Ida's destructive path, pending home sales dip, climate report's takeaways, battling for storage space, for-profit prison firm's woes don't need to be yours.
In Today's News
Louisiana Governor Says Hurricane Ida Was 'Catastrophic'
Louisiana Gov. John Bel Edwards said today the damage in the aftermath of Hurricane Ida, one of the strongest hurricanes to hit the state on record, "is really catastrophic," Axios reports.
The Millionacres takeaway: The epic cyclone is still on the move, threatening more flooding across a long swath of the United States. CoreLogic had already said that about 940,000 homes on the Gulf Coast alone were at risk because of the storm surge. The real estate damage on this one when it's all said and done will be significant, costly, and long-lasting.
Pending Home Sales Wane 1.8% in July
Pending home sales dipped in July for the second consecutive month, the National Association of Realtors said Monday, with month-over-month gains noted only in the West region and all four regions seeing year-over-year declines.
The Millionacres takeaway: The trade group says most areas are now seeing a cooling off of the bidding wars of recent months but that supply still lags demand enough to keep the market humming.
Today on Millionacres
The U.N.'s Climate Report Unmasked Serious Investor Realities, Risks
On Aug. 9, 2021, the Intergovernmental Panel on Climate Change (IPCC), a United Nations body responsible for assessing the state of climate change and reviewing the science behind it, released a very stern warning in its most comprehensive climate change report to date: "It is unequivocal that human influence has warmed the atmosphere, ocean, and land."
The Millionacres takeaway: Our Kristi Waterworth lays out some strategies here: hardening buildings while making them greener, for starters, and for the long term, consider where people will be moving because of climate change, like away from the coasts to the Midwest.
Investors Are Battling for Self-Storage Space: Should You?
The self-storage business is really taking off. In fact, so many investors are eager to get a piece of the action that they're duking it out over today's available opportunities.
The Millionacres takeaway: Our Maurie Backman writes that even beyond the pandemic, we're apt to see a lot of activity on the moving and relocation front, as well as different shifts between remote, hybrid, and in-person workplace setups. Good investment opportunities await.
Where Will GEO Group Be in 3 Years?
A new administration in Washington, D.C., has led to a material shift in the dialogue around for-profit prison operators like GEO Group (NYSE: GEO). It's not yet clear how the industry is going to react and change, but there are already hints that the future for GEO Group will look very different than the recent past.
The Millionacres takeaway: There are a lot of reasons not to invest in this real estate investment trust (REIT) right now, including that it's suspended its dividend and is considering giving up being a REIT altogether. Our Reuben Gregg Brewer lays it out here.