Real Estate News: Real Estate Investing Podcast

An appeals court decision has ruled in favor of a development project in Berkeley that will give the state more control over local housing decisions. Some people are calling it a win for developers and the state's effort to create more housing in California, but not everyone is celebrating. The decision was based on Senate Bill 35, which addresses the housing crisis with construction mandates for cities and counties. In this case, it ends a six-year battle to keep the Berkeley project from going forward. SB 35 went into effect in January of 2018 as one of a number of bills meant to address a critical need for more housing. If a municipality doesn't provide its fair share of housing to meet regional needs, developers can apply for approval under SB 35 and get their projects fast-tracked, by the state. Projects must meet several requirements to quality, including. 1 - The construction of multi-unit housing with two or more residential units. 2 - A location that is within city limits on an infill area. 3 - The property must be zoned for residential or mixed use. 4 - New homes must cover at least two-thirds of the property. 5 - And the developer must provide a minimum percentage of below-market units that can range from 10 to 50%, or more. The Berkeley project was first introduced in 2015 as a mixed-use development with 135 homes and 33,000 square feet of retail space and parking at 1900 Fourth Street. That's locally known as the old Spenger restaurant parking lot, near the bay. It's also adjacent to, and overlapping an old Indian burial ground called the West Berkeley Shellmound. The National Trust for HIstoric Preservation listed the site as one of the 11 most endangered historic places, just last year. Members of the Ohlone tribes and supporters have been fighting against the project for years. According to a Berkeleyside article, tribal leaders say they are acknowledging the legacy of their ancestors, and are protecting the desecration of a sacred site. But the historic designation doesn't specify the boundaries of the shellmound and doesn't specifically name the parking lots as part of the site. After SB 35 was passed, the developer updated his plan with more homes and a high percentage of affordable units. The new plan included 260 residential units with 50% of them for low-income residents. But the city rejected the developer's request for three reasons. It said: 1 - That SB 35 cannot be applied because it interferes with Berkeley's right as a charter city to manage its own affairs. 2 - That SB 35 doesn't apply to projects that require the demolition of a designated historic structure. 3 - And the project conflicts with city fees for very low-income housing units and requirements for how traffic impacts the neighborhood. At that point, the developer pulled out, and the property was returned to the previous owners, who sued. The case went to court in 2019 and an Alameda county judge ruled in favor of the city and project opponents. But the case then made its way to the Appeals Court and the court has now overturned the earlier decision. In its decision, the Appeals court emphasized the "crisis of insufficient housing in the state" and the mandate put forth by SB 35. That mandate makes it impossible for cities like Berkeley to reject a proposal that meets the state's criteria for the creation of affordable housing. The court also rejected the idea that the development would entail the demolition of an historic structure or site because there are no buildings to demolish. And it ruled that the city was not using objective land use standards when it determined that the project would not comply with its affordable housing mitigation fee and traffic impact requirements. At this point, the court has ordered Berkeley to pay court costs, and attorneys will be seeking compensation from the city as well. The case sets an important legal precedent in California by handing power to the State when it comes to issues like the affordable housing crisis, and the approval of development projects that will help fill that housing gap. According to Wikipedia, ten Bay Area developers are seeking approval for the construction of 4,000 housing units under the SB 35 rules. The online encyclopedia also says that 28 California cities and counties have met their housing quotas while almost 300 jurisdictions have not. Projects in those jurisdictions could qualify for approval under SB 35 if they devote 50% of the units to low-income residents, among other requirements, as stated by Wikipedia. You can read more about this by following links on the podcast player page for this episode at NewsForInvestors.com Connect with us today to find out how you can invest in single-family rentals or small multi-unit rental properties, and where you'll find inventory in desirable sunbelt states like Florida, Georgia, and Texas. You can make an appointment to speak with one of our investment counselors for free as a RealWealth member. It doesn't co

In this Real Estate News Brief for the week ending May 1st, 2021… the economic recovery boom, home price growth, and what builders are doing about lumber prices. Economic News We begin with economic news from this past week, and the results of a two-day policy meeting by the Federal Reserve. Fed Chief Jerome Powell acknowledged a big improvement to economic conditions, and the Fed no longer feels that COVID-19 presents a "considerable risk" to the economy. But Powell says the central bank is committed to its current stimulus strategy. As you know, short-term interest rates are near zero, and the Fed is buying $120 billion in Treasury and mortgage-backed bonds every month. Economists say the economy is poised for a boom in 2021. In fact, first quarter GDP was 6.4%. Incomes were also up more than 21% last month, and spending was up more than 4%, thanks in part to government stimulus and those $1,400 checks. Many Americans also have more money saved than normal, and are now spending it on things like new cars and trucks, restaurants, travel, and other recreational activities. MarketWatch reports that Americans have almost $2 trillion dollars in savings that they wouldn't normally have, and are likely ready to spend. But, Powell says: "While the recovery has progressed more quickly than generally expected, it remains uneven and far from complete." He also expressed some concern about how fast home prices are rising, but said he hoped that builders will respond with more supply, which would slow that price growth. The S&P CoreLogic Case-Shiller home price index shows the yearly pace of home price appreciation was 11.9% in February. On a month-to-month basis, it was up 1.2%. Prices are up in all parts of the country, but the Rocky Mountain area is seeing the biggest yearly rate of increase at 15.4%. Powell stands firm on his view of inflation, saying that the Fed believes any price pressure will be temporary. He also wants to see it slightly above 2%. The yearly average was up to 2.3% in March, and economists are expecting it to move higher from there. The latest unemployment report shows another drop in the number of people applying for benefits. Those state claims were down 13,000 from the previous week, to 553,000, according to the U.S. Labor Department. The total number of people collecting benefits from eight different state and federal programs is also down by almost a million in one week -- from 17.4 million to 16.5 million. Pending home sales moved higher, although the lack of inventory remains a problem. The National Association of Realtors says pending sales were up 1.9% in March. Compared to March of last year, they were up 23%. Consumers are feeling a lot more confident as the economy recovers and more people are vaccinated against COVID-19. The Conference Board says that consumer confidence hit a 14-month high in April, with an index reading of 121.7. The University of Michigan had a similar report, saying that that index rose to the highest level since the beginning of the pandemic. Mortgage Rates As for mortgage rates, they didn't move much this past week. Freddie Mac says the 30-year fixed-rate mortgage is still under 3%. It was up just one basis point to 2.98%. The 15-year was up 2 basis points, to 2.31%. In other news making headlines... Lumber Prices Add $36,000 to New Homes Lumber prices continue to add tens of thousands of dollars onto the price of a new home. The National Association of Home Builders says that prices have tripled over the past 12 months and are now adding almost $36,000 to the price of an average single-family home. That's up from $24,000 in February. Prices began rising at the start of the pandemic, when a number of lumber mills shut down. They've been slow to reopen as the coronavirus numbers continue to surge in some areas. But there is hope that prices will retreat later this year, as mills reopen and supply ramps up. In the meantime, many developers are adding escalation clauses to their contracts. They specify that if the cost of building materials increase by a certain amount, the buyer would be responsible for paying the additional amount. Sometimes, builders share that increase with the buyers. Builders are also trying to keep costs down by pre-ordering lumber or by getting lumber price guarantees. They may also delay construction if costs get out of control, or do other parts of the project while lumber prices are spiking. Mature Trees Have Become a Hot Commodity The new focus on home upgrades has increased the demand for what some are calling "trophy trees." According to an article in the Wall Street Journal, luxury homeowners are requesting big trees as a focal point for their yards. But they aren't willing to wait for them to grow, which has created a market for the purchase and relocation of these magnificent trees from other people's yards. A landscaping and tree relocation company in Florida called Green Integrity says business is booming. Owner, Walter Acree

