From the WND NewsCenter and the Daily Caller News Foundation to MHProNews is the following report on the drop in consumer demand for apartments in the 3rd quarter of 2022. The ramifications for manufactured housing professionals and investors are unpacked in the Additional Information with More Facts, Analysis and Commentary segment of today’s Daily Business News on MHProNews report. The manufactured home community Real Estate Trusts (REITs) and manufactured housing connected stocks report and left-right headline news snapshot follows.
WND MONEY
Apartment demand drops to 30-year low as renters on edge
General economic uncertainty among those who have adopted a ‘wait and see’ mentality
By WND News Services
Published October 12, 2022 at 2:28pm
By Bronson Winslow
Daily Caller News Foundation
Apartment demand in the third quarter of 2022 dropped into the negative for the first time in 30 years as many renters have lost confidence in the market due to economic uncertainty, according to RealPage analytics.
Rental markets boomed at the start of 2022, but Q3 data shows a 1.0% increase in apartment vacancies despite a 0.2% month-over-month asking price decrease in September, RealPage reported. Weak rental numbers, despite the first month-over-month asking price drop since December 2020, point to a general economic uncertainty among renters who have adopted a “wait and see” mentality, the outlet reported.
Though President Biden told CNN’s Jake Tapper Tuesday that he doesn’t “think there will be a recession,” the Consumer Price Index (CPI) rose by 8.3% year-over-year in August, and housing costs are expected to reflect a 0.3% increase in September’s CPI report, according to MarketWatch. Renters are currently questioning where the economy will go next, and RealPage believes this uncertainty is the main cause of rental market demand decreases.
Apartment demand continued to drop in Q3, but affordability steadily increased, RealPage reported. Month-over-month asking prices are “well below” 2021 prices in every month since April resulting in year-over-year price growth dropping from 15.7% in March to 9.0% in September.
If affordability was a factor driving rent demand down, high end apartments would see a migration of renters moving to more affordable leases, RealPage reported. But vacancies are being reported evenly across all price points, suggesting that affordability is not the driving factor in decreasing demand.
While @AnalyticsRP noted that it’s the 1st time they’ve recorded a 3Q drop in demand in 30 years, they go on to say that “if jobs/wages hold up as they have and inflation cools, we should see pent-up rental demand unlocked ahead of the ’23 leasing season.”https://t.co/mYTPwzZpYz pic.twitter.com/TnncqWva1h
— Calvera Partners (@calverapartners) October 7, 2022
Another factor that can lead to rental demand decreases is a drop in renter income, but year-over-year income for new lease signers has increased by 11.3%, Real Page reported. Rent-to-income ratios are just above 23% and rent collections have increased from 94.9% earlier this year to 95.4%.
This story originally was published by the Daily Caller News Foundation. ##
The arguably related report below on the Consumer Price Index (CPI) sheds light on why consumers are getting nervous and on the #1 topic, per surveys, for likely voters.
Note that layoffs are occurring and store closures for some companies are also taking place going into the holiday season. Affordable housing and the dream of homeownership are at risk for millions. These factors with general domestic and international news malaise are also factors weighing on consumers — most of whom vote.
WND
8.2 percent? Inflation rate MUCH higher for many essentials
Biden contends it would be worse with Republicans in charge
Published October 13, 2022 at 7:16pm
The Consumer Price Index – a measure of the annual inflation rate – was 8.2% in September, a “hotter-than-expected” rate that was just below the 40-year high of 9.1% set earlier this year, according to the Bureau of Labor Statistics.
But Americans are well aware that the prices of many things upon which they rely have increased at a much higher rate.
Here is a sampling of the breakdown from the Bureau of Labor Statistics:
- 9% airline fares
- 1% utility gas
- 5% eggs
- 2% gasoline
- 2% chicken
- 7% coffee
- 2% milk
- 7% bread
- 1% furniture
- 2% vegetables
- 2% all items
- 2% fruit
- 1% ham
- 6% women apparel
- 2% used cars
- 7% rent
- 7% men apparel
The BLS recorded a decrease in gasoline prices. But the decision last week by OPEC+ to cut oil production by 2 million barrels a day was meant to raise the price of crude oil.
And even as energy prices fell in September, the cost of services, shelter and transportation were “running hot, forcing consumers to make tough spending decisions through year-end,” wrote John Leer, Morning Consult’s chief economist, on Twitter.
