- Desperate for Housing Options, Communities Turn to Ballot Initiatives “Years of stalled building, labor and supply problems and the rise of short-term rentals like Airbnb have all contributed to the housing shortage, which has frustrated first-time buyers, squeezed renters and contributed to homelessness. Migration patterns during the coronavirus pandemic have worsened the problem in some places as people shift from more expensive cities to new areas, boosting prices as they alight in search of the closest Trader Joe’s. The median existing-home price was $352,800 in September — up 13.3 percent from the same period last year, and the 115th straight month of year-over-year increases, according to the National Association of Realtors.” (The New York Times)
- Mortgage Bond Sales Surged in October “Mortgage companies in the U.S. issued $21 billion of mortgage-backed bonds in October, the second heaviest month of borrowing since the 2008-09 financial crisis, according to research by Bank of America Corp. One reason: It is cheaper for many companies to borrow in the “private-label” market than to issue bonds guaranteed by government-sponsored enterprises Fannie Mae and Freddie Mac. The lower-cost funding is prompting home-loan originators such as loanDepot Inc., as well as real estate investment trusts, or REITS, to tap the market, said Pratik Gupta, head of residential mortgage-backed securitization research at Bank of America.” (The Wall Street Journal)
- When Your Rent Goes Up 40%. As Pandemic Ends, Many Tenants See Big Hikes “As cities begin to resemble their pre-Covid selves again and the period of discounted rents evaporates, many tenants are facing a similarly unpleasant reversal. ‘Renters who originally received pandemic pricing are now experiencing steep rent increases at renewal – sometimes upward of 40%,’ said Allia Mohamed, CEO of openigloo, which allows renters in New York City to review landlords. ‘I’m amazed this is legal.’” (CNBC)
- Zillow Listing Properties Below Purchase Price “Questions over the profitability of Zillow’s iBuying practices in the increasingly competitive space appear to be close to the operation’s troubles detailed in an Insider analysis. Insider examined the company’s listings on October 27 in five markets: Dallas, Houston, Phoenix, Atlanta and Minneapolis. The outlet found almost 64 percent of the homes were listed for sale for less than Zillow paid for them, with a median difference of $16,000.” (The Real Deal)
- Retailers Build Up Caches and Cut Out Discounts in Bid to Stay Stocked for the Holidays “Some retailers have been upping inventory ahead of the holidays even more than usual.” (Bisnow)
- Cushman & Wakefield Invests $150 Million in WeWork “Cushman & Wakefield has made a $150 million strategic investment in coworking powerhouse WeWork, the real estate firm announced Friday. As part of this investment, Nathaniel Robinson, Cushman & Wakefield’s CIO & executive vice president of Strategic Planning, will be an observer to WeWork’s Board of Directors.” (Commercial Property Executive)
- Investcorp Unit Buys Minority Stake in Artemis Real Estate “Artemis Real Estate Partners has sold a passive minority stake to alternative investment manager Investcorp's strategic capital group.” (Pensions & Investments)
- Ski Resorts Counting on a Return to Normal on the Slopes “After a winter with mask mandates and restrictions on the number of people on lifts, ski resorts are expecting the upcoming season to be more like the pre-pandemic days on the slopes. Any virus-related protocols at resorts will vary depending on where they are and the local health rules in place. Some resorts are requiring masks indoors and at restaurants, others may continue to limit the number of skiers on the slopes for a better experience and some will require people to show proof of vaccination at certain venues.” (The Associated Press)
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