Weekly update 9/21 & Softwood up 50%?
Largest Four-Month Lumber Price Increase in 70 Years Outweighs Other Price Declines in August
on • Prices paid for goods used in residential construction continued their upward trend in August, increasing 0.9% (not seasonally adjusted) according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. It is the fourth consecutive monthly increase since the index declined three months straight and brings the index back to its pre-pandemic level. Prices of excluding energy increased 1.0% over the month.
The four-month increase is almost exclusively due to the dramatic rise in softwood lumber prices, which advanced 14.9% in August. Prices have increased nearly 50% since April, the largest four-month gain in the history of the unadjusted data series which dates back to 1949.
Weekly Update 9/21
Civil Rights Group Challenges Unlawful CDC Eviction Order
The New Civil Liberties Alliance, a nonpartisan, nonprofit civil rights group, recently filed a complaint and request for a temporary restraining order or preliminary injunction in the U.S. District Court for the Northern District of Georgia to challenge the authority of the Centers for Disease Control & Prevention’s (CDC) nationwide eviction moratorium.
NMHC Says 76.4% of Apartment Households Paid Rent by September 6
The National Multifamily Housing Council (NMHC) says that 76.4% of apartment households made a full or partial rent payment by September 6th, 2020.
Local Market Monitor’s National Economic Outlook – September 2020
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.
Consumer Price Index Up 0.4% in August, 2020
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in August. Interestingly, they point out that the index’s sharp rise for used cars and trucks accounted for over 40% of the increase.
Rental Housing in America
Who owns rental properties in America? Members of National REIA will not be surprised to learn that of the 19+ million rental properties across the nation, 72% are owned by individual investors. The NAHB’s Eye on Housing recently took a deep-dive into the Census Bureau’s Rental Housing Finance Survey (RHFS) to examine the characteristics of rental housing in the United States.
How Joining a REIA Can Push Your Investing into Hyperdrive
Are you a member of a local REIA (real estate investors association)? In a recent episode of the Rent Perfect podcast, David Pickron spoke with Alan Langston, President of Arizona REIA (AZREIA), to discuss the importance of having your local REIA as part of your investing “team.”
Redfin: Record-Low Inventory has Created “Complete Storm of Insanity”
A recent Redfin report says record-low inventory has “created a complete storm of insanity” in small, affordable markets with an exodus of buyers leaving the West Coast. In fact, they point out several key points to bolster their claim.
Majority of Young Adults Now Live With Parents
Infographic: We started seeing this trend a few years ago, well before the Coronavirus pandemic. Citing recent data from Pew Research, today’s graphic shows that 52% of Americans aged between 18 and 29 now live with a parent – which they say is the highest share recorded since the Great Depression-era!
I look forward to see you soon! Mike Hurney, Director MassRealEstate.net & NewHampshireREIA.org PO Box 307, Marblehead, MA 01945
PS Next Zoom meeting 9/29/20