Author: Brad Beckett

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…

Recently, the Biden Administration released its Blueprint for a “Renters Bill of Rights.”   As part of a 5-part series on the Rent Perfect Podcast, David Pickron and his General Counsel Denny Dobbins discuss how this blueprint can and will affect landlords today and in the future. You can download a copy of the White House’s document by clicking here. Here is part Five: Click here for Parts 3 & 4. Click here for Parts 1 & 2. Click here to listen on Spotify.

The National Association of Realtors is reporting that existing home sales were down 2.4% in March to a seasonally-adjusted annual rate of 4.44 million (down 22% year over year).  Total housing inventory at the end of March was 980k units, up 1% from February and 5.4% from one year ago.  Unsold inventory sits at a 2.6-month supply at the current sales rate with properties remaining on the market for around 29 days.  The median existing-home price for all housing types in March was $375,700, down 0.9% from one year ago.  The NAR said individual investors or second-home buyers (who comprise…

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…