Author: Brad Beckett

According to the ATTOM Data’s Midyear 2023 U.S. Foreclosure Market Report, here were a total of 185,580 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) in the first six months of 2023.  That figure is up 13% from the same time period one year ago and up 185% from the same time period two years ago. “Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023…Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts…

The Scotsman Guide is reporting that the Federal Housing Administration (FHA) will now require lenders that make FHA loans to ask for a mortgage applicant’s language preference.  According to the report, lenders will be required to use the Fannie Mae/Freddie Mac Supplementary Consumer Information Form (SCIF) to collect a borrower’s language of choice for loan applications dated on or after Aug. 28, 2023.  In addition, they say the new mandate follows the FHFA’s language preference collection requirement for lenders that sell loans to Fannie Mae and Freddie Mac, which was enacted in March and proposed to codify as regulation in…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.2% in June, 2023.  The all items index was up 3% for the 12 months ending in June.  Once again, the BLS says the index for shelter (housing costs) was the largest contributor (70%) to the monthly all items increase. Click here to read the full report at the Bureau of Labor Statistics.

A recent chart from the Visual Capitalist illustrates how U.S. home prices have grown over the past 50 years.  In fact, they point out that in 2022 alone, prices grew significantly even as interest rates climbed higher.  Stay safe and have a Happy Friday! Hat tip to the Visual Capitalist.

On a recent episode of Omaha REIA’s “REIA Radio, they were joined by Clint Blackburn, who is known by most of his hometown as The Real Estate Investor that buys ugly homes and makes them nice and habitable again. In this episode, Clint shares his background story from straight out of high school into being an electrician to eventually doing real estate full time and all the steps he went through in between. (The interview begins around the 29 minute mark) Click here to listen on Spotify.

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased in all 50 states (and D.C) in Q1 of 2023.  The percent change in real GDP ranged from 12.4% in North Dakota to 0.01% in Rhode Island. Click here to read the full report at the Bureau of Economic Analysis.

When it comes right down to it, the taxes applied to a good or service ultimately will affect an area’s cost of living and along with it the price of housing.   The folks over at the Tax Foundation remind us that the federal government collects an excise tax on beer (which ranges from $0.11 to $0.58 per gallon based on production, location, and quantity) as well as all 50 states and the District of Columbia.  According to their research, most states charge the retailer directly for the excise tax – versus tacking it on to the bill like sales tax. …

A recently approved measure in Florida preempts local governments from landlord-tenant law, in essence making landlords & renters play by the same set of rules.  According to Ft. Meyers’ WINK News, the new law, signed by Governor Ron DeSantis in late June, took effect July 1st and will keep Florida’s local governments out of “landlord-tenant turf.” “When you look at House Bill 1417, what it does is removes the authority that local entities have had to establish rules that would govern the tenant-landlord relationship,” said Dr. Shelton Weeks, Lucas Professor of Real Estate at Florida Gulf Coast University. Click here…

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 209k, in June 2023, with the unemployment rate standing at 3.6%.  Employment continued to trend up in health care, social assistance, construction and, interestingly, government.  Indeed… “Employment in government increased by 60,000 in June. Employment continued to trend up in state government (+27,000) and local government (+32,000). Overall, government has added an average of 63,000 jobs per month thus far in 2023, more than twice the average of 23,000 per month in 2022.” Click here to read the full report at the Bureau…

Several states across the fruited-plain are holding off sales tax holidays for the back-to-school season.  Whether you think this is good or bad public policy is irrelevant;  the bottom-line is saving your hard-earned money!  The data has been provided by the Federation of Tax Administrators and actually covers the entire year – as well as many more products than just school supplies & clothing. Be sure to read your state’s “fine-print” for this exemption.  This list is subject to change.  Please note, some states have already had some of their sales tax holidays for 2023. Upcoming States: Arkansas – August…