When Biden took office in January 2021, the annual inflation rate was 1.4% and gas was an average of $2.39 a gallon, Now, with an 8.2%, the average price at the pump is $3.91.
Biden, however, claimed in a speech Thursday after the September numbers were released that if Republicans win in November, inflation will get worse.
It’s that simple,” Biden said in remarks in Los Angeles.
Democrats are standing up for working people, he contended.
“We’ve got an election in the month. Voters have to decide,” he said. Democrats are working to bring down the cost of things they talk about around the kitchen table, from prescription drugs, to health insurance, to energy bills and so much more.”
See his remark:
Biden: “If Republicans win, inflation is going to get worse. It’s that simple.” pic.twitter.com/iihpdQ8L1F
— Greg Price (@greg_price11) October 13, 2022
In September, to combat inflation, the Federal Reserve raised interest rates by 75 basis points. And with higher-than-expected inflation numbers last month, some economists are expecting another hike of at least 75 points at the next meeting, Nov. 1-2, which will only added to monthly expenses for many families.
CNBC’s Rick Santelli, known for his live rant on the floor of the Chicago Mercantile Exchange that inspired the tea party movement, broke down the latest numbers of “Squawk Box.”
#BREAKING: September’s inflation report clocks in at 0.4% higher at 8.2%, double the expectation & highest since June. If you take out food and energy, still up 0.2% to 6.6%.
Rick Santelli: “This is a hot number…This is definitely going to peak the ears of our central bankers” pic.twitter.com/uixO15AFyt
— Curtis Houck (@CurtisHouck) October 13, 2022
##
Additional Information with More MHProNews Analysis and Commentary
Contrarian financial and new media Zero Hedge is routinely drumming out gloomy economic and market news.
Some pull quotes from Zero Hedge headlines help tell the tale:
- “This Is A F**king War”: [J.P. Morgan Chase CEO] Jamie Dimon Slams Biden Begging Saudis For Oil, Says Investors “Don’t Give A Shit” About ESG
- These Two Troubling Developments Could Reignite Global Food Crisis Fears
- Bank of America Has Bad News For Its Clients: We Are A Long Way From The Market Bottom
- Victor Davis Hanson: Biden Plays The Old Ugly American – with the subheading:
The American public is repelledas they watch Biden’s pathetic theatrics of global oil begging to help himself in the midterms… - Chevron CEO Blames Western Governments “Doubling-Down” On ‘Climate’ Policies For Global Energy Crisis – with the subheading – “The reality is, [fossil fuel] is what runs the world today. It’s going to run the world tomorrow and five years from now, 10 years from now, 20 years from now.”
- Gaslighting On Gas Prices – with the subheading – How do politicians get away with blaming others for the consequences of their policies?
- Soaring CPI & Extreme Pre-Positioning Sparks Massive Swings Across Markets – with the subheading – ..despite the equity market bounce, rate-hike odds soared…
- BlackRock Assets Plunge Amid Global Stock And Bond Turmoil – with the subheading – BlackRock said the decline was “primarily driven by the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees.”
- “Horrible”… “Brutal”…”A Disaster For Democrats”: A Shocked Wall Street Reacts To Today’s CPI Nuclear Bomb – with the subheading – “Today’s is the final CPI report ahead of the Nov. 8 midterm election. You can bet that Republicans will be hitting this hard — worst inflation in four decades.”
- “Rent Inflation Seems Crazy”: Why The CPI Is Making The Same Huge Mistake Now It Did One Year Ago – with the subheading – “not sure there is much to do with this information, except file it into my growing list of reasons why we will experience a hard landing.”
The time to panic about soaring rent was a year ago… as we did here, but not the Fed.
Now BLS has just caught up to reality 6-9 months ago. Meanwhile real life rents are finally fading https://t.co/sJtLFdfvND pic.twitter.com/sjJqpCB6Gt
— zerohedge (@zerohedge) October 13, 2022
What does – or should – this mean for manufactured housing professionals? It is simple. There are an abundance of opportunities for affordable housing. Manufactured housing pros, with the right policies and approaches could achieve record results. But that will require change.
Daily Business News on MHProNews Markets Segment
NOTICE: Based on feedback, a modification of our Daily Business News on MHProNews recap of yesterday evening’s market report is provided. It will still include our left (CNN Business) and right (Newsmax) ‘market moving’ headlines. The macro market moves graphics will provide context and comparisons for those invested in or tracking manufactured housing connected equities.
