In this Real Estate News Brief for the week ending February 20th, 2021… how rents are doing in smaller markets, whether Opportunity Zones are turning profits, and an easy place to find flood risk data for individual properties.
Every year, California residents face a profusion of new laws, and this year, there are several new laws that will have a big impact on real estate. I’ve covered a few of them before, but they are important enough to mention again along with a few others for our California listeners and for people interested in what California is doing as a potential trend-setter for other states.
The numbers keep going up for the housing market. Redfin reports that competition is so fierce among buyers that a majority of homes are going under contract within two weeks. That’s also driving home prices to new record highs.
Redfin reports that median asking prices are up 10% from a year ago, to a new all-time high of $334,770. It also says that median sale prices are up 15% year-over-year to $318,750.
In this Real Estate News Brief for the week ending February 13th, 2021... new comments from the Fed Chief on the risk of inflation, a new extension for government forbearance programs, and a forecast on homebuyer demand.
We begin with economic news from the past week, and Fed Chief Jerome Powell’s commentary about inflation. He spoke before the Economic club of New York saying he doesn’t expect a big jump or a sustained increase in inflation right now. He says: “Inflation has been much lower and more stable over the past three decades than in earlier times. In the 1970’s, when inflation would go up, it would stay up.”
Will it be another great year for single-family homes? After a surge in demand for single-family homes last year, the big question on many investor minds is whether this is “a fad or a real trend.” The Urban Land Institute and PWC just published a yearly report on real estate trends, with some insights on where the single-family market may be headed.
With eviction moratoriums in place for nearly a year now, one might assume that investing in rental property would not be prudent. If people lose their jobs and can't pay rent, how can the landlord pay for their bills like the mortgage, property taxes and insurance? Yet, in spite of these unprecedented challenges, some metro areas have actually seen rents rise - according to a recent CoreLogic report that tracks rent collections.
In this Real Estate News Brief for the week ending February 6th, 2021... new record-highs for Houston real estate, good news about renter credit scores, and a big “first” for the 3D printing of homes.
We begin with economic news from this past week and the latest job market reports. New applications for unemployment benefits fell to their lowest level in nine weeks. The government says that 779,000 people filed for state unemployment benefits during the last week of January.
In this Real Estate News Brief for the week ending January 30th, 2021… the Fed’s latest policy decisions, more good news about home sales, and a Zillow forecast on home values.
We begin with economic news from this past week, and another meeting of the Federal Reserve that ended with no policy changes and signs that short-term interest rates will stay right where they are for several years. The Fed also said it has no plans to taper its monthly purchase of $120 billion in bonds until it sees “substantial further progress” in a job market recovery, along with inflation that sits above 2% for some amount of time.
Remote workers may face a surprise tax bill if they live and work in different states. With the rapid expansion of the remote workforce and the ability to live anywhere, remote workers who cross state lines may owe taxes in more than one state. And a recent survey shows that most workers don’t realize that.
We have some year-end totals for the number of home loans that are past due, and at risk of foreclosure. A new report by Black Knight shows that 2020 ended with almost 3.4 million loans in some stage of delinquency, and that seriously delinquent loans were up 250%, but they are well off their pandemic peaks. There’s also new data on places where foreclosures are already rising, and many of those locations are in California.
In this Real Estate News Brief for the week ending January 23rd, 2021… another extension for the Federal eviction ban, homebuilder Lennar to become a single-family landlord, and no more free rental listings on Zillow.
We begin with economic news from this past week, and the likely return of former Fed chief Janet Yellen as the new U.S. Treasury Secretary. The Senate Finance Committee approved her nomination on Friday the 22nd. The Senate is expected to vote today, and if confirmed, she'll be the first woman to lead the department in its more than 230-year history.
The vaccine rollout is underway, and people in real estate are speculating on how it will help or possibly hurt some aspects of the housing market. 2020 was of course a very difficult year for many sectors of the economy, but not housing. What changes can we expect in the coming year?
In this Real Estate News Brief for the week ending January 16th, 2021... a new COVID relief bill that extends the federal eviction moratorium, proposes more rental assistance, and authorizes new stimulus checks, plus bitcoin fortunes at risk over lost passwords, and reports on unemployment, inflation, consumer sentiment, and mortgage rates.
As the inventory for existing homes dwindles and demand for rental homes grows, investors are working with builders on the construction of new rental homes in markets across the country. According to a recent article in the Wall Street Journal, this new surge in activity is the result of a pandemic-induced desire for more spacious homes in the suburbs combined with Americans who can’t afford to buy those homes.
In this Real Estate News Brief for the week ending January 9th, 2021... inventory hits a new low, where home prices are rising fast, signs of an urban exodus reversal, a stimulus check glitch, and reports on unemployment and construction spending.
California and New York have long been two of the nation’s top states for business, but due to a changing business climate, many companies are migrating to more business-friendly and less expensive areas. Savvy real estate investors are flocking to these locations to get ahead of the wave.
A new president, plus a shift of power in the Senate has some Americans popping the cork in celebration, and others trembling in fear of the coming changes. Today we'll take a look at some of those changes, and how today's new leadership may affect real estate investors.
2020 was an extremely difficult year for many people and many businesses, but not for U.S. housing. While the coronavirus swept across the nation without mercy, infecting millions and blowing holes in the economy, the housing market actually got stronger. Let’s take a look at where we began the year and where we are now.
Oregon landlords are taking the state to court over an eviction moratorium that now runs through June of next year. Lawmakers also approved a compensation fund for landlords, but landlords say it will provide nowhere near enough money for landlords who are owed months of back rent.
In this Real Estate News Brief for the week ending December 26th, 2020, mortgage rates hit another all-time low, new stimulus help for renters and landlords, best grocery store for home values, and reports on the GDP, the job market, consumer spending, and new and existing home sales.
In this Real Estate News Brief for the week ending December 19th, 2020... single-family rent growth picks up, remote work migration could surge, a creative new venue for indoor restaurant dining, and reports on the job market, residential construction, and another new low for mortgage rates.
Tis the season for a more than a normal amount of Christmas decorating. With pandemic stay-at-home orders and curfews, demand is skyrocketing for Christmas trees, holiday lights and other decorations. It’s a way to shake off the pandemic gloom, and bring an otherwise difficult year to a close with a few festive memories.