TOP REAL ESTATE NEWS

Here’s a Doozy For Ya: The labor force participation rate is dropping faster than the number of people willing to attend a family Zoom call. No one’s logging in, everyone’s checking out, and we’re all pretending we didn’t get the invite.

Good thing AI is here to steal our jobs, but more on that later.

Foreclosure Filings Fizzle: ATTOM's August 2024 U.S. Foreclosure Market Report reveals a decline in foreclosure activity, with total filings down 5.3% from the previous month and 11% from the previous year. Foreclosure starts decreased by 5.1% month-over-month, while completed foreclosures dropped by 12%. Nevada, Florida, and Illinois reported the highest foreclosure rates nationwide. Despite the overall decrease, CEO Rob Barber emphasizes the need for continued vigilance regarding potential housing market instability due to current economic conditions, rising interest rates, and affordability challenges. (ATTOM)

Rent's Cooling, Wallets Drooling: August saw a softening in renter demand relative to available listings as new multi-family construction increased supply. This led to slower rent growth and a rise in rental concessions, with the national median rent increasing by just 0.2% to $2,063. Despite this cooling trend, rents remain at record highs, with the median household spending about 30% of income on rent. The income needed to afford the typical U.S. rent comfortably is now $82,514, up 31.8% since 2019. While recent trends offer some relief for renters, experts caution that the decline in multi-family construction starts may limit long-term improvements in rent affordability. (Zillow)

Alright, AI is swooping in to save the labor market faster than your parents can ask, ‘So, when are you going to get a real job?’ At this rate, the only thing we’ll be doing by 2033 is watching robots crush it at Excel spreadsheets while we ‘focus on creative tasks’—aka looking busy on Slack. Let’s go!

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