Weekly update, April 10, 2020 for MassRealEstate.net
69% of Households Paid their Rent by April 5
The National Multifamily Housing Council (NMHC) says that 69% of households paid their rent by April 5th. This figure is 12 points less than the percentage that paid by March 5th and 13 points less than one year ago.
Construction Spending Down Slightly in February
The U.S. government is reporting that total construction spending in February was at a seasonally adjusted annual rate of $1,366.7 billion, which is 1.3% below January’s revised estimate. However, February’s figure was 6% higher than February, 2019.
Zumper’s National Rent Report for April 2020
Rental information site Zumper recently released their National Rent Report for April, 2020 showing that the median national rent for 1-bedroom apartment was $1,221 (up 0.2%) and the median two-bedroom rent was $1,471 (down 0.6%).
Yardi Says Impact from Pandemic Tightening Its Grip on Economy
According to the latest Yardi Matrix, the average U.S. rent in March was $1,474 (up $6), however they warn that major impacts from the spread of the Cornonavirus will start showing up in April.
Counties that are on the Front Lines of a Coronavirus Recession
With the Coronavirus pandemic having America firmly in its grasp, a recent article on Realtor dot com says the economy appears to be headed for a recession, if it’s not already in one. To that end, they crunched the numbers to identify those U.S. counties that could be most at risk in our worsening financial crisis.
New White Paper Evaluates Coronavirus’ Impact on Housing Market
What will be the impact of the Coronavirus pandemic on the housing & mortgage industries? That’s the topic of a new “white paper” from Black Knight that does an early comprehensive evaluation of the current state of the market, the pandemic’s potential impacts, and explores the solutions and technologies that have the ability to mitigate negative effects.
Tourist Towns Tell Folks to Stay Away During Pandemic
It’s an unfortunate sign of the times during our current national emergency; Tourists are being turned back from the Florida Keys and even the Outer Banks of North Carolina has road blocks in place doing the same. A recent story in the Wall Street Journal reports that authorities in resort towns are taking extraordinary measures to protect their permanent residents from the Coronavirus, which has sometimes been at odds with property-owners seeking shelter from the pandemic.
More Younger People are Heading Households
For the first time in a long time (pre-internet, even), the number of young people aged 25-34 heading households has increased. The NAHB’s Eye on Housing recently crunched the numbers to show this trend’s reversal.
How Census Housing Data is Used
Infographic: It might be easy to forget during the pandemic that there is a still a census being conducted by the federal government. As you may recall from high school civics, the U.S. Constitution mandates that a census be conducted every 10 years to in order to count our nation’s population. Click here to read more.
Weekly update April 3, 2020 for MassRealEstate.net
Congress Passes Historic Trillion Dollar Stimulus Package
In late March Congress passed (and the President signed) a historic $2 trillion economic-rescue package (CARES Act) for individuals and businesses affected by the Coronavirus pandemic. CNBC’s Kelly Evans interviewed the Wall Street Journal’s executive Washington editor, Gerald Seib about the bill and its implications for helping America through this crisis. Click here to read more.
Unemployment Claims Spike off the Charts
A recent “chart of the week” from the Mortgage Bankers Association vividly illustrates the U.S. Department of Labor unemployment statistics from mid-March: jobless claims spiked to over 3.3 million! Click here to read more.
FHFA Index Says U.S Home Prices Up 5.2% Year-Over-Year
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 0.3% in January, 2020. In addition, they report that home prices were up 5.2% from January 2019 to January 2020. Click here to read more.
Pending Home Sales Up 2.4% in February
The National Association of Realtors is reporting that pending home sales were up 2.4% in February with the NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increasing to 111.5. Click here to read more.
FBI Sees Rise in Coronavirus Fraud Schemes
We have had several posts about the dangers of cybercrime over the past few years. Recently, the FBI said they have seen an uptick in the number of scams & methods for cyber-criminals to steal your money, personal information or both during the current Coronavirus pandemic. Click here to read more.
How Does a Crisis Affect Your Investment?
Managing your properties during any crisis is a challenge, let alone the current Coronavirus pandemic we’re experiencing. On a recent episode of the Rent Perfect Podcast, David Pickron talks with longtime property manager and seasoned housing provider Anne McCawley about how to manage your properties during a time of crisis. Anne gives great insight on how to plan for and maneuver through these challenging times. Click here to read more.
Negative Interest Hit US Treasury Bills
In late March yields on both the 1-month and 3-month U.S. Treasury Bills entered negative territory – the first time in almost 5 years that this has happened. Click here to read more.
ABODO Says Americans Worried About Making Rent
National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in April was $1,088 with two-bedroom units coming in at $1,354. However they caution that Americans are worried about paying the rent during the ongoing Coronavirus pandemic. Click here to read more.
S&P CoreLogic Case-Shiller Index Up 3.8%
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 3.9% annual gain in January. Their 10-City Composite annual increase came in at 2.6% and the 20-City Composite posted a 3.1% year-over-year gain. Click here to read more.
Breaking Down the $2 Trillion Coronavirus Stimulus Package
Infographic: In late March, the U.S. Congress passed and President Trump signed the $2 trillion Coronavirus relief bill known as the CARES Act. The folks over at howmuch.net recently put together a simple chart outlining where this money is going and how it will help America. Click here to read more.