The marketing of co-owned vacation homes in a scenic part of Northern California is causing an uproar among full-time residents. Real estate company Pacaso is buying single-family homes within driving distance of busy metro areas, and reselling them to as many as eight buyers. It's an idea that has evolved during the pandemic. But it's also creating a debate over the impact of co-owned homes in single-family neighborhoods. Pacaso was planning to launch its co-ownership plan in a few vacation spots before the pandemic began, but like everything else, those plans were delayed by COVID-19. Over those next several months, the Pacaso strategy changed. The pandemic highlighted the importance of "home" and created new vacation preferences. Pacaso's original idea for co-owned vacation homes that might involve air travel morphed into one focused on a one to two-hour drive from home. At the helm of Pacaso are two Zillow executives -- former Zillow co-founder and CEO, Spencer Rascoff, and former Zillow executive, Austin Allison who's serving as the Pacaso CEO. The concept of co-ownership is nothing new, but they say Pacaso makes it easier. As the website boasts: "Co-ownership simplified. We manage the home, and you own it. It's the modern way to buy and own a second home." Allison also explained in a press release: "The traditional process is difficult, high risk and onerous. Pacaso is the easy button for co-ownership." They finally launched their new Pacaso model last October with $267 million in funding. The company is calling it the "Pacaso everywhere" plan. It begins with an interested buyer who wants a part-time vacation home they can drive to. Pacaso helps that first buyer determine how much time they'd like to spend in the home, sets up an LLC, and finds other buyers. Pacaso also manages the property so the owners don't have to. As many as eight buyers can purchase a home and use the home for 44 days a year. Buyers can buy more than one share if they'd like more time in the home, and that would reduce the total number of owners. In the city of Napa, Pacaso is selling co-ownership shares for a home on Rainier street. It's a quite, working-class neighborhood, according to a CBS report. Homes are about 1,300-square feet and sell for $700 to $800,000. The Pacaso home is going for $184,000 a share. It's not a short-term rental because all the people occupying the home are owners, but it's causing a short-term rental type uproar. In this case, the neighbors are opposed to having what they call a "time-share" vacation home in their neighborhood. Some of those neighbors told CBS, they feel like the co-owners won't be involved in the community and are simply "sneaking" into the neighborhood. Signs have gone up staying: "Stop Pacaso. Don't commercialize our neighborhood." They also argue that co-owned homes are reducing the affordable housing supply. It worth noting that homes in that neighborhood are going for 700 to $800,000. Pacaso's Allison had a few good points in response to the uproar. He argues that by selling these homes to eight second-home owners, there are fewer people in the competition pool for second homes. He also clarifies that these homes are not time-shares because they are owner-occupied. His arguments didn't convince the City Attorney in nearby St. Helena who declared them illegal under a law that prohibits time-shares. Pacaso has filed a lawsuit in that case. In defense of company objectives, Allison says Pacaso is helping people who can't afford to buy their vacation dream homes or don't want the home to sit vacant for most of the year. And he says: "It's really not up to other neighbors to say who can or can't own in their neighborhood. Just because somebody can't afford a $1.5 million home, doesn't mean they shouldn't be able to co-own a $1.5 million home with a coupe of other people." If you want to investigate this topic further, you'll find a links on the podcast player page for this episode at NewsForInvestors.com. Links: 1 - https://www.prnewswire.com/news-releases/pacaso-launches-to-create-new-category-of-second-home-ownership-secures-267-million-in-funding-301143719.html 2 - https://sanfrancisco.cbslocal.com/2021/04/28/homeowners-in-a-battle-with-company-converting-houses-into-co-owned-wine-country-vacation-homes/ 3 - https://www.pacaso.com/

Home prices have been rising so fast that comps have become wildly unreliable. That's making it difficult for sellers to set accurate listing prices, and for buyers to get homes appraised for what lenders are willing to loan. Home valuation tools like Zillow's Zestimate and others are also struggling with a volatile pricing environment, and are often off by an insanely high amount. In a report by Inman, realtor Tim Collom in Sacramento, California, said that estimated home values by companies like Zillow and Redfin are "always" off, and it's getting worse. He says: "They're not off by $10,000. They're off by like $100,000 to $200,000." If you go by percentages, he says they can off by as much as 10%, and that even experienced real estate agents are having a difficult time keeping up with the trends in home prices right now. Tools like the Zestimate are automatic valuation models or AVMs so they rely on software to automatically update figures. There's been a lot of criticism about these tools, but Zillow defends its algorithm which it says is constantly updated by a team of data scientists. Owners can also input upgrades which may impact the value. In a statement to Inman, Zillow claims the Zestimate is "incredibly accurate with a mean error rate of 1.9 percent for on-market homes and 7.3 percent for off-market homes." Zillow also acknowledges that valuations are more difficult right now because of fast-moving prices. The real estate website says that Zestimates are not appraisals. They are only a starting point for buyers and sellers and suggests working with a local real estate agent to fine tune that figure. Big Sky, Montana, real estate agent, Michael Pitcairn says the Zestimate has been more than 10% lower than the MLS home value data used by his brokerage. According to Inman, Zillow says Big Sky's home price appreciation is rising 21% year-over-year. Pitcairn's MLS tool says it's more like 35%. That's also very close to what Realtor.com is estimating, at 34.6%. But it isn't just the AVMs that are causing trouble for home valuations. Many real estate professionals say that comps aren't much help either, especially if there are no very recent sales. That's making it hard for listing agents as well as appraisers. Missouri appraiser, Mason Spurgeon, says: "It's a crazy time right now." He says that appraisers don't predict the future. It's not their job. They look backward in time. They analyze what has already happened in service to the lender. That can also result in a big gap between the appraised value and the agreed upon sale price which is making it impossible for some buyers to follow through on a deal. If they are relying on a loan and they only have a certain amount of money for a down payment, they won't be able to cover that gap. Sometimes, buyers can provide comps to prove that an appraisal is low, but again, the comps are not keeping up with the price appreciation. Inman offers a few work-arounds for agents, and basically anyone doing their own legwork on home values. 1 - Expand the geographic area to analyze how the market has been performing. And, look for similar markets just outside that area to find data on pricing. 2 - Expand the square footage of the home to include more comps within a wider range. Or, remove the square footage altogether to get a look at what's sold and for how much. 3 - Ask agents in the area about how many offers they are getting, how high the offers are going, and pending sale amounts. Some agents may be willing to share that information. 4 - Participate in local online discussion groups where everyone is sharing information. The take-away -- You have to be more proactive in coming up with a valuation that works within the market, and works best for you. Check the podcast player page for links at NewsForInvestors.com Click here to join the network for free Links: 1 - https://www.inman.com/2021/04/26/inman-handbook-on-comps-in-these-chaotic-times/ 2 - https://www.inman.com/2021/04/27/zestimates-cant-keep-up-with-wild-housing-market-agents-say/

