Author: Brad Beckett

A recent article in the Wall Street Journal (reposted in Realtor.com) suggests that the “Great Florida Migration” might be coming undone.  They say a surplus of housing inventory and dwindling buyer interest are slowing sales and recent hurricanes & extreme weather events are making it worse.  In addition,  surging insurance costs, high mortgage rates and high home prices have more people reassessing their Florida dream. Those who must sell their homes right now because of lifestyle changes, upgrades, etc., are facing headwinds. I can’t unload the thing,” Holmes said. “In eight months, I’ve had zero offers. No one even showed…

According to Apartment List’s National Rent Report for October 2024, national median rent dropped 0.5% to $1,405.  They say we are likely to see that number continue to modestly drop through the remainder of 2024. “Rent growth follows a seasonal pattern – prices tend to go up during the spring and summer and dip during the fall and winter. We have now transitioned between those seasons – August saw month-over-month rent growth flip from slightly positive to slightly negative, and now September has brought a second, sharper monthly decline.” Click here to read the full report at Apartment List.

According to the latest ICE Mortgage Monitor, serious delinquencies (loans 90+ days past due but not in active foreclosure) rose 14K (+3.3%) to a six-month high, but remain historically low.  Interestingly, they say nearly 70% of seriously delinquent mortgages are still protected from foreclosure via either forbearance, loss mitigation, or bankruptcy.  The ICE Mortgage Monitor provides a view of the current mortgage market, including loan-level performance, home price trends data, secondary market metrics and public records. Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product increased in 49 states and DC in Q2 2024, with the percent change ranging from 5.9% at an annual rate in Idaho to –1.1% in Alaska.  In addition, personal income increased in all 50 states and DC, with the percent change ranging from 6.9% at an annual rate in South Carolina to 2.3% in North Dakota. Click here to read the full report at the U.S. Bureau of Economic Analysis.

The recent devastation wrought by two major hurricanes have put the question of home insurance on the proverbial front burner.   A recent article from Realtor.com says rising home insurance prices are affecting homeowners across the country with some states are feeling the pain more than others.  Topping their list of states with the highest insurances prices is Florida, scene of two recent destructive hurricanes.  They say 20% of Floridian homeowners are paying at least $4k per year for home insurance – the highest share of any state.  In addition, they say across the nation home insurance rates rose 34% from…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 3.9% in August 2024 compared with August 2023.  On a month-over-month basis, home prices dropped by 1% in August 2024 compared with one year ago. “While mortgage rates have dropped in recent weeks, August home sales were by still-high rates in July and August, which lowered affordability…The combined impact of high prices and high mortgage rates kept a lid on price growth, with annual gains falling to the lowest level in a year and the monthly gain falling well…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in September, 2024 (same as August).  The all items index was up 2.4% for the 12 months ending in September.  The index for shelter rose 0.2% in September, and the index for food increased 0.4%.  The BLS says taken together, these two indexes contributed over 75% of the monthly all items increase. Click here to read the full release at the Bureau of Labor Statistics.

Citing government data, Statista says approximately nine out of ten trips were undertaken with either a car, an SUV, a pickup truck or a van in 2022.  Not surprisingly, walking played a significantly less important role, with its share in total person trips dropping by 3.6 percent to 6.9 percent compared to 2017.  We love our cars & trucks…and it shows.  Stay safe and have a Happy Friday!!! Hat tip to Statista.

A recent story in the Wall Street Journal highlights how Argentina’s new President (who happens to be an economist), Javier Milei, scrapped their rental laws and most government price controls in an effort to revive South America’s second-largest economy.   Most notable is his elimination of what the WSJ calls some of the strictest rent control laws in the world…indeed. For years, Argentina imposed one of the world’s strictest rent-control laws. It was meant to keep homes such as the stately belle epoque apartments of Buenos Aires affordable, but instead, officials here say, rents soared. Now, the country’s new president, Javier…

According to the ADP National Employment Report for September, 2024, private sector employment increased by 143k jobs and annual pay was up 4.7% year-over-year. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees. “Stronger hiring didn’t require stronger pay growth last month…Typically, workers who change jobs see faster pay growth. But their premium over job-stayers shrank to 1.9 percent, matching a low we last saw in January.”  Said ADP chief economist Nela Richardson. Click here to read the…