Author: Brad Beckett

The U.S. government is reporting that privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,420,000, which is 0.8% lower than February’s revised number and is 17.2% lower than one year ago.  March’s rate for units in buildings with five units or more was 542k.  Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,413,000, which is 8.8% below February’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 543k in march. Click here to read the full report…

This is certainly something to make you go hmmmm.  Today’s infographic from the Virtual Capitalist illustrates how America owes foreign investors of its national debt $7.3 trillion – all in the form of Treasury securities.  Interestingly, they point out that central banks often use them for foreign exchange reserves and private investors flock to them during flights to safety thanks to their perceived low default risk.  Indeed….. Stay safe and have a Happy Friday!! “…foreign investors may buy Treasuries as a store of value. They are often used as collateral during certain international trade transactions, or countries can use them…

According to recent analysis from the NAHB’s Eye on Housing, state and local tax data from the U.S. Census show that $286 billion in taxes were paid by property owners in Q4 of 2022.  In fact, state and local governments collected $714 billion in property taxes in 2022, $46 billion more than 2021. The Eye on Housing says the 6.9% annual increase is the largest since 2009. “In terms of the share of total receipts, property taxes were followed by individual income taxes (30.0%), sales taxes (27.6%), and corporate taxes (7.5%).” Click here to read the full report at the…

A U.S. Court of Appeals ruled in late March that the government cannot prevent landlords from asking about applicants’ criminal histories when selecting tenants.  The case stemmed from a 2017 law passed in Seattle that forbade landlords from asking about or considering prospective tenants’ criminal backgrounds. According to a release from the Pacific Legal Foundation: Washington, D.C.; March 21, 2023: Today the U.S. Court of Appeals for the Ninth Circuit ruled that the government cannot prevent landlords from asking about applicants’ criminal histories when selecting tenants.   In 2017, Seattle passed the “Fair Chance Housing Ordinance,” forbidding landlords from asking…

Prices go up and prices come down….it’s an economic phenomenon based on many, many factors in a given market.  However, Realtor.com says sellers who overshot the market are quickly learning they can no longer fetch the sky-high prices their neighbors nabbed in early 2022. They recently crunched the numbers to come up with the top places where sellers are dropping their prices the most.  Interestingly, data shows that nearly one-fifth of all homes on the market nationally had price reductions in February along with the number of sellers who slashed prices doubling over the last year. “A price reduction means…

According to Black Knight’s latest Mortgage Monitor, home prices saw their first monthly increase after 7 straight monthly declines as sales picked up on lower interest rates.  However, they point out that available inventory levels continue to deteriorate.  Indeed… “The unfortunate reality is that the scarce supply of inventory that’s the source of so much market gridlock isn’t getting any better. In fact, seasonally adjusted inventory levels continued to deteriorate in February, marking not only the fifth straight month of such declines, but also the largest inventory deficit we’ve seen since May of last year, with more than 90% of…

The Census Bureau says that after some of the nation’s most populous counties experienced significant out-migration and population declines in 2021, overall patterns of population growth and decline are moving towards pre-pandemic rates for the nation’s 3,144 counties. “The migration and growth patterns for counties edged closer to pre-pandemic levels this year…Some of the urban counties in New York and San Francisco that saw significant domestic outmigration and population decline in 2021 had population growth in 2022. Similarly, many counties with large universities saw their populations fully rebound this year as students returned.”  Said Dr. Christine Hartley, assistant division chief…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,706 in March.  Yardi says year-over-year growth continued its downward slide, and is now 4% nationally, down 90 basis points from February and at the lowest level since rents started an unprecedented climb in April 2021. “With affordability a growing concern and consumers constrained by high inflation, it is likely that rent growth in 2023 will be modest. Yet a multifamily hard landing is not yet in the cards, since household formation is still boosted by the tight job market, high single-family home prices and mortgage…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.1% in march, 2023.  The all items index was up 5% for the 12 months ending in March.  Once again this month, the BLS says the index for shelter was the largest contributor to the monthly all items increase, more than offsetting a decline in the energy index.  In addition, CNBC produced a chart breaking down inflation for the month of March 2023. Click here to read the full report at the Bureau of Labor Statistics. Click here to read…

Knowing your customers is vitally important in today’s housing market.  Especially as aging baby boomers downsize and relocate it’s important to know as much as you can about this demographic.  Today’s interactive infographic from the U.S. Census bureau offers a wide range of statistics about America’s over 65 population.  Interestingly, the pull down menu offers up over 20 different characteristics related to this growing population.  As always, stay safe and a have a Happy Friday! Hat tip to the U.S. Census Bureau