Mortgage rates keep falling, housing starts keep rising, rents dip slightly, the skinny on California's eviction moratorium, and three REITs you might want to run from.
In Today's News
Mortgage Rates Hit Another Record Low
Freddie Mac (OTCMKTS: FMCC) reported today the average 30-year fixed-rate mortgage can now be had at 2.67% -- yet another record low in the GSE's 50-year history of tracking rates.
Why it matters: Such low rates are making buying and refinancing easier for millions of Americans, and things maybe a bit harder for real estate investors sniffing for deals in a very hot market in many locations.
Housing Starts Rose for Third-Straight Month in November
Bloomberg reported today that U.S. new home construction rose more than forecast to a nine-month high in November, highlighting the strength of a residential housing market that's been supported by high demand amid low interest rates.
Why it matters: The continued strength in new construction is driven both by low interest rates and a pandemic-fueled flight to bigger spaces. Both those factors appear likely to hang around for a while.
Yardi Says Multifamily Rents Dipped Slightly in November
According to the latest Yardi Matrix Multifamily Report, average U.S. multifamily rents were down 0.5% year over year in November.
Why it matters: Real Estate Investing Today points out that a "renter exodus" from gateway cities like New York City, San Francisco, Washington, D.C., Chicago, Boston, and Los Angeles seems to be ongoing, reporting the larger declines in those markets.
Today on Millionacres
California's Eviction Moratorium Could Extend Into 2022
Millionacres' Liz Brumer explains the current state of affairs when it comes to eviction moratoriums, advocacy groups, the pressures on California political leaders, and the consequences for landlords.
Why it matters: Nearly 240,000 tenants are at risk of eviction when the current moratorium expires at the end of January. What happens next matters to both a lot of landlords and a lot of people struggling to pay the rent.
3 REITs to Consider Selling
Investors who own real estate investment trusts (REITs) EPR Properties (NYSE: EPR), Preferred Apartment Communities (NYSE: APTS), and Whitestone REIT (NYSE: WSR) might want to abandon ship.
Why it matters: Millionacres' Reuben Gregg Brewer's insight on these three potentially troubling investments can perhaps not only save you some dough now if you own them but also help inform your thinking on other REITs and CRE stocks.