In this Real Estate News Brief for the week ending April 24th, 2021... new home sales blast off, existing home sales stall, and mortgage rates are doing what we like them to do! Economic News We begin with a slow week for economic news. There were no reports on the MarketWatch calendar from Monday through Wednesday. On Thursday, the weekly unemployment report showed there were fewer first-time filers. Those initial state claims were down about 12,000, to 574,000, while continuing claims fell by 34,000 to a seasonally adjusted 3.68 million. The total number of claims for eight state and federal programs is still quite high, at 17.4 million. New home sales blasted off this last week to their fastest pace since 2006. The Census Bureau reports that sales rose 20.7% month-over-month, to a seasonally-adjusted rate of 1.021 million homes. Inventory remained about the same, although it's down 7% from where it was a year ago. Existing home sales didn't do as well because of extremely low inventory. The National Association of Realtors says they fell 3.7% in March to a seasonally-adjusted rate of 6.01 million. That's the slowest rate of existing home sales since last August, and it's down 12% from a year ago. Mortgage Rates Mortgage rates dipped back below 3% this last week. Freddie Mac says the average 30-year fixed-rate mortgage dropped 7 basis points to 2.97%. The 15-year was down 6 basis points to 2.29%. Freddie Mac's chief economist, Sam Khater says: The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low-rate environment." But they aren't expected to remain there for long. Economists expect rates to climb a bit higher for the rest of the year. In other news making headlines... Five New Real Estate Records in March The real estate market hit five new records in March. The World Property Journal made a list. The first was a record high for the national median home-sale price. It was up to $353,000 in March of this year. That's after rising 17% year-over-year. The inventory of homes on the market dropped to a record low. It's down 29% year-over-year, and the months of supply was just a little over "one." The days it took for a typical home to sell was just 25 days, which is a record low and about 19 days lower than it was a year before. The percent of homes that sold above the asking price hit a new high of 42%. And the average sale-to-list ratio also hit a new high. That's a measure for how close the sale price is to the asking price and for the first time ever, it flew past 100%. General Motors' Simple Remote-Work Plan As companies address a complex issue involving remote workers and whether to bring them back to the office, GM has offered a very simple plan. It is telling employees to (quote) "Work appropriately." That's what CEO Mary Barra and other executives are telling GM's 155,000 global workforce. They are describing it as a flexible, evolving policy that will be different for each employee depending on the project and the timeline. For factory workers who get paid by the hour, that might mean being trained remotely and returning to the assembly line after that. For other employees, it could be a full-time remote position or something that's more of a hybrid combination of remote and in-office hours. GM's global talent director says: "It is not about a policy or a one-size-fits-all approach but truly an evolution of our culture for everyone." Short-Term Rental Reservations Are Skyrocketing As vaccination rates increase, reservations are skyrocketing for short-term vacation rentals. The New York Times reports that 90% of vacation homes listed on VRBO for Cape Cod, Massachusetts, and the Jersey Shore were booked by the end of March. But the supply is tight since many second-home buyers are choosing to live in the homes instead of renting them out. That combination of factors is driving rates higher. Airbnb rates are expected to average around $220 a night this year compared to $194 last year and $185 in 2019. Another trend that's growing is that guests are booking for longer stays. Instead of a few days for a quick getaway, hosts say more and more people are booking for weeks at a time. One person told the New York Times: "We're seeing an emerging trend of 'slow travel,' with travelers wanting to spend more time immersing themselves in a destination than they did pre-pandemic." Check for links on the podcast player page for this episode at www.NewsForInvestors.com Thanks for listening. I'm Kathy Fettke. Click here to join the network for free Links: 1 - https://www.marketwatch.com/story/u-s-jobless-claims-keep-falling-11619095897?mod=economic-report 2 - https://www.marketwatch.com/story/new-home-sales-soar-to-highest-level-since-2006-2021-04-23 3 - https://www.marketwatch.com/story/existing-home-sales-slip-as-property-prices-see-record-growth-11619102154?mod=economic-report 4 - http://www.freddiemac.com/pmms/ 5 - https://www.worldpropertyjournal.com/rea

The prediction that millions of homeowners would face foreclosure due to job losses from COVID 19 shutdowns does not seem to be materializing. There are some who say that delinquent borrowers have a way to avoid that fate this time around. Unlike the Great Recession, they have a lot more equity in their homes which they won't want to lose. When the housing market crashed in 2008, it was the result of easy lending. Home loans were easy to get, often with no down payment or verification of income. In some cases, buyers would get money back for buying a home, or qualify with a teaser rate, not the real rate. That, of course, drove prices up and created a housing bubble. The bubble burst when those loans eventually came due and people couldn't afford the payment. Seems like an obvious problem, doesn't it? As more and more loans reset, more people went into foreclosure, flooding the market with distressed inventory far below market value. Anyone who wanted to sell their home at market value had to compete against bank owned properties that were much cheaper. Thus, the air came out of the bubble. As home values dropped nationwide, even those who could afford to own their home couldn't sell it for what it was worth if they needed to. They owed more than what the property was worth, which they called being "underwater" or upside down on their mortgage. With no home equity in the deal, it made sense to walk away, which many people did. They had nothing to lose except their good credit, and some didn't even have that. That is unlikely to happen this time around, at least to that extent, for one simple reason: Homeowners have much greater equity in their homes. And many of those homeowners also have great credit. According to Realtor.com, only 3% of homeowners are underwater, owing more than the home is worth. During the Great Recession, about 30% of homes were underwater or close to it. So even if homeowners have not recovered financially from the pandemic, they have a way to get out of mortgage debt that's a lot easier than foreclosure -- by selling their homes to pay off their loans. Many will also see a hefty profit. And it won't be difficult to sell those homes because of the inventory crunch. Vice President of the Mortgage Bankers Association, Marina Walsh, told Realtor.com: "There's just not enough housing out there for the demand, which is a big, big change from the Great Recession." That doesn't mean that at-risk homeowners don't face a tough road ahead, especially those in less desirable markets. Realtor.com mentions places in the Rust Belt or hurricane-prone communities in Louisiana, for example. Currently, the federal foreclosure moratorium for government-backed loans is June 30th. Even without forbearance, many homeowners have protection until then. For those in forbearance programs, they are protected for as long as 18 months. According to Black Knight, 4.4% of borrowers were in forbearance as of April 13th. That number has been decreasing steadily because the economy has been improving and people are getting jobs. But that's still a high number of people in forbearance, putting all those homeowners at risk. In addition to that, 5% of borrowers are either seriously delinquent or have already entered the foreclosure process. That means they haven't paid their mortgage for at least three months. And that number is higher than it was during the last foreclosure crisis, according to a report from the Urban institute. Urban Institute researcher, Jung Hyun Choi, says that even with those high numbers, she doesn't think we'll see another foreclosure crisis because of high home values. She says: "They have the option to sell the properties and move to a more affordable unit. Or in the worst-case scenario, they'll have to switch to rental housing." What she's saying is that we probably won't see a foreclosure crisis, but if all those homeowners sell their homes and can't buy smaller, less expensive ones, they will become renters. ATTOM Data Solutions has done some research on the metros with the highest number of homeowners who are, in fact, underwater. ATTOM defines "seriously underwater" as owing at least 25% more than the home is worth. Those metros include Baton Rouge, Louisiana; Syracuse, New York; Scranton, Pennsylvania; New Orleans; Virginia Beach; and several cities in Ohio, including Cleveland. The percentage of underwater loans in those cities range from about 9% to more than 14%. In cities with strong job markets and highly-paid workers, like San Jose, Salt Lake City, San Francisco, and Seattle, the share of underwater loans is less than 2%. It's also important to remember that banks learned their lesson in 2009, that flooding the market with REO's, or bank owned properties, is not good for the bank's books. It's more likely that banks will try to work out a loan modification, since in many cases, it wasn't the borrowers fault that jobs were lost in the first place. It's more likely banks will just add

