By Catherine Mesick Pent-up demand, consumer savings and widespread vaccinations will spark broad commercial expansion this year, according to economists attending NAR’s Wed. webinar. CHICAGO – As vaccination rates rise nationwide, commercial real estate is likely to post gains across all sectors, fueled by pent-up demand and a high level of consumer savings, said leading economists on Wednesday during the National Association of Realtors® ‘(NAR) virtual “Real Estate Forecast Summit: Commercial Update” webinar. The U.S. economy will continue to improve in 2021, said NAR Chief Economist Lawrence Yun, and that improvement is likely to drive gains across most commercial real
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Many Americans will get a $1,400 stimulus check, unemployment at $300 per week runs to Sept. 6, and landlords can now tap into a bigger pot of money. Plus child tax credits – $300-or-more paid weekly – could be enough for some rental families to decide it’s time to buy a home. WASHINGTON – President Joe Biden signed the $1.9 trillion COVID-19 relief package – known as the American Rescue Plan – into law on Thursday after the U.S. House of Representatives approved the final version of the measure Wednesday. The National Association of Realtors® (NAR) says the legislation contains
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By Chris Perkins U.S. News & World Report ranked Fla. No. 10 this year as overall best state, up from 13 last year. Created via a survey of residents, the list covers 8 categories. MIAMI – The Sunshine State – with its dazzling beaches, exciting nightlife and picture-perfect weather – is shining bright in a new annual survey. According to the latest standings from U.S. News & World Report, Florida ranks 10th overall among the “Best States in the U.S.” And we’re on the rise. Florida finished at No. 13 in 2019. State rankings were determined based on the average
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By Kerry Smith This week’s 3.05% for an average 30-year, fixed-rate mortgage is only slightly higher than last week’s 3.02%, but it’s the second week in a row to top the 3% mark. MCLEAN, Va. – This week’s mortgage survey from Freddie Mac found a slight increase in the 30-year fixed-rate mortgage (FRM), which averaged 3.05 percent. The modest increase from last week’s 3.02% isn’t unusual by itself, but it’s the second week in a row with rates above the 3% mark. “As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates
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By Kerry Smith FHFA extended mortgage-approval changes added during the pandemic – such as alternatives to appraisals and alternate methods to verify income and employment – through April 30. But the agency said that’s likely the last time it will do so, at least for some of the temporary easements. WASHINGTON – The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend temporary loan origination flexibilities it created during the pandemic until April 30, 2021. These temporary “flexibilities” were less stringent mortgage approval policies that FHFA created in the early days of the COVID-19 shutdown
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A University of Chicago study found that property valued in the bottom 10% in a metro generally averaged an effective tax rate double of those in the top 10%. CHICAGO – The Center for Municipal Finance at the University of Chicago Harris School of Public Policy has completed a nationwide analysis revealing that property taxes, which generate roughly $500 billion and represent the single largest revenue source for local governments each year, are inequitable, with the burden falling disproportionally on owners of the least valuable homes in most counties, cities, and other taxing jurisdictions across the United States. The study
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By Joe St. George Tenants who don’t pay their water bill or power bill get it shut off, says one Orlando landlord. “But we are the one service they can get away with not paying for.” WASHINGTON – Landlords might not be a profession many people often think about or have much compassion for, but for Chuck Burt, being a landlord is his profession and passion. “I’m a landlord,” Burt said with a laugh outside one of his Orlando properties. Burt explains just like renters, many landlords have been impacted hard during this pandemic. “If your residents can’t pay, that
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By Kerry Smith A Consumer Financial Protection Bureau interpretive rule says it won’t tolerate discrimination against the LGBTQ community, and lenders can’t discriminate based on applicants’ “actual or perceived nonconformity with traditional sex- or gender-based stereotypes.” WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule affirming that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. CFPB says that it also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social
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By Kerry Smith Former Rep. Marcia Fudge will oversee the U.S. Department of Housing and Urban Development after a 66-34 confirmation vote Wed. in the U.S. Senate. WASHINGTON – The U.S. Senate confirmed Marcia Fudge, a former U.S. House representative and small town mayor, to be the new secretary of the Department of Housing and Urban Development (HUD). She was nominated to the position by Pres. Joe Biden and passed the Senate with a 66-34 vote. Fudge is a former representative in the U.S. House representing Ohio and has served there since 2008. She’s also an attorney and earlier served
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By Kerry Smith Over 11M U.S. families are behind on rent or house payments, and landlords are struggling. CFPB study: 9% of renters and 28% of manufactured-home residents owe money. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) – a federal agency focused on consumer security – issued a report, Housing insecurity and the COVID-19 pandemic, that warns of widespread evictions and foreclosures once federal state, and local pandemic protections come to an end if there are no additional public or private actions. CFPB found over 11 million families behind on rent or mortgage payments: 2.1 million families are
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