Eviction moratorium ball bounces again, mortgage payment misses tailing off, rural House Dems dis Biden cap gains plans, a borough-by-borough look at NYC residential market, an apartment REIT eyes the suburbs.
In Today's News
U.S. Eviction Moratorium Reinstated While Judge Considers Case
Bloomberg reports [subscription required] that the federal judge who on Wednesday blocked the CDC's national moratorium on evictions said she would temporarily allow the moratorium to continue while she considers an emergency request by the Biden administration.
The Millionacres takeaway: The bouncing balls take another bounce in the lineup of lawsuits attempting to overturn the eviction bans that landlords say are costing them millions and tenants' advocates say are keeping people in their homes. It's a high-stakes pushmi-pullyu that may not go away before the pandemic does.
Despite Pandemic, Fewer Homeowners Missing Payments
DSNews reports today that the Mortgage Bankers Association found that slightly under 5 million households did not make their rent or mortgage payments in March 2021, the lowest number since the onset of the COVID-19 pandemic.
The Millionacres takeaway: Foreclosure moratoriums and mortgage forbearances are also in the pandemic relief mix, and this report shows that investors waiting for the red-hot housing market to fill with potential flips may not want to hold their breaths.
Farm-District Democrats Raise Caution Flag on Capital Gains Tax Plan
The Wall Street Journal reports today [subscription required] that rural Democrats in the House issued a warning Thursday about the Biden administration's plan to tax unrealized capital gains at death, saying they are worried about the potential impact on family farms.
The Millionacres takeaway: Speaking of bouncing balls, the Biden administration is juggling several plans to raise taxes and lower tax breaks for real estate investors, and this development shows they may be a long way from becoming reality, at least in the form the new administration envisions.
Today on Millionacres
When Is the New York City Real Estate Market Going to Crash?
Even with what seemed to be a massive exodus of residents from heavily populated Manhattan during lockdown, the residential market has picked up steam across the city.
The Millionacres takeaway: Our Barbara Zito bounces from borough to borough to shake some boughs and get the skinny from real estate agents on how things look in their neck of the woods. Bottom line: They don't see the sky falling anytime soon.
Equity Residential is Looking to Make a Big Move
Apartment specialist Equity Residential (NYSE: EQR) is looking beyond the big city, however, with an eye toward expanding its holdings from the urban cores of New York, Boston, Seattle, San Francisco, and Washington, D.C., into the suburbs.
The Millionacres takeaway: Our Matthew DiLallo says this real estate investment trust (REIT) plans to follow the market into new areas that it believes will diversify its portfolio while generating steadier cash flow over the long term, making it an even better investment option for REIT investors.