The recent acrimony & debate about raising the nation’s debt ceiling is now behind us – for the time being anyway. However, the fact remains that U.S. government debt now stands at 129% of GDP (as of June). Today’s chart from the Visual Capitalist shows the sharp rise in the debt ceiling in recent years by pulling data from various sources including the World Bank, U.S. Department of Treasury, and the Congressional Research Service. Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
On a recent episode of the Rent Perfect podcast David Pickron says with student loan debt on the rise and the pause on paying back loans coming to an end in June 2023, it’s critical for housing providers to be prepared for what comes next. Indeed… Click here to listen on Spotify.
According to the ATTOM Data’s May 2023 U.S. Foreclosure Market Report, foreclosure filings were up 7% from April 2023 and 14% from May 2022. In addition, data show that lenders repossessed 4,020 U.S. properties through completed foreclosures (REOs). That figure was up 38% from April 2023 and 41% from May 2023. The states with the greatest number of REOs in May 2023 included Illinois (352); Ohio (279); Michigan (271); Texas (240); and Pennsylvania (229). The top 10 U.S. zip codes with the greatest number of REOs in May 2023 were: 78254 in San Antonio, TX (27); 30901 in Augusta, GA…
In Mid June the Ohio-based Buckeye Institute for Public Policy Solutions filed an amicus brief in Acheson Hotels v. Laufer, calling on the U.S. Supreme Court to safeguard the American judicial system from abuse and send a clear message that lawsuits must be based on actual injury or harm. National REIA (along with a few others) joined The Buckeye Institute in filing the brief. “Testers have been a vexation on rental owners for many years as they literally waste everyone’s time going through a process to rent a unit and never doing so. It is not uncommon for five or…
A new report from the National Association of Realtors says America’s Housing market is short more than 300k affordable homes for middle-income buyers. In fact, they say the ongoing housing inventory crunch impacts middle-income buyers more than any other income bracket. The data comes from the NAR and Realtor.com’s housing affordability & supply report which examined the number of listings missing by price range in the current market when compared to a balanced market. They define a balanced market as being one where half of all available homes fall within the price range affordable for middle-income buyers. Indeed… “Middle-income buyers…
A new report from Redfin says in April all-cash home purchases reached their highest level since 2014 as high mortgage rates drove down overall home sales more than all-cash sales. According to their report, 33.4% of U.S. home purchases were made in cash in April, up from 30.7% one year ago. Interestingly, all-cash purchases were most common in Cleveland (OH) followed by West Palm Beach (FL) and Baltimore (MD). They were least common in San Jose (CA), Seattle (WA) and Oakland (CA). “The average 30-year fixed mortgage rate was 6.79% at the start of June, near its highest level in…
According to recent data from Fannie Mae’s National Housing Survey, consumers are increasingly convinced it’s a good time to sell a home versus buying one. They say affordability constraints continue to drive consumers’ perceptions of homebuying and home-selling conditions. “As we near the end of the spring homebuying season, the latest HPSI results indicate that affordability hurdles, including high home prices and mortgage rates, remain top of mind for consumers, most of whom continue to tell us that it’s a bad time to buy a home but a good time to sell one…” Said Mark Palim, Fannie Mae Vice President…
According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,716 in May (up $7). Yardi says year-over-year growth again continued its downward slide, and is now 2.6% nationally, down 70 basis points from April – the lowest since March, 2021. Yardi says multifamily demand remains strong despite the threat of a slowing economy looming on the horizon. Indeed… “Another factor in the weaker rent growth is declining occupancy rates driven by slowing household formation, competition from new deliveries, lack of affordable units and diminishing demand as corporate layoffs start to increase and consumer confidence wanes.…
Statista says millennials are the “buy now, pay later” generation, with 56% of those born between 1980 and 1994 saying they made online purchases that allowed for interest-free payment of goods & services in several installments. Compared with other generations, it’s quite high…but it looks like Gen Z is hot on their heels. As always, stay safe and have a Happy Friday!!! Hat tip to Statista.
We have posted about this for many years now and it doesn’t get old; For the 11th year in a row, Gallup is reporting that more Americans prefer real estate over other long-term investment vehicles for growing wealth. Overall, when the numbers are broken down, the numbers show that 34% prefer real estate (down 11 points from 2022), 26% prefer gold (moving into 2nd place), 18% prefer the stock market (down 6 points), 13% prefer CDs/bank accounts, and 7% prefer bonds. “…When real estate or stock prices are high, their popularity as the best investment goes up, and the opposite…
