Many industries are still recuperating from the impact of the pandemic, but housing has been fortunate to experience a V-shaped recovery. Not only has the Housing Market Index from the National Association of Home Builders recovered to pre-pandemic levels, it has now matched December 1998 for an all-time high in the index’s 35-year history. All three index ... READ MORE >
12.3 million rental units at risk when federal eviction moratorium ends Friday
Local courts should be prepared for an influx of filings as the federal eviction moratorium under the CARES Act officially expires on Friday. In late March, the national stimulus legislation put in place a moratorium of 120 days on specific types of properties, including those with federally backed mortgage loans. According to the Urban Institute, over ... READ MORE >
Housing remains a leader in the economic recovery
Housing continues to be a bright spot in the economy, with housing starts jumping 17.3% in June and housing permits rising 2.1% -- the second straight month of gains following the economic shutdowns of March and April. While the June housing data, released by the Commerce Department on Friday, may have been short of market estimates, the growth in ... READ MORE >
A bright spot amid the economic wreckage of coronavirus: apartment rental payments
While many businesses remain closed and the country experiences record levels of unemployment, apartment owners can take some solace that tenants are still making their rent payments. On Friday, the National Multifamily Housing Council released its Rent Payment Tracker, and reported that 80.2% of apartment households made a full or partial rent payment as ... READ MORE >
For real estate companies, the new Paycheck Protection Program funding is not a cure-all
It took about two weeks for the $349 billion Paycheck Protection Program, a federal aid package aimed at shoring up small and medium-size businesses, to run out of money after it was launched on April 3. Now, the Senate has approved another $310 billion for the program. The new round of financing is part of a broader $484 billion package passed on ... READ MORE >
How the real estate sector can weather an economy that has all but ground to a halt
In the real estate industry, the first of the month holds a certain significance – after all, it’s when rent payments are due. But this April 1 is quite different, coming amid the steep economic downturn caused by the coronavirus pandemic. Landlords are girding for the very real prospect that the $81 billion owed to them in rent payments, according to ... READ MORE >
Can hotels become hospitals? Thinking creatively about how to put empty space to work
Hotel companies in the United States are imploring Washington for relief amid the escalating cancellations because of the coronavirus pandemic. Industry leaders face seemingly impossible decisions as revenues have all but disappeared while significant fixed expenses remain. Chief executives from the largest hospitality companies – including Marriott ... READ MORE >
As coronavirus spreads, pain goes beyond the hospitality and travel industries
As the human and economic toll of the coronavirus mounts, the real estate industry in North America is wondering where it can safely place its bets. The hospitality industry has taken the brunt of the hit so far, but other sectors of the economy have been nervously watching as the events unfold. Hospitality After the World Health Organization cautioned ... READ MORE >
How ESG is affecting the real estate and construction industries
As public pressure builds for industries to adhere to environmental, social and governance standards, the real estate and construction industries are no exception. The European Union, for example, has passed many regulations that require proper ESG planning and disclosures for real estate businesses. While ESG may not carry the same weight yet in the ... READ MORE >
Buzz on pot legislation fades as focus turns to vaping
It was a rare source of consensus in a divided Congress: in September, the House of Representatives passed a bill designed to ease the flow of money to cannabis companies around the nation. By stripping away federal penalties on providing financial services to these businesses, the bill would go a long way to grease the financial gears of a budding ... READ MORE >