Author: Brad Beckett

The venerable AAA says it’s time to “buckle-up” this Thanksgiving as they say nearly 80 million people will be traveling – up from 2023’s revised numbers.  They expect a record number of drivers on the road with this year’s number surpassing pre-pandemic numbers. “Thanksgiving is the busiest holiday for travel, and this year we’re expecting to set new records across the board, from driving to flying and cruising…Americans reconnect with family and friends over Thanksgiving, and travel is a big part of that. AAA continues to see travel demand soar post-pandemic…”  Said Stacey Barber, Vice President of AAA Travel. Click…

According to recent data from the U.S. Department of Commerce’s Bureau of Economic Analysis, in 2023 personal income increased in 2,814 counties, decreased in 295, and was unchanged in five.  For comparison, in 2019-20, personal income increased in 3,040 counties, decreased in 69, and was unchanged in three.  Indeed… Click here to read the full report at the U.S. Bureau of Economic Analysis.

The National Association of Realtors is reporting that existing home sales were up 3.4% in October to a seasonally-adjusted annual rate of 3.96 million – up 2.9% year over year.  Total housing inventory at the end of October was 1.37 million units, up 0.7% from September and up 19.1% from one year ago.  Unsold inventory sits at a 4.2-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 October was $407,200. “The worst of the downturn in home sales could be over, with increasing…

The U.S. government is reporting that privately‐owned housing starts in October, 2024 were at a seasonally adjusted annual rate of 1,311,000, which is 3.1% lower than September’s revised number and is 4% lower than one year ago.  October’s rate for units in buildings with five units or more was 326k.  Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,416,000, which is 0.6% lower than September’s revised number and is 7.7% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 393k…

The Visual Capitalist reminds us that the U.S. government faced one of its largest budget deficits ever in fiscal year 2024, due to rising interest rates and government spending significantly exceeding revenue (go figure?).  Today’s graphic illustrates this monstrosity….Try running your business like that.  As always, stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

We have covered this issue over the past several years and it’s interesting to see how it has changed.  The old axiom about the two certainties in life are death & taxes remains true.  A recent report from the Tax Foundation says in 2024, in addition to the federal estate tax, with a top rate of 40%, 12 states (plus D.C.) impose additional estate taxes, while six states levy inheritance taxes.  Maryland is the only one that imposes both an estate and an inheritance tax.  The interactive chart below takes a deeper look at the data and their report allows…

According to ATTOM’s October 2024 U.S. Foreclosure Market Report, there were a total of 30,784 U.S. properties with foreclosure filings.  This figure 4% higher than September and a 11% lower than one year ago.  Across the country, one out of every 4,578 housing units had a foreclosure filing in October  The states with the highest foreclosure rates were Nevada (one in every 2,741 housing units); New Jersey (one in every 3,059 housing units); Florida (one in every 3,086 housing units); California (one in every 3,152 housing units); and South Carolina (one in every 3,272 housing units). “Foreclosure activity remains challenging…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,748 in October, 2024.  Year-over-year growth was 0.9%.  Yardi says demand remains strong enough to balance the increase in deliveries in most markets. “Through September 2024, 329,000 apartment units have been absorbed, putting the market in line for one of its better recent years. Supply has grown slightly more than absorption prompting the U.S. occupancy rate for stabilized properties to drop 10 basis points to 94.7%.” Click here to read the full report at Yardi.

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.  Interestingly, Ingo says the economy is doing worse than what we see here. https://youtu.be/ZTFkNPHc39E?si=7oaGOfmHJt71_nVz Click here for more information about Local Market Monitor.

A recent report from Redfin says the number of renter households rose 2.7% in Q3, year over year, to a record 45.6 million. They say that’s 3x faster than the 0.9% increase in homeowner households, which now total a record 86.9 million.  In addition, they point out that The 2.7% increase (representing 1.18 million additional renter households) was the second fastest pace since 2015.  To get their conclusions, they analyzed U.S. Census Bureau data back to 1994. Some key points: The number of renter households grew 2.7% in the third quarter, the second biggest year-over-year gain since 2015. The number…