Author: Brad Beckett

Storage.com says the storage industry has been trending for a while has momentum.   In fact, their data say 21% of Americans use self storage in one form or another.  In addition, there are plans to add close to 53 million more square feet of storage space in 2023.  In their recent report, they surveyed users about why they use self storage, what they keep there, what types of unit they use, and more.  The most common item in storage? Furniture.  Indeed… “…Much of the new clientele that discovered the usefulness of the service and amplified demand during the pandemic…

The National Association of Realtors is reporting that in Q1 2023 seven in 10 metro areas saw home price gains.  In addition, they say 7% of the 221 tracked metros registered double-digit price increases over the same period, down from 18% in Q4 2022.  The NAR says among the major U.S. regions, the South saw the largest share of single-family existing-home sales (46%) in Q1, with a year-over-year price appreciation of 1.4%. Prices climbed 2.9% in the Midwest yet slipped 0.1% in the Northeast and 5.3% in the West.  Unsold Inventory in Q1 averaged 1,630,000 listings at any given time,…

On a recent episode of Real Estate News for Investors, Kathy Fettke discusses why economists are expecting a rate hike pause, where homeowners are paying the most and the least for their mortgages, and new home search help from a chatbot! Some economists say the Fed has already gone too far. Chief economist for the National Association of Realtors, Lawrence Yun, is one of them. He called last week’s rate hike “unnecessary and harmful.” Yun says inflation has been coming down and will continue to do so. He says: “It will be even lower as the heavyweight component to inflation,…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,709 in April.  Yardi says year-over-year growth again continued its downward slide, and is now 3.2% nationally, down 80 basis points from March.  yardi says solid demand has kept multifamily rents rising in 2023, but at a slower rate than previous years. “Demand is boosted by the tight job market and strong consumer balance sheets, although the question is how much longer those conditions will persist.” Click here to read the full report at Yardi.

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.4% in April, 2023.  The all items index was up 4.9% for the 12 months ending in April.  Once again, the BLS says the index for shelter (housing costs) was the largest contributor to the monthly all items increase, followed by increases in the index for used cars & trucks and the index for gasoline. Click here to read the full report at the Bureau of Labor Statistics.

Today’s infographic from Statista says that recreational marijuana is now legal in 21 states while 37 states have medical marijuana laws.  It was Colorado and Washington that became first states to kick off legalized marijuana back in 2012.  Well, ok then…….  Stay safe, know the laws in your state, and as always have a Happy Friday!! Hat tip to Statista.

We have had several posts about the growing problem with squatters taking over peoples’ property under various schemes.  Here comes another one;  FOX News has a recent report about a landlord in Florida who is speaking out and raising awareness after several squatters moved into her Jacksonville property and caused nearly $40k in damage. Patti Peeples shot a video inside the property showing holes in the walls, doors ripped off hinges and feces on the carpet. She confronted the squatters, telling them she owned the property. “It doesn’t f****** matter,” the squatter replied. “These squatters know the laws better than…

CNBC’s Diana Olick reports that a recent study says the interest rate “tipping point” for home buyers is 5.5% or lower.  Interestingly, she points out that historically, the average interest rate from 1971 to 2023 was 7.75%.  She says the record high was 18% in 1981.  Indeed… Click here to read more at CNBC.com.

Apartment List says their national rent index increased by 0.5% over the course of April, representing the third straight monthly increase in rent prices.  They point out that April’s increase was less than the typical April price change seen in the pre-pandemic years.  In addition, year-over-year rent growth is continuing to decelerate, and now stands at 1.7%, its lowest level since March 2021. Year-over-year growth is now below the average rate from 2018 to 2019 (2.8%), and it is likely to decline even further in the months ahead.  Indeed… “…even if demand rebounds over the summer, a strong construction pipeline…

According to the ATTOM Data’s Q1 2023 U.S. Foreclosure Market Report, there were 95,712 U.S. properties with a foreclosure filings during Q1 of 2023 – up 6% from the Q4 2022 and up 22% from one year ago.  In addition, the report also shows a total of 36,617 U.S. properties with foreclosure filings in March 2023, up 20% from February and up 10% from one year ago — marking the 23rd consecutive month with a year-over-year increases foreclosure activity. “Despite efforts made by government agencies and policy makers to try and reduce foreclosure rates, we are seeing an upward trend…