Author: Brad Beckett

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.5% in January, 2023.  The all items index was up 6.4% for the 12 months ending in January.  The BLS says the index for shelter was by far the largest contributor to the monthly all items increase, accounting for nearly half of the monthly all items increase, with the indexes for food, gasoline, and natural gas also contributing. “The shelter index was the dominant factor in the monthly increase in the index for all items less food and energy, while…

You could say that sales taxes are the form of taxation that truly affects every person – it’s the classic consumption tax.  It is also the one politicians often reach for first to ratchet-up to fund their next project du jour. That being said, the folks over at the Tax Foundation recently put together some numbers showing combined sales tax rates (state & local where applicable) for each state.  Interestingly, five states do not have statewide sales taxes: Alaska, Delaware, Montana, New Hampshire, and Oregon. However, Alaska does allows localities to charge local sales taxes.  Indeed… “Sales taxes are just…

Citing data from the most recent American Community Survey, The NAHB’s Eye on Housing says the median age of owner-occupied homes in the U.S. is 40 years.  They point out that the age of housing stock is an important remodeling market indicator as older structures will need to add new amenities, and repair/replace older components. “The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will require remodeling and renovation in the future. Moreover, as people use their homes for more purposes and require additional space, older housing…

A recent report from RentCafe says the number of millionaires who rent has tripled, while high-income renters earning $150k + has reached reach 2.6 million – among them is a new ritzy kind of tenant which they call  “the millionaire renter.” “So, what do millionaire renters do for a living? Data shows that the most popular jobs among millionaire renters are in management positions (1,653); followed by securities, commodities and financial services sales agents (519); chief executives and legislators (468); software developers (459); and lawyers, judges, magistrates and other judicial workers (421).” Click here to read the full report at…

A recent report in the Wall Street Journal says travel booking companies such as Airbnb and Expedia have become “unlikely beneficiaries” of the Federal Reserve’s fight against inflation.  Huh?  Apparently, Airbnb & Expedia have been investing billions of dollars of their customers’ money for their own profit and, thanks to rising interest rates, the returns on these investments are higher than ever.  Here’s how it works;  travel sites generally collect money from guests the moment that they book. However, they only pass the funds on to the hosts (or hotels) after the guest stay starts, which could be several months…

According to Black Knight’s “first look” report for December, 2022, the national delinquency rate on first lien mortgages increased to 3.08% in December, but finished the year 30 basis points (-9%) below its December 2021 level.  Black Knight says foreclosure starts increased by 15% in December to 26,900 – which was the third consecutive increase, however that figure was still 30% below pre-pandemic levels.  In addition, foreclosure was started on 4.9% of serious delinquencies in December (up from November) but was still 46% below the start rate seen in December 2019 prior to the pandemic. Click here to read the…

With all the recent issues & problems involving parties in short-term rentals, VRBO is taking steps to mitigate this by deploying what it calls a “new unauthorized event prevention technology.”  FOX News is reporting that this new program was responsible for blocking over 500 event-related bookings in the first 12 months of being piloted in the U.S.   According to the report, an algorithm examines length of stay, the timing ahead of a stay, the number of guests, number of beds, property amenities and the weekday of the first night’s stay.  FOX says VRBO offered little details on how it determines…

This Sunday, February 12th, the super deluxe happy fun bowl (aka Super Bowl 57) will be played in Glendale, Arizona.  The Kansas City Chiefs and Philadelphia Eagles will battle it out to claim the top NFL crown.  Today’s graphic from the U.S. Census Bureau asks if someone from your hometown is playing in the “big game.”  It simply shows the towns where players in Sunday’s game come from.  Be sure to click on the map to make it interactive…  Stay safe and have a Happy Friday!! Hat tip to the U.S. Census Bureau.

The U.S. government is reporting that total construction spending in December, 2022 was at a seasonally adjusted annual rate of $1,809.8 billion, which is 0.4% below November’s revised estimate but is 7.7% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $857.2 billion in December, which is 0.3% below November’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

A recent report on Bloomberg says “Wall Street is losing out” to mom & pop buyers in the current housing slump after they say “big money” spent a fortune snapping up homes.  The article talks with several real estate investors in the Phoenix area about their recent purchases and the path that led them there.  Interestingly, it points several properties that Opendoor was apparently taking a haircut on after overpaying.  Indeed…the quotes below speak volumes: “In November the Tayriens paid $485,000 for what they call “their forever home.” In June the seller, Opendoor, had paid $646,800. That’s a 25% loss…