It may seem like the housing market is as hot as it can ever be, but a new survey shows that millions of Americans could be on the verge of relocating, sparking even more buyer activity. The survey is part of Zillow's first-ever "Mover Report." It shows that people are waiting for pandemic worries to go away as they ponder new homes and new locations. Zillow researchers were motivated to find out more about the spring home shopping season, and the people and emotions that are making it happen. What they found was that as many as eight million homeowners say they are more likely to sell their homes and relocate because of the pandemic. And that's on top of a market that's already experiencing high demand and low inventory. But these homeowners will also be putting their own homes on the market which is why Zillow is calling it The Great Reshuffling. Many of the potential sellers have been thinking about doing this for quite some time, but have held back due to pandemic worries and uncertainty about their circumstances. In another survey done at the end of February, 70% of homeowners said they would be "mostly or completely comfortable" about selling their homes once the COVID-19 vaccinations have become widespread. Only 52% said they'd feel that way at the time of the survey. The 70% number represents about 14 million homeowners. The latest survey shows that 1 in 10 Americans have already moved since the beginning of the pandemic. Most of those people moved for positive reasons like being closer to family or friends or to live in a place they've already dreamed about. And the flexibility of remote work has allowed many of them to fulfill those dreams. Technology has also helped because people moving during the more dangerous parts of the pandemic have been able to tour homes and neighborhoods virtually. That's given many a lot of confidence about moving to a completely different location. So where are all these people moving to? According to Zillow and information from North American Van Lines, the top destinations are Phoenix, Arizona; Charlotte, North Carolina; and Austin, Texas. Those three markets had the largest number of inbound moves during the first 11 months of last year. But many other Sun Belt cities are seeing population growth as well. Zillow's senior economist, Jeff Tucker, says: "The pandemic brought an acceleration of trends we were seeing in 2018 and 2019. More affordable, medium-sized metro areas across the Sun Belt saw significantly more people coming than going, especially from more expensive, larger cities farther north and on the coasts." He also says the pandemic and remote work motivated many millennials to buy their first homes. The pandemic also gave many people the opportunity to do some "Zillow surfing." Spending so much time stuck at home was a catalyst for searching through the listings for a new home, and a new reality. The Zillow survey says that almost a third of the people had been dreaming of a new home for a year or more. But stress and other worries about money and the process of moving have held many of them back -- according to the survey, about 76%. Among those who have moved, more than half say they are happy about the move or relieved. 80% said the move was worth the effort, especially the part about starting a new chapter in their lives. Almost 60% said they've experienced positive life events since they moved to a new home. Zillow has also done another survey on the work from home trend and found that an overwhelming majority of economists and real estate experts feel that it's here to stay. 95% said they see a permanent shift to a hybrid model where employees work remotely on some days and go to the office on others. 45% also see a permanent tilt toward smaller cities instead of larger ones, and a suburban lifestyle instead of one in a busy city. Researchers also weighed in on housing inventory with more than two thirds saying inventory will grow during the second half of this year or the beginning of next year. That's mostly due to an increase in existing homes being listed for sale. As more homes hit the market, home price growth is expected to cool off a bit but not by much. They expect to see values increase 6.2% this year, and then drop to 4.5% next year and around 3.5% in each of the three years that follow. Researchers say the price growth is great for sellers, but will keep many renters from buying a home. That's good news for landlords, although panelists are expected to see a surge of evictions when the moratorium is over. They are predicting 15% of currently distressed renters will end up being evicted. The other 85% will find ways to remain in their current homes or will avoid eviction by finding less expensive rentals. I'll have links to all these reports on the podcast player page for this episode at: www.NewsForInvestors.com Click here to join the network for free Links: 1 - http://zillow.mediaroom.com/2021-04-06-Zillows-2021-Mover-Report-The-Opport

In this Real Estate News Brief for the week ending April 17th, 2021... home builders are stepping on the gas, rents are headed "up" once again, and the best days to list your home. Economic News We begin with economic news from this past week. Federal Reserve Chairman Jerome Powell offered more clarity on when the central bank plans to start the tapering process. The Fed has been buying $120 billion worth of Treasurys and mortgage-backed securities each month since last summer as an economic shot in the arm. It also cut interest rates to zero. The Fed expects to begin tapering when the economy reaches full employment and a stable rate of inflation at 2% or slightly more. And, Powell says, that would happen well before any interest rate increases. After the 2013/2014 tapering process began, it took another two years for a rate hike. Powell says the Fed will follow a similar strategy. He didn't give a date as to when this would happen. Some economists are predicting that tapering will begin next year. Others say it could happen sooner. Signs of inflation continue. Consumer prices have been higher for four months in a row, hitting their highest level in two-and-a-half years last month. The government says the index was up .6%, and the yearly rate of inflation is now 2.6%. Some economists say it could top 3% in the coming months which would put more pressure on the Fed to consider an interest rate increase. Because inflation turned negative during the early months of the pandemic, the yearly rate of inflation could also shoot higher when those low months drop out of the 12-month average. The Fed is predicting inflation will average 2.4% in 2020 and drop back down to 2% next year. Initial jobless claims were down almost 200,000 last week to a pandemic low of 576,000. That's the first time that weekly state claims fell below 600,000 since the pandemic began. Another 131,000 people filed for help from a temporary federal program bringing the combined total to around 700,000. Continuing claims also dropped from 18.2 million to 16.9 million by the end of March. Home builders are busy after a winter slowdown. The Census Bureau says that home starts jumped 19% in March compared to the previous month. Compared with March of last year, during the pandemic, they are up 37%. Permits are also up, but they took a smaller leap higher at 2.7% but the figures were higher for single-family homes than they were for bigger multi-family developments. In the middle of those two categories was a much bigger 25.5% surge in permits for two- to four-plex homes. MarketWatch says that might indicate a push for higher density housing to meet the demand. And there is a new report out by Freddie Mac on the size of the housing shortfall. It says the U.S. housing market needs 3.8 million more single-family homes to keep up with demand. The shortage is more severe for entry level homes. Freddie Mac's chief economist Sam Khater says: "This is what you get when you underbuild for 10 years." Home builders have faced their own challenges, however. The housing crisis put many out of business, which has had a lasting impact. And now the pandemic has made it hard to get workers and created a lumber shortage among other issues. Despite the shortage of homes for sale, consumer sentiment is running high. The University of Michigan says its index rose from 84.9 in March to 86.5 in April. That's the highest it's been since March of last year. Mortgage Rates Mortgage rates took another dip this last week. Freddie Mac says the average 30-year fixed-rate mortgage was down 9 basis points to 3.04%. The 15-year was also down 7 basis points to 2.35%. In other news making headlines... Many Remote Workers Won't Go Back to the Office A new survey shows that a third of the people working remotely would rather quit their job than return to the office. Staffing firm Robert Half asked 1,000 people about what they would do, and one out of three said they'd rather look for a new job than return to the office full-time. But many felt that a fully remote job would damage their work relationships and that working from home was less productive. About half of the participants said they'd be happy with a hybrid arrangement. Study authors suggest that companies adopt new policies when they try to lure employees back. Among the things that employees would like are flexible hours, relaxed dress codes, and more support for childcare. Having an environment that's safe from COVID is also important. Rents are Rising Once Again Rents are on an upswing once again, after an 8-month downtrend. Realtor.com's Monthly Rental report shows that rent growth was 1.1% year-over-year in March, in the nation's largest metro areas. Realtor.com's chief economist Danielle Hale says it's still below the 3.2% rent growth we saw before the pandemic, but she expects the pace will pick up from here as the economy recovers. She also says: "Rents are not rising in all markets. The tech markets and several b