Reminder: several of the graphics on MHProNews can be opened into a larger size. Click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the escape or back key to return.
Headlines from left-of-center CNN Business – from the evening of 10.13.2022
- Food inflation
- People shop at a local supermarket in Washington, D.C., the United States, Sept. 13, 2022.
- Prices at the grocery store are still surging — here’s what’s getting more expensive
- The Fed is losing the war against inflation
-
Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts. US stocks soar on a wild day for Wall Street
- Surging prices show the Fed must continue its tough battle against inflation
- Mortgage rates hit 20-year high
- How much will Sandy Hook parents actually get from Alex Jones?
- Alex Jones’ conspiracy empire hangs in the balance after jury’s nearly $1 billion award to Sandy Hook families
- Minority farmers sue US over repealed government relief program
- Watchdog: High levels of toxic chemical found in sports bras
- Americans have largely avoided health care inflation so far — but that’s about to change
- This nearly 100-year-old abandoned cabin still houses brave guests
- This bond pays nearly 10%. Here’s what you need to know
- In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC. The Social Security Administration announced recipients will receive an annual cost of living adjustment of 5.9%, the largest increase since 1982. The larger increase is aimed at helping to offset rising inflation.
- Retirees to receive an 8.7% cost-of-living increase, the highest since 1981
- Empty shelves at a Bed Bath & Beyond location permanently closing in Northville, Michigan, US, on Saturday, Sept. 24, 2022.
- These retail chains may not survive a recession
- MARKETS
- LABOR UNIONS
- Apple store workers in Oklahoma to vote on labor union
- France tries to break oil strike as drivers line up for gas
- Amazon Labor Union faces next showdown in New York
- The threat of a freight railroad strike is back
- Cathay Pacific is facing ‘unprecedented staffing’ shortages
- HOLIDAY SHOPPING
- Christmas comes early in an Old Navy store in Chelsea in New York on Thursday, October 6, 2022.
- Holiday sales are everywhere. Here’s when you should buy
- China’s holiday spending plunges to seven-year low
-
“In the business world, the rear-view mirror is always clearer than the windshield.” – Warren Buffett. That begs a key question. Why don’t more people LOOK at the rearview mirror so they can learn more about the patterns that influence what’s ahead? Note: depending on your browser or device, many images in this report can be clicked to expand. or example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts. Amazon plans to hire 150,000 workers ahead of holiday season
- REI dumps Black Friday — permanently
- McDonald’s announces return of Halloween pails
- WHAT TO WATCH
- Watch this rocket ignite using fuel that you can eat
- A cashier ringing up a senior couple’s groceries so they can pay at their local supermarket.
- Jobs economist: Worker shortage may keep inflation high
- Meta’s new VR headset tracks facial features in mixed reality
- Hundreds of companies are trying the four-day work week. Here’s how it’s going
- Shocking video shows aftermath of waterfront bar that completely disappeared after Ian
Headlines from right-of-center Newsmax 10.13.2022
- DeSantis: Decision by Parkland Jurors Is ‘Miscarriage of Justice’
- Florida Gov. Ron DeSantis on Thursday criticized the legal system after Parkland shooter Nikolas Cruz was spared the death sentence. Cruz, who last year pleaded guilty to 17 counts of first-degree murder and 17 counts of first-degree attempted murder for the Feb. 14, 2019, killing of 14 students and three staff members at his former high school, Marjory Stoneman Douglas, was sentenced to life in prison without parole. [Full Story]
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- Mark Morgan: Mayorkas Should Resign or Be Impeached | video
- AG Jeff Landry: Admin Acts Like ‘Communist Regime’ | video
- Carey: Biden ‘All Wrong’ on Energy | video
- Chicago Alderman: ‘Too Much Coddling of Criminals’ | video
- John Kirby: No Indication Putin Has Decided to Use Nukes
- Markwayne Mullin to Newsmax: ’23 to ‘Feel’ Like ‘Full Recession’ | video
-
In instances such as Apollo, Berkshire Hathaway, Blackstone or others, manufactured housing may only be part of their corporate interests. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts. More Newsmax TV
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- NOTE 1: The 3rd chart above includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
- Note 4: some recent or related reports to the equities named above follow.
2022 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.
