The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October, 2023. The all items index was up 3.2% for the 12 months ending in October. The index for shelter continued to rise in October, offsetting a decline in the gasoline index and resulting in the seasonally adjusted index being unchanged over the month. Click here to read the full release at the Bureau of Labor Statistics.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The U.S. government is reporting that privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,372,000, which is 1.9% higher than September’s revised number but is 4.2% lower than one year ago. October’s rate for units in buildings with five units or more was 382k. Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,487,000, which is 1.1% higher than September’s revised number and is 4.4% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 469k in…
Next week is that annual American holiday of giving thanks to the Almighty for all that makes this nation great. Today’s graphic from WalletHub takes an in-depth look at Thanksgiving’s humble roots and how it has evolved over time – from how much we spend to how much we eat. As always, stay safe and Have a Happy Friday – as well as a wonderful Thanksgiving holiday! “Settlers of the Plymouth Colony and their Wampanoag tribe predecessors kicked off a grand tradition way back in 1621. And for that we should all be thankful, if for nothing else than a…
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. National Economic Outlook By Ingo WInzer November, 2023 Overall, in October, jobs grew 1.9 percent compared to last year, continuing a trend towards slower growth as more pandemic job losses are recovered. That’s still the case at restaurants, in healthcare (nursing homes) and government (state government). Our best estimate of where growth is headed is provided by the very large business services sector, where job growth now is around 1 percent. This…
A new report from the New York Fed says household debt has risen to $17.29 trillion (up 1.3%) in Q3 2023, led by mortgages, credit cards and student loans. The data is from the Fed’s latest issue of the Quarterly Report on Household Debt and Credit. Some key findings: Mortgage balances increased to $12.14 trillion. Credit card balances increased to $1.08 trillion. Student loan balances increased to $1.6 trillion. Auto loan balances increased to $1.6 trillion – continuing an upward trajectory since 2011. Click here to read the full report at the New York Fed.
A recent analysis from Zillow says more couples are turning to wedding registries for help in buying their first home. In fact, the data shows that the percentage of couples including “home funds” as part of their wedding registry has increased by 55%, with nearly 20% of all couples registered on The Knot (a bridal registry site) asking their guests to help them with the down payment on their first home. Indeed…. “Affordability is the greatest hurdle facing first-time home buyers. It now takes nearly 12 years for a typical first-time buyer to save up for a down payment, compared to…
A recent report from RentCafe reveals that approximately 14 million Millennials and 23 million Gen Z-ers shared a household with at least one family member. RentCafe says this represents the largest generational shares across all age groups. “Digging into the data reveals a tale of generational adaptation, financial pragmatism, and evolving familial structures that are reshaping the American Dream.” Some key findings: 20% of Millennials and 68% of Gen Z-ers still live with other family members. Many members of the younger generations living at home do not anticipate a change any time soon. Over 40% of Millennials and Gen Z-ers…
According to the CoreLogic’s latest Loan Performance Insight Report, the share of U.S. borrowers who were in serious mortgage delinquency (90 days+) dropped to 0.9% in August, the lowest recorded since January 1999. In addition, they report that the overall national mortgage delinquency rate (30 days+) was at 2.6% in August, also an historic low. Click here to read the full report at CoreLogic.
Any more, you really can’t make this stuff up; A recent report on FOX News revealed a Seattle homeowner has been living out of his van while deadbeat tenants, who listed his rental house on Airbnb, will have to wait at least four more months for an eviction hearing due to a severe court backlog. According to the report, the landlord, who works as an aircraft mechanic’s apprentice, said he started renting out the entire house to make extra money for pilot school. He and his dog Wally moved into a small apartment. However, the tenant, who signed a lease…
The U.S. Census Bureau says there 16.2 million military veterans in the United States in 2022, representing 6.2% of the total civilian population age 18 and over. Today’s graphic illustrates the percentage of those veterans in each U.S. state. Indeed…Stay safe, and have a Happy Friday. “Veterans Day originated as “Armistice Day” on Nov. 11, 1919, the first anniversary of the end of World War I. Congress passed a resolution in 1926 making it an annual observance, and it became a national holiday in 1938. Sixteen years later, then-President Dwight D. Eisenhower signed legislation changing the name to Veterans Day…
