Author: Brad Beckett

The Centers for Disease Control & Prevention (CDC) announced at the end of March that it was extending their nationwide ban on evictions through the end of June. Stay tuned… Click here to read the full release at the CDC.

(UPDATED – see below) In late February, a federal judge in the Eastern District of Texas ruled that the CDC’s moratorium on evictions was unconstitutional.  According to the Business Insider, U.S. District Judge John Barker said that the creation of such a moratorium criminalizes the use of state legal proceedings to vindicate property rights as well as the possibility that federal agencies could extend even further control over evictions.  Indeed… “The government’s argument would thus allow a nationwide eviction moratorium long after the COVID-19 pandemic ends,” he wrote. “The eviction remedy could be suspended at any time based on fairness…

We have already had a few posts this year about changes to the tax laws as well as information about sales taxes.  And with that in mind, the old axiom about the two certainties in life, death & taxes, is the topic for today.  The TaxFoundation says there are 18 states with an inheritance or estate tax – with one state, Maryland, having both!  Hawaii and Washington State have the highest estate tax top rates in the nation at 20%.  The distinction between the two, they point out, is that estate taxes are paid by the decedent’s estate before assets…

The U.S. Government is reporting that sales of new single-family houses in February, 2021 were at a seasonally adjusted annual rate of 775k which is 18.2% lower than January’s revised rate and is 8.2% higher than one year ago.  The median sales price of new houses sold in January was $349,400 with an average sales price of $416,000.  There were an estimated 312k new houses for sale at the end of December representing a 4.8-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

As of March 16th, 2021, thirteen states have lifted almost all of their coronavirus restrictions. Today’s infographic from Statista says that in places like Texas, Florida, and Georgia there are no mask mandates, stay-at-home orders or interstate travel quarantines in place.  In case you were curious, California continues to have the most coronavirus restrictions.  Interestingly, Statista points out that “all opened-up states have Republican governors.”  Draw your own conclusions……   As always, stay safe and have a Happy Friday!!! “According to Johns Hopkins University, almost all of the opened-up states were experiencing fewer or stagnating new cases, with the exception of…

Back in January we posted about a New York City landlord who was himself facing eviction after some “deadbeat” tenants were refusing to pay rent.  Now,  according to the NY Post, another NYC landlord is unable to evict an alleged deadbeat tenant due to the state’s pandemic-inspired eviction moratorium and recently enacted housing regulations. The property owner says she’s been forced to sleep on the couches of friends & relatives whenever she can, and in her four-door Toyota when she can’t,  after fighting and failing for months to evict the tenant from the two-family property.  Interestingly, the Post points out…

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo Winzer March, 2021 Although the US economy does a little bit better every month, it’s still well below the pre-pandemic level. Most importantly, 10 million people who lost their job still haven’t found a new one. Despite the accelerating pace of vaccinations and the further opening of states to more economic activity, it’s doubtful that the economy will return to normal this year. Remember that three-quarters of…

There is a new report from Zillow’s economic research team that attempts to put some understanding into the pandemics effect on the housing market. The 32-page slideshow report, “Using Census and Zillow Data to Understand COVID-19’s Impact on the Housing Market” was part of a recent webinar and contains a trove of data spanning all areas of the residential market. Topics include: Urban/Suburban Housing during the Pandemic Commuting before the Pandemic Housing and Work after the Pandemic Where are we heading? Click here to read the full report at ZIllow.

The National Association of Realtors is reporting that existing home sales were down 6.6% in February to a seasonally-adjusted annual rate of 6.22 million (up 9.1% from one year ago). Total housing inventory at the end of February was 1.03 million units, down 29.5% from one year ago. Unsold inventory sits at a 2-month supply at the current sales pace with properties remaining on the market for around 20 days. The median existing-home price for all housing types was $313,000, up 15.8% from February, 2020. Once again, you can guess it, low inventory continues to be the culprit: “Despite the…

According to ATTOM Data’s latest U.S. Foreclosure Market Report, there were a total of 11,281 properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) across the nation.  This figure is up 16% from January but down 77% from one year ago. Key findings: One in every 12,182 housing units had a foreclosure filing in February. The Highest foreclosure rates were in Utah, Delaware, and Florida. Foreclosure starts increased monthly in 29 states. Foreclosure completion numbers increased 8% from January. “Extensions to the Federal Government’s foreclosure moratorium and CARES Act mortgage forbearance program continue to keep foreclosure activity historically…