Weekly update 7/31/20
Eviction Moratoriums:-( Sales Up, Metros with high Foreclosures, Home & rental Vacancies & Manufactured homes…
Extended Eviction Moratoriums Do More Harm than Good
The National Multifamily Housing Council recently put together some important facts about the adverse effects of extending the current eviction moratoriums. They recognize that the Coronavirus pandemic has caused serious economic pain for millions of American families. However, they point out that without long-term solutions that support renters affected by COVID-19, the economic crisis could become a housing crisis rivaling 2008. Click here to read more.
Existing Home Sales Jump 20.7% in June
The National Association of Realtors is reporting that existing home sales jumped 20.7% in June to a seasonally-adjusted annual rate of 4.72 million (11.3% lower than one year ago). Click here to read more.
New Home Sales Up 13.8% in June
The U.S. Government is reporting that sales of new single-family houses in June, 2020 were at a seasonally adjusted annual rate of 776k, which is 13.8% higher than May’s revised rate, and is 6.9% higher than one year ago. Click here to read more.
Top 10 Metros with Highest Foreclosure Rates in Q2
According to ATTOM Data Solutions’ recently released U.S. Foreclosure Market Report, the number of properties with foreclosure filings hit an all-time low with 165,530 filings reported. Click here to read more.
Yardi Says Economic Recovery Likely Further Out
According to the latest Yardi Matrix Multifamily Report, the average U.S. rent in June was $1,457, down $2 from May. Click here to read more.
S&P CoreLogic Case-Shiller Index Up 4.5% in May
According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 4.5% annual gain in May. Click here to read more.
Successfully Using the Past to Manage in the Present
We have all heard the phrase “live in the present and forget about the past,” but rarely do we hear the opposite of that. Currently we are in a challenging situation in regard to managing our properties and are being forced to do things in unfamiliar ways. Social distancing has changed the way we show properties, perform move-in and move-out inspections and have work orders completed. Those are easy accommodations to make when we consider the larger and more longstanding economic issues that will drastically impact our industry. Click here to read more.
U.S. Homeownership & Rental Vacancy Rates for Q2 2020
The U.S. government is reporting that the national vacancy rates in Q2 2020 were 5.7% for rental housing and 0.9% for homeowner housing. Click here to read more.
The Volatility of Manufactured Home Prices
The St. Louis Federal Reserve’s FRED site is a virtual treasure trove of data – especially housing data. Recently, FRED announced that there were adding a new real estate data component, manufactured homes. Click here to read more.
Back to School Sales Tax Holidays 2020
Infographic: This weekend several states across the fruited-plain will be kicking off sales tax holidays for the back to school season. Click here to read more.