March housing starts go out like a lion, NYC apartment conversion plans, minority-owned SMBs feeling the pain, don’t be clueless on Clubhouse, the CFPB not likely to replace credit bureaus.
In Today’s News
Housing Starts Spring Forward in March
After a rough February, housing production rebounded in March to its fastest pace for single-family and multifamily construction combined since June 2006, according to the monthly report released Friday by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau.
The Millionacres takeaway: The National Association of Home Builders said those numbers would have been even higher except for the rising costs of building materials. With low interest rates and high demand, the market for construction appears to be headed for a hot summer.
What Will Happen to All the Empty Office Buildings and Hotels?
This New York Times piece published today looks at plans to convert some of the wide-open commercial spaces in the Big Apple into apartment buildings, and the challenges that presents.
The Millionacres takeaway: Easier said than done, the writer explains, and it’s a process that could take years. But, as ol’ Blue Eyes said, if they can make it there, they can make it anywhere.
53% Of Minority-Owned SMBs Couldn't Afford April Rent
Many small-businesspeople are feeling better about their prospects as expedited vaccine distribution is taking effect across the U.S. But that doesn’t mean the money is rolling in yet. And for minorities who own small businesses, the rent situation continues to be very difficult.
The Millionacres takeaway: This is from Alignable’s April Rent Poll of 8,943 small businesses, which found 31% of all respondents couldn’t make their April rent, including 53% who identified themselves as minority-owned. While the vaccine rollout spurs hope, the struggle remains real.
Today on Millionacres
How Real Estate Investors are Using Clubhouse
Clubhouse is a fresh social networking app that caters to those wanting to meet others with shared interests through a series of audio-only chat rooms. The app functions as any other sort of online webinar you've been on but is much less formal and far more interactive.
The Millionacres takeaway: Our Jeff Piltch provides a primer here on Clubhouse and explains why paying attention to this -- yet another social media app -- may be worth it: Deals are taking place there.
CFPB Eyeing a National Credit Registry: Should Landlords Be Concerned?
The Consumer Financial Protection Bureau is said to be considering a think tank’s proposal for a national registry for credit scores that could replace Equifax (NYSE: EFX), Experian (OTC: EXPGY), and TransUnion (NYSE: TRU). Is that likely to become a reality? And would it affect landlords who rely on credit scores as part of the way they vet potential tenants?
The Millionacres takeaway: No one is discussing eliminating credit scores altogether, for starters. Plus, there are alternatives to the big three that creditors can turn to for credit scoring, and lenders and landlords themselves also can use alternative ways to assess the creditworthiness of a potential borrower or tenant.