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Voters in several states approved real estate-related measures on Nov. 3, HousingWire reported. In California, eligible homeowners can transfer their tax assessments anywhere within the state, while in Florida, residents can transfer their homestead exemption from one property to another. In Georgia, Habitat for Humanity and similar groups are now exempt from paying taxes on certain properties under development.
While the industrial sector is resilient, it likely won’t remain unscathed as a surge in COVID-19 cases could slow manufacturing, data firm Moody’s Analytics reported Nov. 11. The vacancy rate for industrial properties is expected to rise to 11.8% next year, and the sector is expected to see its biggest drop in effective rents in 10 years.
Grocery stores have benefitted from COVID-19 stay-at-home orders, but the sector faces challenges from increased online shopping, according to a report released Nov. 9 by consultant Bain & Company. The report noted that profits through 2030 could grow as little as 1.2%. Additionally, some landlords said they avoid having grocery stores anchor their shopping centers because they can hurt performance.
Approximately 80.4% of apartment dwellers made a full or partial rent payment by Nov. 6, up 1.2% from October, but down 1.1% from the same point a year ago, the National Multifamily Housing Council reported Nov. 10. The survey involved 11.5 million professionally managed market-rate rental properties across the U.S.
Single-family home prices were up in all metro areas during the third quarter, with 65% of areas showing double-digit gains, the National Association of Realtors reported Nov. 12 in its Metropolitan Median Area Prices and Affordability and Housing Affordability Index. The increases were attributed to record-low mortgage rates and reduced nationwide inventory.
The median home price in 74% of opportunity zones increased between the third quarter 2019 and third quarter 2020, but both the growth rate and the median price fell below the national average, analytics firm ATTOM Data Solutions reported Nov. 12. Washington state performed best, with home prices up in 88% of opportunity zones.
Fewer than 10% of new single-family homes built in 2019 are served by individual wells, while around 17% are served by private septic systems, the National Association of Home Builders reported Nov. 9. Homes in New England, where median lot size is three times the national average, had the highest percentage of wells (37%) and septic systems (45%).
Popular vacation spots, like the Jersey Shore, Cape Cod, Lake Tahoe and Palm Springs, are seeing increased buyer activity as more people work remotely and seek a permanent home in areas that have traditionally been second-home markets, real estate marketplace Redfin reported Nov. 11.
Economists say a COVID-19 vaccine could lead to a rise in interest rates, pushing mortgage rates higher than the record lows seen during the past several months, MarketWatch reported Nov. 12. However, the rise in rates is not expected to dampen the housing outlook, as a vaccine might encourage would-be sellers to put their homes on the market.
Mortgage rates rose during the past week as financial markets responded to positive news about a COVID-19 vaccine, Freddie Mac reported Nov. 12 in its Primary Mortgage Market Survey. However, rates are still lower than they were a year ago, which continues to bolster the housing market.
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