Bidding wars for homebuyers, HUD awards CARES Act public housing help, apartment rental turmoils continue, the president's executive orders, and renters renegotiating.
In Today's News
Redfin Reports Bidding Wars Continued in July
For the third straight month, more than half of Redfin's (NASDAQ: RDFN) offers encountered bidding wars, the national listing service said today. The hottest market in that regard? Salt Lake City at 75%.
Why it matters: Redfin defines "bidding war" as the owner receiving at least two offers. Its chief economist says low supply and rates, along with pandemic-fueled flight to the suburbs and beyond, may keep this trend going for a while. Indeed, it's a seller's market in much of the country.
HUD Awards $472 Million to Help Keep Public Housing Safe Housing
The agency said in its announcement today that the CARES Act money will be used to provide cleaning supplies and relocate families when necessary because of COVID-19 and to increase property owner and vendor participation in incentive programs.
Why it matters: A lot of the nation's public housing is owned by private investors whose engagement is critical to keeping this huge stock of homes safe and livable in these trying times. HUD is spending nearly a half-billion dollars of pandemic bailout funds on that effort.
Rent Tracker Finds Payment Performance Holding Steady, For Now
The National Multifamily Housing Council (NMHC) said today that 79.3% of apartment households in its survey of 11.4 million units made full or partial rent payments by Aug. 6. That's a 1.9 percentage point drop from this same point last year.
Why it matters: The trade group cites federal unemployment benefits and landlord accommodations for keeping that number as close as it is to pre-pandemic payment rates. It's a cliche now, but uncertain times don't just lie ahead, they're here as Congress continues to come up empty and President Trump signs an executive order that may or may not be able to get help flowing.
Today on Millionacres
How Will Trump's Executive Orders Impact Investors and Landlords?
There are more questions than answers in the first days after the president ordered an extension of unemployment benefits. Millionacres' Maurie Backman sorts it out and looks at some of the implications for property owners and small businesses.
Why it matters: The federal unemployment benefits expired 10 days ago, and millions of households, and businesses they support, find themselves in limbo as the pandemic rages on. The economy could hang in the balance, and "economy" means people's lives and livelihoods.
Half of Apartment List's Renters are Trying to Renegotiate. Should You?
Millionacres' Aly Yale takes a look at an Apartment List report revealing that about a third of all renters could not make full, on-time payment this month and that about half have or are seeking to negotiate new deals with their landlords.
Why it matters: Aly shares some ideas to consider if you're the landlord here, including checking out the local market to see what others are doing as well as looking at your own costs to see just how low you can realistically go. Tactics for keeping tenants under roof are increasingly important for both sides of the transaction.