CoreLogic reports that single-family annual rent growth ended 2021 at a new record. U.S. Single-family rents rose 12% year over year in December. Annual rent growth saw record highs for all price tiers. Rent growth in Miami saw an astounding 36% annual gain. In other housing news, the MBA reports that mortgage credit availability decreased in January from December. A decline indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. Spokesperson Joel Kan said, "Credit availability declined to its lowest level since August 2021, even as the economy and job market continued to improve."
Oil analyst Tom Kloza said this morning we could see oil prices at $125/bbl in Q2 2022 which would push the national average price for a regular gallon of gasoline to $5, currently at $3.50. That would be put a severe strain on businesses and consumers, who are already showing low optimism about the future. Oil prices are lower today due in part to easing Eastern European tensions. The all-time high price for gasoline was $4.11 back on July 17, 2008.
In economic news, wholesale inflation jumped monthly in January to 1% from 0.4% in December and above the 0.5% expected. The year-over-year number slipped to 9.7% from 9.8% in December and above the 9.1% anticipated. The Core rate rose to 0.8% monthly from 0.6% and above 0.5% projected and up 8.3% year over year from 8.5% and above the 7.9% expected. Empire Manufacturing rose to 3.10 in February from -0.70 in January and below the 12.15 expected.
Rents on the rise. Oil/gas prices to increase. Wholesale inflation jumped in January.
Comments(1)