Airbnb is taking another proactive step to prevent house parties over the Fourth of July weekend. It launched a new campaign called "Summer of Responsible Travel" which bans one-night rentals and last-minute bookings for guests who don't have a history of good reviews. The July 4th holiday is turning into what many feel is the BIG REOPENING after more than a year of social isolation from the pandemic. Airbnb said in a statement: "We also know that public health and safety experts are still saying mass gathering should not happen." And that's why the short-term rental company is introducing the new rules. They are similar to ones that Airbnb implemented for Halloween and New Year's Eve last year. Airbnb describes the summer travel initiative as an 8-point plan to help hosts, guests and communities remain safe. At the top of that list of rules is a ban on parties that could spread germs, and could also disturb neighbors. To help with the enforcement of this rule,Airbnb has expanded its community support staff by 50%. Airbnb already has a global ban on parties, but the special holiday rules help provide hosts with more tools to keep things under control. The ban on one-night reservations for guests without a history of positive reviews will not apply to guests who have good reviews. People who have already booked a one-night reservation will also be able to keep them. Last minute reservations may also trigger more stringent restrictions, especially for people who live near the Airbnb they'd like to rent. The short-term rental company is also helping superhosts who are worried about parties with discounts on noise monitoring devices. The devices measure decibel levels and can help hosts determine if a party is taking place. These devices can't be secretly used however. Hosts must disclose their existence on listing pages. Other parts of the summer travel initiative include a Neighborhood Support Line with more Spanish-speaking monitors, house rules that are displayed more prominently on listing pages, safety tips for guests that are renting pool homes, and fire safety tips for people in fire-prone areas like the West Coast. Airbnb is also reiterating the need for hosts to continue with COVID-19 Safety Practices. That includes wearing a mask, practicing social distancing, and disinfecting rentals with a 5-step cleaning process. The issue that has probably caused the most short-term rental controversy is the noise issue. Many short-term vacation rentals or STVRs are located in residential neighborhoods where some long-time residents say there are too many loud parties by short-term rental guests. That may or may not be true in any particular neighborhood, but when enough voices are raised in opposition, elected officials are forced to listen. And now, many city governments are struggling with rules to satisfy both long-term residents and short-term rental hosts. In many cases, the long-term residents are winning that battle, and city governments are completely banning short-term rentals. Unfortunately, that can feel like an injustice to property owners who may need that income, or have been planning for that income as an investment strategy. The city of La Quinta, near Palm Springs, is one of those cities now wrestling with a decision on short-term rentals. It had implemented a ban on new short-term rental permits because of the pandemic that was supposed to be "temporary." But now, people opposed to short-term rentals want a permanent ban on new permits to reduce the number of short-term rentals in the city. That set the stage for a lively debate at a recent City Council meeting, and the Council voted to extend the permit moratorium until June 1st as it tests a new noise monitoring program. It's a program that involves 25 properties and devices that measure noise levels. If the noise reaches a certain threshold, the property owner is notified and given a chance to address the problem. Community Resources Analyst, Jaime Torres, told NBC news: "We reached out to three of the biggest vendors in the noise compliance industry. Each of these vendors has a device that helps monitor and track noise and our goal with this is to basically see whether these devices are effective." Short-term rental owner, Kristen Perry, is one of the people participating in the test. She says: "So far so good!" She says: "I've yet to get an alert, and I have (the devices) at half the recommended setting." If this strategy works to keep noise levels at an acceptable level, the devices could become mandatory for La Quinta vacation rentals. The results may also influence a vote on whether or not the ban on any new permits will be lifted. If you'd like to know more about Airbnb's Summer of Responsible Travel initiative, you'll find a link on the podcast player page for this episode at www.NewsForInvestors.com Click here to join the network for free Links: 1 - https://www.inman.com/2021/04/13/partys-over-airbnb-rolls-out-new-plan-to-stop-summer

There's a new plan brewing to help delinquent borrowers and prevent another wave of foreclosures. The Consumer Financial Protection Bureau wants to extend the foreclosure moratorium through the end of this year and is currently asking for comments on the plan. But does the CFPB have the authority to do this? According to the Mortgage Bankers Association, 2.7 million homeowners were in forbearance programs as of January 31st of this year. That's down from a pandemic peak of some 6 million homeowners, but it's a substantial number of homes at risk of foreclosure. Black Knight estimates the number of mortgages that are currently 90 or more days past due is about 2 million. And that's about five times higher than before the pandemic began. The real estate data firm expects some improvement through the end of June, when the current foreclosure moratorium expires, but it expects that 1.8 million mortgages will still be seriously delinquent. The MBA says the delinquency rate for one-to-four-unit residential properties was 6.73% at the end of the fourth quarter. Black Knight says it fell below 6% in January, for the first time since the pandemic began. Although the foreclosure moratorium is currently set to expire in June, delinquent homeowners may have different dates for the expiration of their forbearance programs. Loans backed by Fannie and Freddie can have as much as one year of forbearance. Private lenders may have other options. Extending the foreclosure moratorium will give homeowners more time to work out a solution with their lenders. The CFPB is also proposing ways to streamline the process of getting homeowners out of forbearance and into other payment plans. The MBA's CEO, Dave Stevens, feels the CFPB has gone beyond its authority in offering to extend the moratorium. Stevens told HousingWire: "My concern is that the bureau is overstepping its bounds and violating in essence agreements that have already been previously made." He says that another halt on foreclosures could hurt the mortgage industry's relationship with its investors, which servicers have worked hard to maintain. According to Black Knight, service providers have advanced investors $19 billion for delinquent mortgage payments during the last year. HousingWire also reports that lenders have already been doing a good job helping homeowners exit forbearance. It says that almost 86% of those who exited forbearance did so with a payment plan in place. Executive Vice President of RealtyTrac, Rick Sharga, says of the results: "I think the math speaks for itself how well the forbearance program has worked, and it's one of the few times in my career that I have seen a government-initiated program adopted as well and executed as well by the industry as this one." He doesn't feel the same way about another foreclosure moratorium however. He says: "What they are doing is getting involved in a very complex process and it may be forcing servicers to violate covenants of the investor who bought the loan, and that's the real challenge." MBA President, Robert Broeksmit, is also citing some impressive numbers. He reportedly said in a recent article that mortgage servicers successfully helped 4.3 million Americans enter forbearance plans in less than 10 weeks. Broeksmit says: "The ability for the industry and mortgage servicers to overcome the obstacles created by COVID-19 will depend on our ability to work together." The CFPB is proposing three actions to help borrowers impacted by the pandemic. The first is to grant borrowers more time, with a moratorium that runs through December 31st. The second is to give servicers a way to modify loans more quickly with less paperwork. And third, to improve communication with borrowers so they are aware of their options at the appropriate time. The public comment period runs through May 11th. You'll find links to the CFPB's proposal and other articles mentioned in this episode on the podcast player page at www.NewsForInvestors.com Click here to join the network for free Links: 1 - https://www.housingwire.com/articles/does-cfpb-have-authority-to-postpone-foreclosures/ 2 - https://files.consumerfinance.gov/f/documents/cfpb_mortgage-servicing_nprm_2021-04.pdf 3 - https://www.blackknightinc.com/black-knights-first-look-at-january-2021-mortgage-data/ 4 - https://www.mba.org/2021-press-releases/february/mortgage-delinquencies-decrease-in-the-fourth-quarter-of-2020 5 - https://dsnews.com/daily-dose/04-05-2021/cfpb-proposes-plan-to-avoid-foreclosure-surge

