Author: Brad Beckett

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

According to the latest CoreLogic Loan Performance Insights Report, in January 2023, 2.8% of mortgages were delinquent by at least 30 days or more including those in foreclosure.  This figure represents a 0.5-percentage point decrease in the overall delinquency rate compared with January 2022.  CoreLogic says measuring early-stage delinquency rates is important for analyzing the health of the mortgage market.  Their monthly report coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes transition rates between states of delinquency and separate breakouts for 120+ day delinquency. “The share of home loans in delinquency continues to decline,…

A new report from Wells Fargo says credit is getting more expensive and likely to become harder to access in the wake of the recent so-called banking crisis.  Their report looks at the degree to which credit has sustained consumer spending so far and how diminished access to credit could negatively impact consumer spending. Some key points: Consumers are relying on credit much more than in the past. It’s more expensive to borrow and becoming more difficult to gain access to credit. Tighter credit could result in layoffs and negatively impact disposable income growth. Consumers’ capacity to spend could be…

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 are parts three and four: Click here to listen on Spotify. Click here for Parts 1 & 2.

According to recent data analyzed by the National Association of Realtors, the share of families with children living in their homes under the age of 18 has continued to decline (40%) while, at the same time, pet ownership has steadily risen (70% of households).  Indeed… “Throughout the COVID-19 pandemic, Americans adopted pets for companionship and entertainment. The American Pet Product Association reports that dogs and cats are the most common household pets.” Click here to read the full report at the NAR’s Economist Outlook.

The U.S. government is reporting that total construction spending in February, 2023 was at a seasonally adjusted annual rate of $1,844.1 billion, which is 0.1% below January’s revised estimate but is 5.2% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $852.1 billion in February, which is 0.6% below January’s revised estimate. Click here to read the full report at the U.S. Census Bureau.