Author: Brad Beckett

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices rose 4% from February 2022 through February 2023.  Month to month, house prices were up 0.5% from January, 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 increased slightly in February…This increase was, in part, due to a decline in mortgage rates by more than half a percentage point…

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2% annual gain for February, 2023.  Their 10-City Composite annual increase came in at 0.4% and their 20-City Composite posted a 0.4% year-over-year gain.  While both positive, the indices were once lower than previous months. “The results released today pre-date the disruptions in the commercial banking industry which began in early March. Although forecasts are mixed, so far the Federal Reserve seems focused on its inflation-reduction targets, which suggests that interest rates may remain elevated, at least in the near-term. Mortgage financing and the prospect of economic…

The National Association of Realtors is reporting that pending home sales were down 5.2% in March, 2023.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) decreased to 78.9 in March.  However, the NAR says while three U.S. regions posted monthly losses, the South increased.  Limited inventory is once again a prime culprit. “The lack of housing inventory is a major constraint to rising sales…Multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Limited housing supply is simply not meeting demand nationally”  [however]   “Sales…

Statista says the arrival and mass adoption of mobile phones was undoubtedly a pivotal moment in telecommunication history.  However, the arrival of smartphones was arguably an even larger event due to the impact on people’s everyday lives.  There is no doubt these little devices (with more power than the Apollo 11’s computers)  have revolutionized the way we live, work and communicate – and as real estate investors know, you can run literally run your business from the palm of your hand.   As always, stay safe (use hands-free device) and have Happy Friday!!! “According to data from the CTIA, annual data…

A recent and quite prescient essay by Ethan Blevins with the Pacific Legal Foundation says the federal government wants to micromanage the nation’s housing.  It was published over at the Hill, a mainstream media outlet focused on the U.S. government and can be read in its entirety by clicking here. Here are some excerpts: In the early 2000s, the city of St. Paul, Minn., cracked down on landlords who ignored rat problems, bad sanitation, poor heating, and so on. But instead of shaping up, the landlords sued the city for violating the federal Fair Housing Act. They argued that St.…

According to ATTOM’s 2022 Property Tax Analysis for 87 million U.S. single family homes, $339.8 billion in property taxes were levied on single-family homes in 2022. That figure is up 3.6% from 2021, and more than double the 1.6% growth in 2022.  In 2022, the effective tax rate nationwide was 0.83 percent. In 2021 that figure was 0.86 percent – the lowest point since at least 2016.  ATTOM says that states with the highest effective property tax rates in 2022 were New Jersey (1.79%), Illinois (1.78%), Connecticut (1.57%), Vermont (1.43%) and Nebraska (1.36%). “Property taxes continued their never-ending climb last…

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo Winzer April, 2023 The big question in 2023 is how far and how fast home prices will fall. We won’t know first quarter home prices until late May, but I’m certain that prices will be lower in many markets. The surge in 2021 was so sudden and swift that the deflation of prices will similarly be rapid and steep. In high-flying markets like Salt Lake City, Spokane,…

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased in 46 states (and D.C) in Q4 of 2022.  The percent change in real GDP ranged from 7% in Texas to –4.3 percent in South Dakota. Click here to read the full report at the Bureau of Economic Analysis.

Airbnb says they’re the largest collector and remitter of tourism taxes by short-term rental platforms in the world.  According to a company release, Airbnb says it has collected and remitted more than $1.9 billion in tourism taxes across all 50 states in the US (including D.C. and Puerto Rico).  This figure is approximately 27% higher than 2021. In Canada, they collected and remitted over C$177 million in 2022, including nearly $70 million in federal Goods and Services Taxes (GST) in the last six months.  Globally, these numbers are part of more than $7 billion in tourism taxes paid. Key takeaways…

Baby boomers have now surpassed millennials and to make up the largest generation of home buyers, according to data from the National Association of Realtors.  The data comes from their latest Home Buyers and Sellers Generational Trends Report which examined differences and similarities between varying generations of homebuyers and sellers.  Millennials had long been the largest generation of homebuyers, but in 2022, they were overtaken by the baby boomers. “Baby boomers have the upper hand in the homebuying market…The majority of them are repeat buyers who have housing equity to propel them into their dream home – be it a…