Author: Brad Beckett

Surprise – A recent report from Apartment List says 40% of their users were searching for their next home in a different metro from where they currently reside, and 27% were searching in a new state entirely. Interestingly, they say long-distance moves tend to be more common among higher-income renters.  Apartment List got their numbers from analyzing data on millions of searches showing where their users are looking to move. The report uses searches that took place between January 1 and December 31, 2022. “We see renters searching out of the most expensive parts of the country, such as California…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 6.9% in December 2022. On a month-over-month basis, home prices declined by 0.4% in December compared with November 2022.  CoreLogic predicts that home prices will decrease on a month-over-month basis by 0.2% from December 2022 to January 2023 and on a year-over-year basis by 3% from December 2022 to December 2023.  Indeed… “The continued slowing of home prices at the end of 2022 reflects weaker housing market demand, primarily caused by higher mortgage rates and a more pessimistic economic…

The U.S. government is reporting that privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,309,000, which is 4.5% lower than December’s revised number and 21.4% lower than one year ago.  January’s rate for units in buildings with five units or more was 457k.  Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,339,000, which is 0.1% below December’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 563k in January. Click here to read the full report at the…

The National Association of Realtors is reporting that, in Q4 2022, seven of the 10 metro areas with the largest percent gains in existing single-family home prices were in Florida, North or South Carolina and the others were in New Mexico, Texas, and Wisconsin.  And, as we’ve recently seen, those are the places people are flocking to…. Stay safe and have a Happy Friday! Hat tip to the NAR.

On a recent episode of Real Estate News for Investors, Kathy Fettke discusses what’s ahead for single-family rentals and build-to-rent homes, the economy and a look at why Los Angeles landlords may be fuming right now, over a new law. A limited supply of new single-family homes will push demand higher for renters, especially among Millennials with growing families….the spotlight is on the Southeast with “continued strong demand and solid performance in BTR, even during 2023, but at an even greater level from 2024 to 2028.” And he says that “Florida is going to be one of the strongest markets……

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…