In this Real Estate News Brief for the week ending April 10th, 2021... an economic forecast from the International Monetary Fund, home price growth around the world, and a survey on having pets at work. Economic News We begin with economic news from this past week, and an upbeat forecast from the International Monetary Fund. The IMF raised its 2021 U.S. economic outlook from 5.1% to 6.4%. It expects to see a slowdown next year to 4.4% which is stronger than the Federal Reserve's 3.3% prediction. The IMF also expects that pandemic-related losses for other major economies will be smaller than what we saw after the financial crisis. It is expecting global growth to be just slightly less than the U.S. this year, and about the same next year. The IMF also expressed support for the Fed's "go slow" policy on interest rate hikes and tapering. The IMF's chief economist, Gita Gopinath, says: "They have pledged to, kind of, given sufficient advance warning if they are going to reverse course… so we expect that would happen." Weekly unemployment claims jumped higher for a second week in a row. Economists had expected them to decline but the Labor Department reported 728,000 new state claims. That's 16,000 more than the previous week. Before the pandemic, the weekly average was around 220,000. If you combine all the new and continuing benefits from both state and federal programs, the total is 18.2 million. Before the pandemic, there were less than 2 million people collecting benefits. On a positive note, job growth is surging. The government says there were 7.37 million jobs available in February. That's up from 7.1 million in January. It says that 5.74 million people were also hired in February, and the U.S. gained another 916,000 new jobs in March. Those are all good numbers. Mortgage Rates There's also good news on mortgage rates. Freddie Mac says the average 30-year fixed-rate mortgage dropped 5 basis points, to 3.13%. That's after seven weeks of higher rates. Freddie Mac says that mortgage rates are lower because of a "modest decline" in U.S. Treasury yields. In other news making headlines... Worldwide Home Prices Home prices are going up around the world. International property consultant Knight Frank says that average urban home prices went up 5.6% last year. That's up from 3.2% in 2019. Emerging markets are seeing some of the strongest price gains, including Turkey which has a few cities at the top of the list. In Ankara, the year-over-year increase is 30.2%. Ismir and Istanbul are close to that. Turkish inflation is pushing those prices higher, but other countries are seeing double-digit year-over-year increases. Cities in Russia, New Zealand, Canada, and South Korea are all near the top of the list. U.S. cities with double-digit price growth include Phoenix at 14.4%, Seattle at 13.6%, San Diego at 13%, Boston at 11.4%, Washington, D.C. at 10.3% and Minneapolis at 10.2%. Higher Property Taxes for Homeowners As home prices soar, so do home values and property taxes. ATTOM Data Solutions says that U.S. property taxes rose 5.4% in 2020. The average for single-family homes in 2020 was $3,719. That translates into an effective tax rate of 1.1% but researchers say many states have much higher tax rates. The highest is New Jersey with 2.2%. Illinois is second at 2.18%. And, Texas is third at 2.15%. At the low end is Hawaii with a tax rate of .37%. CA Landlord Accepts Bitcoin for Rent The Los Angeles-based real estate company Caruso announced that it will accept rent payments in bitcoin from residential and commercial tenants. Developer Rick Caruso founded the company which is known for high-end outdoor malls like The Grove in Los Angeles and a resort near Santa Barbara. Caruso said during a CNBC interview that he hopes to create a whole ecosystem where tenants and guests can use cryptocurrency to check into a resort, pay rent, and buy things while visiting Caruso properties. He says it's a long-term strategy that anticipates what the world might be like in the next decade, and not just the next year or five years. Pet-Friendly Workplace The pet-friendly workplace could become more common as companies try to lure employees back to the office. A new survey shows that a lot of bosses realize how important pets have been during the pandemic and that many may allow pets at work. In a survey by Banfield Pet Hospital and OnePoll, half of the executives said they are planning to allow pets at the office and 59% said they would adopt policies that give employees flexibility to take care of their pets. One reason for this benevolent attitude is that 75% of the executives said that being a pet owner has made them better, more compassionate business leaders. There have also been a lot of employee requests for a more pet-friendly workplace. If you want more information about any of these stories including home price growth in specific cities around the world and property tax rates for different U.S. states, you'll find links on t

Home buyers are making all sorts of sacrifices in today's market. Without enough homes to meet demand, some buyers are eliminating contingencies and offering way more than the listing price. That may be a simple transaction if you're paying cash, but for those getting a loan, a "gap" between the sky-high amount offered to clinch the deal and the appraised value of the home could be a deal breaker. A lot of buyers are resorting to extreme measures to win the home they so desperately want to buy. They may offer $50,000, $100,000 over asking and waive ALL contingencies, meaning that if they back out, they lose their deposit. And then when it comes time to get the house appraised, buyers are finding out that the lender will only cover, let's say, 80% of the appraised value. That means the buyer's down payment must include the other 20% PLUS any amount the buyer offered to win that home. That's left some buyers scrambling to make up the difference for what's being called "the appraisal gap." HousingWire heard from a few loan officers who say that some people are caught off-guard, and are borrowing from relatives or tapping into retirement and stock-trading accounts to make up for that gap. Those distributions can also trigger tax events, making the purchase that much more expensive. But the problem isn't just that buyers are bidding the prices too high. Some real estate experts feel that many appraisers have not caught up to a market that's been accelerating rapidly. They rely on historical data which doesn't reflect what's happening today. One Southern California processor told HousingWire that "almost all of the appraisals lately… have been low, by a lot." HousingWire reports that: "While some appraisers understand the increasing market and try to justify soaring prices, others are not comfortable with the new reality and provide valuations more in line with previous sales." The situation can lead to a costly mistake for buyers who have written a non-contingent offer. With no clause that allows them to back out of the deal, they must come up with the additional cash. If they can't, the deal will likely collapse and they'll lose their deposit. But it may also be possible to challenge the appraisal. A buyer or buyer's agent might be able to offer comps that justify a higher amount, or maybe hire another appraiser for a second opinion. Finding another lender could also get you another appraisal but you'd have to make sure the new lender doesn't use the same appraiser. Doing more to prepare for the appraisal gap could also help. Maybe getting those comps ahead of time, and making sure there's a little extra cash in the bank for a bigger deposit. If not, lower the dollar amount being offered, and maybe avoid an offer that doesn't give you an out. Real estate agents can also help by educating their clients about the pitfalls of a non-contingency offer that's substantially over the asking price. For real estate investors who'd like to learn more about appraisals for investment properties, you'll find a few videos on our website at NewsForInvestors.com. We'll also have a link on the podcast player page for this episode to those videos. Video Link: https://www.realwealthnetwork.com/learn/how-to-read-appraisal-report-investment-property/ Links: 1 - https://www.housingwire.com/articles/the-appraisal-gap-is-complicating-deals-across-the-country/ 2 - https://www.inman.com/2021/03/23/how-to-protect-your-buyers-from-appraisal-catastrophes/ 3 - https://www.foxbusiness.com/money/how-to-refinance-mortgage-low-home-appraisal

