The Tax Foundation recently released their 2024 State Business Tax Climate Index to enable business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. “While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems and provides a road map for improvement.” Click here to read the full report at the Tax Foundation.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to a recent report on FOX Business, the U.S. Postal Service has initiated a new process for people who are moving and submitting a change of address for mail forwarding. The new process introduces a more secure way to verify the customers’ identity by confirming their address change via a QR code sent to their email. Then, you must then take your ID or driver’s license with that QR code to the post office in-person. “Today a customer that submits a ‘change of address’ request must have their identity verified…There are three ways to initiate a change of address…
Reuters is reporting that a federal court in Kansas City Missouri has returned a verdict in a class action lawsuit against the National Association of Realtors, awarding the plaintiffs $1.78 billion in damages. The report says the class action included sellers of 260k+ homes in Missouri, Kansas and Illinois between 2015 & 2022, who objected to the commissions they were obligated to pay buyers’ brokers. As expected the NAR is planning to appeal the verdict. “The verdict by a federal jury in Kansas City, Missouri, could upend decades-old practices that have allowed real estate agents to boost commissions as home…
On a recent episode of Real Estate News for Investors, Kathy Fettke discusses a new law in California is building on the ADU movement by allowing homeowners to “sell” their ADUs as condos. The law was one of dozens signed by Governor Gavin Newsom in early October to boost the state’s housing supply. This law could give homeowners an opportunity to create wealth from the sale of the ADU, and buyers the opportunity to own more affordable homes. Click here to listen on Spotify.
Rental information site Zumper recently released their latest monthly National Rent Report for October, 2023. According to their data, median rent for 1-bedroom apartments was $1,505 (down 0.4% from September) and $1,862 (down 0.2% from September) for two-bedrooms. Be sure to check out their list of the top 100 metro areas. “If the current pattern continues, we’ll likely see negative year-over-year growth by the end of winter…Demand remains soft while a record amount of supply is hitting the market, creating a lot of uncertainty and distress throughout the real estate industry—especially for companies and individuals that invested heavily in multifamily…
The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 4.9% in Q3 2023. That figure is 2.1 percentage points higher than Q2’s annualized increase. Click here to read the full report at the U.S. Bureau of Economic Analysis.
Recent analysis of new home sales data by the NAHB’s Eye on Housing reveals that the all-cash share of new home sales climbed substantially in Q3 of 2023 while VA-backed sales share fell by nearly half. In addition, they point out that while cash sales make up a small portion of new home sales, they constitute a larger share of existing home sales, coming in at 29%. Click here to read the full report at the NAHB’s Eye on Housing.
The National Association of Realtors is reporting that pending home sales rose 1.1% in September, 2023. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 72.6 in September. The NAR says all four U.S. regions saw year-over-year declines in transactions. “Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years…Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated..” Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of Realtors.
The U.S. Government is reporting that sales of new single-family houses in September, 2023 were at a seasonally adjusted annual rate of 759k, which is 12.3% higher than August’s revised rate and is 33.9% higher than one year ago. The median sales price of new houses sold in September was $418,800 with an average sales price of $503,900. There were an estimated 435k new houses for sale at the end of September representing a 6.9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
With “All Hallows’ Eve” and its subsequent candy begging quickly approaching, a recent graphic from the U.S. Census Bureau identifies places across the nation with SPOOKY-SOUNDING names. Stay safe, have a Happy Halloween and as always have a Happy Friday! Hat tip to the U.S. Census Bureau.
