Weekly Update 4/17/2020
Congress Missed a Chance to Protect Rentals. We Can’t Let it Happen Again!
All of us at National REIA hope you and your families are well. The COVID-19 outbreak is an enormous challenge to our communities and our nation. While Congress enacted far-reaching measures in response to the crisis, more needs to be done. Congress needs to pass additional relief measures for the rental housing industry and address a number of concerns in the recently passed CARES Act!
Consumer Price Index Down in March
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) declined 0.4% in March, which BLS says was the largest monthly decline since January 2015.
Property Taxes on Single Family Homes Surpasses $306 Billion in 2019
According to ATTOM Data’s 2019 property tax analysis, total property taxes levied on single family homes in 2019 totaled $306.4 billion, up 1% from 2018. This figure averages to about $3,561 per home and is an effective tax rate of 1.14%.
Tarek El Moussa Says Flipping is Happening but it’s a lot More Challenging!
On a recent episode of CNBC’s Power Lunch, HGTV’s Tarek El Moussa said that flipping is in fact happening, but “it’s just a lot more challenging.” The reality TV star of Flip or Flop joined the panel to discuss the state of the real estate industry amid the Coronavirus pandemic.
Home Prices Were Heating Up Prior to the Coronavirus Outbreak
According to CoreLogic, home prices across the nation were beginning to “heat up” just prior to the Coronavirus outbreak and subsequent national emergency. Their latest CoreLogic Home Price Index (HPI) Report said that prices increased 4.1% year over year and has been increasing on a year-over-year basis since, 2012.
COVID-19 Impact on Short-Term Rentals
Do you have any short-term rental investments that have been affected by the Coronavirus? On a recent episode of Real Estate News for Investors, Kathy Fettke discusses the impact the pandemic has had on the short-term rental industry as well as what Airbnb has been doing to address it.
Redfin Sees Interest in Rural Areas & Small Towns Spike During Pandemic
Redfin says that small towns and rural areas may be set to boom in the wake of the Coronavirus pandemic as homebuyer interest in America’s less populous areas saw a surge in March.
Mortgage Loans in Forbearance Increases
The Mortgage Bankers Association is reporting an increase in requests for mortgage forbearance. This data is from the MBA’s latest Forbearance and Call Volume Survey which reported that the total number of loans in forbearance recently jumped from 2.73% to 3.74%.
April is Fair Housing Month
Infographic: April is Fair Housing Month, as designated by the U.S. Dept. of Housing and Urban Development. HUD says that any form of discrimination makes it difficult to create the nation our forefathers envisioned.