Weekly update March 27, 2020 for MassRealEstate.net
National REIA Statement on COVID-19 and Housing Providers
The National Real Estate Investors Association, its Chapters and Affiliates, and over 40,000 members, encourage all residents who are in financial distress to proactively contact the owner or manager of their home prior to April 1st or the date upon which rent is due.
News for Investors – Real Estate News Brief
In her most recent weekly Real Estate News News Brief, Kathy Fettke reminds us that we’re in an “unprecedented situation right now” as the Coronavirus threatens the health & safety of everyone in the world. In her brief, she covers several topics including the coronavirus, a tax day reprieve, mortgage moratoriums and stay-at-home restrictions.
Essential vs Non-Essential Businesses During Shelter in Place Orders
There has been a lot of justified discussion (in light of the Coronavirus pandemic) about what constitutes an “essential” or “non-essential” business during a “shelter in place” order. While we most certainly know that in most cases, the provision of rental housing is an essential function – especially when it comes to the health & safety of residents. That being said, The National Law Review recently published an article about the issue and while they say the answers are not always clear or consistent, there are steps you can take to be prepared if and/or when your local jurisdiction issues a “shelter in place” order.
Zillow Pauses Home Buying in Response to Market Uncertainty
Zillow recently announced that it will “pause” home buying in the markets where Zillow Offers operates. They said they’re responding to local public health orders related to the Coronavirus and their desire protect the health & safety of their employees, customers and partners.
Housing Starts & Building Permits Down Slightly
The U.S. government is reporting that privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,464,000, which is 5.5% below January’s revised number. However, it was 13.8% higher than one year ago.
Existing-Home Sales Up 6.5% in February
The National Association of Realtors is reporting that existing home sales were up 6.5% in February which they say that while encouraging, it is not reflective of the current economic turmoil brought on by the Coronavirus.
New Home Sales in February Up 14% from 2019
The U.S. Government is reporting that sales of new single-family houses in February, 2020 were at a seasonally adjusted annual rate of 765k, which is 4.4% lower than January’s revised rate, but is 14.8% higher than one year ago.
RENTcafé Says Rents are Up 3.2% Year-Over-Year
RENTcafé says while the market will likely be affected by the Coronavirus pandemic, the national average rent in February was 1,468, up 3.2% from one year ago.
Foreclosure Starts Hit Lowest Level on Record in February
Foreclosure starts hit their lowest level on record in February, this according to Black Knight’s latest “first look” report. Foreclosure starts fell 25% in January hitting their lowest level on record since Black Knight began reporting it in January 2000.
U.S. Ranks First in the World in Health Security
Infographic: With the Coronavirus pandemic affecting our nation & world, it was reassuring to come across this recent infographic from Visual Capitalist pulling data from the 2019 Global Health Security Index. It ranked 195 countries on health security with the United States ranking first in the world.