Remote work has become a dream come true for many people. But, can it also become too much of a good thing? One UC Berkeley researcher predicts that cities will thrive again once the pandemic is under control. His arguments are compelling and support the idea of a metropolitan or suburban lifestyle with fewer days at the office and commutes that are easier because highways are less congested. UC economist Enrico Moretti spoke with Vox about his forecast for the return of "superstar cities." He talks about how highly skilled workers like to congregate in different metros, and why that trend is probably not going to go away -- although some amount of the urban to suburban shift may remain. Living in the suburbs is still within driving distance of the city and many major companies, making it an attractive option for a hybrid work schedule. The academic term for the clustering of different industries in certain cities is called "agglomeration." Moretti says it's one of the most important concepts for understanding why this happens. And he doesn't think it's going away. He says: "I think everything that we know from the economic geography before Covid tells us that these forces of agglomeration are quite powerful. And there's no reason to think that the same tendency to cluster will be all that different in the post-Covid world." He explains that, for example, the biotech industry clusters geographically in three or four cities. That same goes for other industries, like finance and pharmaceutical. He says: "If you look at all the inventory in computer science, the top 10 metro areas in the U.S. account for 70% of all inventors in computer science." And it isn't just in the U.S. Moretti says over the past 20 to 30 years, you can see signs of agglomeration in industrialized countries around the world. Moretti says one of the reasons for the growth of these clusters is that employees leave companies like Microsoft in Seattle, and start their own companies in the same area. But it's not just that. Moretti says that start-ups also want to tap into a labor force that is already specialized. Although many of these more specialized high-level industries can support remote work, Moretti feels that working remotely 100% of the time won't work well with the benefits of agglomeration. What he does see is that more work will be done from home but that workers will live within commuting distance of their office. He says: "For the typical employer it's going to take the form of one work-from-home day a week, or at most two days of work-from-home a week." He says: "If you have to show up at the office three or four days a week, you still need to live in the metro area where your office is." And it isn't all about work, either. Moretti says that people, especially the younger generations, are attracted to city amenities. The fact that cities like New York and San Francisco have looked deserted during the pandemic supports that argument because a lot of the urban amenities have been shut down. He says that once people feel safe from COVID-19 and the amenities re-open, he expects all those well-educated workers will return to cities. If enough people end up working a hybrid work schedule, that could make cities even more attractive because there will be fewer people on the road, commuting. The pandemic had many people thinking that cities were doomed as they moved to far flung areas that didn't have as many people, or germs. And there have been plenty of headlines about this pandemic migration. But just how far did they really move? A report by retail traffic analytics firm Placer.ai supports the idea that while some people did move to other states, many people stayed closer to home. The results show that most U.S. states saw less than 1% population growth last year and that all that moving around was mostly to the suburbs, not other states. The report shows that Montana and Idaho had the highest number of migrants at 3.7 and 3.9% respectively. Florida, Arizona, and Maine also did well with more than a 1% increase. Cities that were above the 1% mark include Tampa, Charleston, Austin, and Phoenix. So there have been population growth hot spots. Many people have been moving to the Sun-Belt states, but it seems a larger percentage have just moved farther away from their nearby cities. Expedia CEO, Peter Kern, published an opinion piece in Fortune that discredits the idea that cities will remain undesirable after the pandemic is over. He says: "The global health crisis we're living through is serious, and it will have lasting effects, but does anyone truly believe this event… is capable of fundamentally altering human nature?" The human nature he is referring to is the desire for social interaction. When you think of being human, you don't think of living in social isolation. Kern says: "Maintaining close relationships with others is essential to our mental health and, ultimately, our survival." He says he used to live 20 blocks from

In this Real Estate News Brief for the week ending April 3rd, 2021... an economic update from Fannie Mae, a surge in consumer optimism, and the return of the cicadas. Economic News We begin with economic news from this past week, and an updated economic forecast by Fannie Mae. The mortgage guarantee enterprise is expecting real GDP growth to hit 8.4% in the second quarter of this year, and 6.6% for the full year. It is anticipating the GDP to settle down a bit in 2022. Currently, risks to the economic recovery are viewed as neutral. That includes the future path of COVID-19 and its variants, the easing of social restrictions, and whether consumers will start spending more money from their personal savings. The housing market is expected to remain resilient with purchases hitting $1.82 trillion this year. That's up from $1.61 trillion last year. Rising interest rates are not expected to have much of an impact. Fannie Mae's chief economist Doug Duncan says: "While we forecast some continued upward movement, mortgage rates remain historically low, as they are still .8 percentage points below the 2019 average." (1) There was a spike in first-time unemployment claims last week, but economists are expecting numbers to go down soon, as the economy strengthens. The government says that state claims jumped to 719,000. Combined with claims for federal benefits, the total was "less" than one million. That figure fell below one million two weeks ago for the first time since the pandemic began. (2) The March report on job growth shows a surprising surge in new positions. It says that companies created more than 900,000 new jobs with the largest percentage in the leisure and hospitality industry. But there were also a lot of new jobs for the government and the construction industry. MarketWatch says that job growth easily exceeded Wall Street expectations. The official unemployment rate is now down to 6%, but that figure doesn't include about 4 million people who lost their jobs during the pandemic, and left the workforce. (3) Pending home sales were down by a significant amount in February due to the lack of existing home inventory along with higher interest rates and homes prices. The National Association of Realtors says pending home sales were down 10.6%. They fell in all parts of the country, but they were down the most in the South with a 13% drop. (4) Chief economist for Realtor.com, Danielle Hale, expects that home price growth will settle down as more sellers put their homes on the market this spring. But prices have already jumped quite a bit. According to the S&P CoreLogic Case-Shiller national price index, they were up 11.2% year-over-year in January. Phoenix has the highest price appreciation at 15.8%. (5) We will need to see a lot of new sellers to help slow that price growth, and meet demand. Realtor.com's Monthly Housing Trends Report shows there are 52% fewer homes on the market this year than there were last year. And the national median home price is up 15.6% to $370,000 in March, which is an all-time high. (6) The lack of existing homes is pushing many first-time buyers into the new home market. According to the National Association of Home Builders, new home buyers account for 43% of sales. That's up from 32% in 2018. (7) Construction spending dipped in February, mostly because of severe weather in many parts of the country. The Commerce Department says it slipped .8%. It's still up 5.3%, however, compared to a year ago. And it's expected to bounce back rapidly this spring. (8) Consumer confidence is surging. It hit a one-year high of 109.7 in March. That's up from 90.4 in February. The Conference Board survey was done as people received $1,400 stimulus checks and more people were vaccinated. (9) Mortgage Rates Mortgage rates didn't move much this last week. Freddie Mac says the average 30-year fixed-rate mortgage was only up one basis point to 3.18%. The 15-year didn't budge and remains at 2.45%. (10) In other news making headlines... Eviction Moratorium Extended The CDC extended the national eviction moratorium another three months. It now ends on June 30th. The moratorium has been challenged by several states and local governments because it has left many landlords without rent payments to pay their own bills. Landlords do have access to some amount of rental assistance from relief packages passed by Congress. The National Association of Realtors helped make that happen, but NAR'S chief advocacy officer, Shannon McGahn says: "Our focus now turns to ensuring there is not just enough funding but also a smooth implementation of rental assistance while the various challenges to eviction bans work their way through the courts." (11) The Cicadas Are Coming It's been 17 years since the last invasion of a bug called the cicada. If you're familiar with them, you probably know that they are expected to emerge from their underground hiding place this spring. They are grass hopper-like bugs that shed their sk

