State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

Housing Starts & Permits Drop Dramatically Due to Pandemic

The U.S. government is reporting that privately‐owned housing starts in April were at a seasonally adjusted annual rate of 891k, which is 30.2% below March’s revised number.  April’s rate for units in buildings with five units or more was 234k.  Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,074,000, which was 20.8% below March’s revised number. Continue reading HERE...

State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

FHFA Extends Foreclosure and Eviction Moratorium

The Federal Housing Finance Agency (FHFA) announced in mid-May that they are extending their moratorium on foreclosures and evictions until at least June 30, 2020.  The foreclosure moratorium applies to Enterprise-backed (Fannie Mae & Freddie mac), single-family mortgages only. Continue reading HERE...

Wells Fargo Will Temporarily Stop Accepting Applications for HELOCs

One of the largest lenders in America, Wells Fargo,  announced in early May that it temporarily stop accepting applications for home equity lines of credit (HELOCs) due to the uncertainty around the Coronavirus pandemic. As reported by CNBC, the bank said that that HELOCs are riskier products for banks because during foreclosure, the lender for the primary mortgage would be first in line to get paid in a recovery. Continue reading HERE...

State Representative Delia Ramirez Press Conference

State Representative Delia Ramirez held a press conference this morning via Zoom which is now on Facebook video to announceEmergency Housing Legislation related to COVID-19.  The press conference can be view in full HERE

Biden Calls for Rent Forgiveness

Former Vice President Joe Biden, says rent and mortgage payments should be forgiven for those struggling financially during the current economic crisis precipitated by the Coronavirus pandemic.  According to Realtor.com, the Democratic presidential candidate said those who lost jobs during the pandemic should not have to repay their missed housing payments, emphasizing that it was “forgiveness…[and]  not paid later.” Continue reading HERE...

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.  This paper will be, undoubtedly, one of many that will explore this very subject for some time... Continue reading HERE

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. They call it a “hopeful indicator” that may have reversed the recent trend of young people living with their parents, relatives and roommates... Continue reading HERE

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.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... Continue reading HERE

Breaking Down the $2 Trillion Coronavirus Stimulus Package

In late March, the U.S. Congress passed and President Trump signed the $2 trillion Coronavirus relief bill known as the CARES Act.  This historically massive piece of legislation will pump $2 trillion of money into the U.S. economy in order to help mitigate the damage being done by the Coronavirus pandemic.  The folks over at howmuch.net recently put together a simple chart outlining where this money is going and how it will help America... Continue reading HERE

Four Madison County departments request extra pay, comp time for employees working 'in person' during COVID-19 pandemic

As Madison County departments work with “skeleton crews” in an effort to comply with COVID-19 guidelines, four department heads are requesting additional pay and comp time as an incentive for employees who come to the office to work in person - amounting to nearly $400,000 in extra liability for a two week pay period... Continue reading HERE

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.  That being said, Yardi says rents increased 2.9% in March on a year-over-year basis, as rent growth cooled somewhat from the first two months of 2020.  But they emphasize that we’ve clearly entered a period of turmoil:... Continue reading HERE

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 (reposted on Realtor.com) 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... Continue reading HERE

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.  The  data comes from the NMHC's Rent Payment Tracker which uses data from 13.4 million units across the country... Continue reading HERE 

Mortgage Loans in Forbearance Increases

The Mortgage Bankers Association is reporting an increase in requests for mortgage forbearance.  This data is from the MBA’s latest Forbearance and Call Volume Survey which reported that the total number of loans in forbearance jumped from 2.73% to 3.74% during the week of March 30 to April 5.  Mortgage forbearance is an agreement between the borrower and lender where a the lender agrees not to foreclose on on a property due to missed payments (in this case brought on by the Coronavirus pandemic). Continue reading HERE

Congress Missed a Chance to Protect Rentals. We Can’t Let it Happen Again!

All of us at National REIA hope you and your families are well. The COVID-19 outbreak is an enormous challenge to our communities and our nation. While Congress enacted far-reaching measures in response to the crisis, more needs to be done. Congress needs to pass additional relief measures for the rental housing industry and address a number of concerns in the recently passed CARES Act! Continue reading HERE...

The National Association of Realtors is reporting that pending home sales were down 20.8% in March with the NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) decreasing to 88.2.  In addition, they reported that year-over-year contract signings were down 16.3%. Continue reading HERE...

The so-called ‘Cancel the Rent’ movement has gained steam and the support of politicians like Rep. Alexandria Ocasio-Cortez, but landlords argue that stiffing them is no solution to the coronavirus-driven economic crisis. Continue reading HERE...

Rep. Alexandria Ocasio-Cortez adds her voice to the rallying cry to #CancelRent as millions suffer economic strain due to the coronavirus pandemic; Democratic and Republican strategists weigh in. Continue reading HERE...

RentCafé Sees Higher Renter Optimism in April

We are two months into the Coronavirus pandemic and Apartment site RentCafé is now reporting that renters are back to searching for apartments.  In fact, they say the numbers have returned to pre-pandemic levels.  They report that from the end of March into April, searches have been growing from one week to the next. Continue reading HERE...

Black Knight Says 7.3% of all Mortgages in Forebearance

According Black Knight’s latest Mortgage Monitor, 7.3% of all mortgages in America were in forbearance, representing 3.8 millions homeowners.  However they do report that as of April 15 the daily number of new forbearance requests began to taper off. Continue reading HERE...

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