some numbers showing combined sales tax rates (state & local where applicable) for each state.  The five states with the highest average combined state and local sales tax rates are Louisiana (9.56%), Tennessee (9.55%), Arkansas (9.45%), Washington (9.38%), and Alabama (9.29%). “Forty-five states impose state-level sales…

A new report from the New York Fed says household debt has rose by $212 billion to reach $17.5 trillion in Q4, 2023.  In addition, they’re reporting that credit card balances increased by $50 billion to $1.13 trillion over Q4, while mortgage balances rose by $112 billion to $12.25 trillion. Other balances, which include retail cards and other consumer loans, grew by $25 billion.   Interestingly, auto loan balances rose by $12 billion to $1.61 trillion – maintaining an upward trajectory seen since 2011. Click here to read the full report at the NY Fed.

On a recent episode of the Rental Property Owner & Real Estate Investor Podcast, Brian Hamrick talks with Mike Mannino, who has built a business that has flipped over 80 houses and, by the time he was 30, he had built a portfolio of over 60 rentals. Mike shares his strategies and secrets that have put him among the top 1% of income earners in the real estate industry.  Mike’s big ‘”why” in the beginning was to help his dad retire by the age of 60.  Indeed…. “We discuss the systems and teams he’s put in place to operate his…

According to the Mortgage Banker Association’s latest National Delinquency Survey (NDS) the overall delinquency rate for mortgage loans on one‐to‐four‐unit residential properties increased to a seasonally adjusted rate of 3.88% of all loans outstanding at the end of Q4 2023.  In addition, the delinquency rate was up 26 basis points from Q3 2023 but down 8 basis points from one year ago. “Mortgage delinquencies increased across all product types for the second consecutive quarter. Of particular note, FHA delinquencies were up 131 basis points.  The resumption of student loan payments, robust personal spending, and rising balances on credit cards and…

Recent analysis of new home sales data by the NAHB’s Eye on Housing reveals that all-cash purchases accounted for 8.4% of new home sales in 2023 – the second-highest share since 1991.  In addition, they report that the share of new home sales backed by VA loans fell to a 16-year low of 4.8% in 2023 and has declined each of the past four years. Click here to read the full report at the NAHB’s Eye on Housing.

According to Black Knight’s latest Mortgage First Look the national delinquency rate was 3.57% in December, up 19 bps from December.  In addition, they say that foreclosures are approaching two-year lows. Some key points: Serious delinquencies (90+ days past due) rose to 475K, but were 19% below December 2022. December’s 24K foreclosure starts marked an 18-month low in new activity. Foreclosure sales (completions) in December were down -17.2% from November and the fewest since February 2022 – shortly after the end of COVID-era moratoria. Click here to read the full report at Black Knight.