Author: Brad Beckett

National Fire Prevention Week runs October 6-12, 2024 and one of the best ways to celebrate is to check all your properties’ smoke alarms for functionality and age.  If you find one that’s more than 10 years old, it’s time to replace it.  And when you do, National REIA recommends both ionization and photoelectric technologies be used in all your properties.  You should also have a working & tested carbon monoxide detector and fire extinguisher in each unit as well. Key messages for this year’s Fire Prevention Week theme, “Smoke alarms: Make them work for you!” include the following: Install…

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.4% annual increase for July, 2024.  Their 10-City Composite increased 7.4% and their 20-City Composite increased 6.5%, year-over-year. “We continue to observe outperformance in most low-price tiers in the market on a three- and five-year horizon…The low-price tier of Tampa was the best performing market nationally with five-year performance of 88%. The New York market was the best market annually, posting a gain of 8.9%. ”  Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI). Click here to…

A new report form Apartment List says that while Millennials are the nation’s largest generation, and by sheer volume they are purchasing more homes than any other group, they remain well-behind previous generations when it comes to owning homes.  They say a lack of affordability has left many in this cohort priced out of the “American Dream.” For some Millennials, there is also a sharp divide between their lived experience and that of their parents, for whom an abundant housing market made homeownership – and its long-term benefits – attainable as younger adults. Click here to read the full report.…

The National Association of Realtors is reporting that pending home sales rose 0.6% in in August, 2024.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 70.6 in August. “A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August…However, contract signings remain near cyclical lows even as home prices keep marching to new record highs.”  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 August, 2024 were at a seasonally adjusted annual rate of 716k, which is 4.7% lower than July’s revised rate and is 9.8% higher than one year ago.  The median sales price of new houses sold in August was $420,600 with an average sales price of $492,700.  There were an estimated 467k new houses for sale at the end of August representing a 7.8-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

The Visual Capitalist asks; have you ever wondered how much U.S. currency is in circulation?  Well, today’s infographic takes a good stab at it.  Their graphic visualizes the approximate number of bills for each denomination globally, as of 12/3122, using data from the Fed.  Indeed…Cash is king….. Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

According to the latest CoreLogic Single-Family Rent Index (SFRI), U.S. single-family home rental prices continue to hold steady but remains below average pre-pandemic levels.  According to their report, prices posted a 2.8% gain year-over-year.  However, while high-end rents saw a large increase, those on the lower end were struggling. “On the surface, single-family rent growth in July could be characterized as ‘average,’ with the annual and monthly national changes roughly equal to long-term levels…However, a deeper look reveals that rent changes slowed at the lowest end of the market, dropping 0.2% in July from a year earlier. While this drop…

On a recent episode of Omaha REIA’s “REIA Radio, they talk with Jeri Schlickbernd who delves into the psychology of success and the barriers that often hold people back.  Jeri challenges the audience to rethink their approach to obstacles, highlighting that the first “no” we encounter is often self-imposed. Through her insightful discussion, she emphasizes that the only thing stopping folks from reaching their true potential is their mindset. “Whether you’re struggling to take that first step or simply need a boost of motivation, Jeri’s message will resonate with you.” Editor’s note;  Jeri and her husband Mike were the featured…

According to the latest U.S. Home Flipping Report from ATTOM,  79,540 single-family houses and condominiums were flipped in Q2, 2024 representing 7.5% of all home sales (one of every 13 sales) in the first quarter.  ATTOM says the latest portion of flipped properties was down from 8.7 percent of all sales in Q1 2024 – a common pattern during the busy annual Springtime buying season each year when other types of home sales spike.  In addition, they said the flipping rate also was down slightly from 7.9% a year earlier. “The Spring home-buying season of 2024 brought another sign of…

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 September, 2024 In order to combat inflation, the Federal Reserve raised interest rates sharply in 2022. This was a desperate measure because this particular inflation wasn’t caused by runaway demand, as is usually the case, but by limited supply. Government interventions to boost supplies are politically difficult, so this may have seemed the only possible way to match supply with demand, but at a high cost.…