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With Democrats controlling both the House and Senate, there may be additional relief coming for renters facing eviction, CNBC reported Jan. 6. While the current stimulus package extended an eviction ban through January and allocated $25 billion for rental assistance, additional measures could provide renters with greater financial assistance and guarantee those facing eviction the right to seek counsel.
Retail, consumer and energy companies led the list of 244 companies that filed for bankruptcy in 2020, the most since 2009 when 293 companies sought protection, Bloomberg reported Jan. 5. More bankruptcies are expected as retail continues to struggle. Real estate was hit hard, with 22 large firms filing for bankruptcy — the most since 2011.
Federal Reserve officials during their December meeting unanimously agreed to maintain the current pace of asset purchases while remaining open to future adjustments, Bloomberg reported Jan. 6. The Federal Open Market Committee kept interest rates near zero and pledged to continue $120 billion in monthly purchases of mortgage-back securities.
Institutional investors maintained their interest in commercial real estate in 2020, and despite the pandemic, the outlook for these assets increased for the third consecutive year, according to the annual Institutional Real Estate Allocations Monitor report from Hodes Weill & Associates and Cornell University’s Baker Program in Real Estate, MBA NewsLink reported Dec. 29.
Manhattan is the nation’s most expensive luxury home market, with properties in this pricey category starting at $6.5 million, according to a report from Realtor.com, WealthManagement.com reported Jan. 5. Los Angeles and San Diego were second and third on the high-end list, respectively.
The inventory of homes for sale dropped below 700,000 in December — an all-time low — as homebuyers remained active throughout the holiday season, Realtor.com reported Jan. 7. Home prices in 2020 grew 13.4% year-over-year, and properties sold in an average 66 days, which is 13 days faster than in 2019.
Owning a median-priced three-bedroom home is more affordable than renting an equivalent-sized property in 63% of U.S. counties, despite home prices rising faster than both rents and wages in a majority of the nation, analytics firm ATTOM Data Solutions reported Jan. 7.
Consumers in December were more pessimistic about buying and selling a home, with sentiment declining for the second consecutive month, Fannie Mae reported Jan. 7 in its Home Purchase Sentiment Index. The percentage of people who said it was a good time to buy a home dropped 5% from November while the percentage of people who said it was a good time to sell a home dropped 9%.
Mortgage rates fell to a new record low during the first week of the year, dropping a full percentage point over the past year, Freddie Mac reported Jan. 7 in its Primary Mortgage Market Survey. The survey noted that an adjustment is expected, and rates should see a modest increase this year.
The Appraisal Institute is seeking the names of AI professionals interested in serving as the organization’s 2022 vice president. The 2022 vice president will succeed to the office of president-elect in 2023, president in 2024 and immediate past president in 2025.
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