When the world shut down because of COVID-19, few people thought their work routine would change so drastically. It's now more than a year since the virus forced people into a remote work environment, and with the pandemic threat diminishing, there are big questions about the best way to shift to a more hybrid model that combines workplace with work-from-home. www.NewsForInvestors.com

In this Real Estate News Brief for the week ending March 27th, 2021… the state of the economy from Treasury Secretary Yellen and Fed Chief Powell, what some see as a co-working rebound, and a new demand for golf course homes. www.NewsForInvestors.com Links: 1 - https://www.cnn.com/2021/03/23/economy/janet-yellen-jerome-powell-economy-recovery/index.html 2 - https://www.marketwatch.com/story/consumer-spending-sinks-in-february-and-inflation-creeps-higher-11616763768?mod=economy-politics 3 - https://www.marketwatch.com/story/u-s-gdp-growth-in-fourth-quarter-raised-slightly-to-4-3-11616677670?mod=economic-report 4 - https://www.marketwatch.com/story/u-s-unemployment-claims-sink-to-684-000-and-hit-lowest-level-since-pandemic-11616676886?mod=economy-politics 5 - https://www.marketwatch.com/story/new-home-sales-plummet-amid-bad-weather-but-analysts-remain-upbeat-on-construction-activity-11616508567?mod=economy-politics 6 - https://www.marketwatch.com/story/new-home-sales-plummet-amid-bad-weather-but-analysts-remain-upbeat-on-construction-activity-11616508567?mod=economy-politics 7 - https://www.reuters.com/article/usa-economy-sentiment-idUSAQN03Z34I 8 - http://www.freddiemac.com/pmms/ 9 - https://www.housingwire.com/articles/about-7m-refi-candidates-missed-the-forever-rate-boat/# 10 - https://magazine.realtor/daily-news/2021/03/24/co-working-spaces-may-soon-see-a-surge-in-activity 11 - https://magazine.realtor/daily-news/2021/03/22/golf-properties-are-once-again-in-high-demand 12 - https://magazine.realtor/daily-news/2021/03/26/demand-for-pools-hot-tubs-surging-due-to-covid-19

The push continues for a solution to lumber shortages and skyrocketing lumber prices. A large number of sawmills were shut down early last year, creating a major shortage of lumber for the construction industry. While there's hope that sawmills will return to full capacity as people get vaccinated and social distancing mandates are relaxed, the National Association of Homebuilders is urging policymakers to find solutions right now. www.NewsForInvestors.com Links: 1 - https://www.nahb.org/advocacy/top-priorities/material-costs/solving-the-lumber-crisis 2 - https://nahbnow.com/2021/02/record-high-lumber-prices-add-24k-to-the-price-of-a-new-home/ 3 - https://www.cnbc.com/2021/03/17/housing-starts-february-2021.html#:~:text=and%20construction%20activity.%22-,Housing%20starts%20fell%2010.3%25%20to%20a%20seasonally%20adjusted%20annual%20rate,on%2Dyear%20basis%20in%20February. 4 - https://nahbnow.com/2021/03/lumber-prices-stalling-much-needed-multifamily-and-affordable-housing-supply/?_ga=2.24865850.1827718439.1616712139-54843561.1614272299 5 - https://nahbnow.com/2021/03/a-full-court-press-on-lumber/?_ga=2.250824582.1827718439.1616712139-54843561.1614272299 6 - https://fortune.com/2021/03/20/lumber-prices-2021-chart-when-will-wood-shortage-end-price-of-lumber-go-down-home-sales-cost-update-march/ 7 - https://www.nahb.org/advocacy/top-priorities/material-costs/outreach-to-the-administration-and-congress?_ga=2.182658726.1827718439.1616712139-54843561.1614272299

Individuals across the U.S. are getting a new round of stimulus checks worth more than $410 Billion. This is the third time the government has handed out money because of the pandemic. While many people are still suffering financially, the economy is also recovering, and that's raising a lot of questions about whether people should save, spend, or invest their checks. So what should individuals do with their stimulus checks? I thought I'd cover some of the ideas and recommendations I've been seeing in the news, and what many people say they are planning to do with their checks. www.NewsForInvestors.com Links: 1 - https://www.bloomberg.com/news/articles/2021-03-16/biden-stimulus-check-1-400-best-investment-ideas-save-or-spend-it 2 - https://www.marketwatch.com/story/americans-ready-to-plow-10-of-stimulus-checks-into-bitcoin-and-stocks-survey-says-11615823512 3 - https://www.yahoo.com/lifestyle/young-investors-are-putting-stimulus-checks-into-stocks-and-bitcoin-152629197.html 4 - https://finance.yahoo.com/news/warren-buffett-wants-1-400-151000599.html 5 - https://www.washingtonpost.com/business/2021/03/11/latest-stimulus-payments-cover-months-rent-some-places-less-than-month-others/

In this Real Estate News Brief for the week ending March 20th, 2021... why homebuilder confidence took a dip, why we won't have a spring home-buying season, and superstitions that discourage homebuyers. We begin with economic news from this past week, and new assurances from the Federal Reserve about economic growth and inflation. While Fed officials expect to see a GDP OF 6.5% this year and inflation slightly higher than 2%, they have no plans to raise interest rates in 2021. www.NewsForInvestors.com Links: 1 - https://www.marketwatch.com/story/fed-sees-no-rate-hikes-through-2023-despite-some-inflation-overshoot-11616004261?mod=MW_article_top_stories 2 - https://www.marketwatch.com/story/unemployment-claims-jump-to-one-month-high-of-770-000-as-texas-applications-surge-11616071511?mod=economy-politics 3 - https://www.marketwatch.com/story/new-home-construction-falters-due-to-februarys-winter-storms-but-support-for-a-home-building-frenzy-remains-11615985107?mod=economic-report 4 - https://www.marketwatch.com/story/home-builder-confidence-dips-to-lowest-level-since-august-as-concerns-grow-about-rising-material-costs-and-higher-interest-rates-11615903279?mod=economic-report 5 - http://www.freddiemac.com/pmms/ 6 - https://magazine.realtor/daily-news/2021/03/16/buyers-rush-to-lock-in-low-interest-rates 7 - https://magazine.realtor/daily-news/2021/03/15/survey-60-of-households-priced-out-of-new-home-market 8 - https://www.cnbc.com/2021/03/17/irs-pushes-april-15-us-tax-deadline-to-may-17.html 9 - https://www.lendingtree.com/home/mortgage/homebuying-luck-survey/

New risk reduction policies at Fannie Mae could make it harder to get loans for single-family second homes and investment properties. The GSE sent letters to lenders saying it will impose a new 7% limit on the acceptance of those kinds of loans. Fannie is currently accepting a higher percentage. So what does that mean for investors? www.NewsForInvestors.com

Dozens of New York City landlords are being accused of discriminating against people with housing vouchers. A housing rights watchdog group filed a federal lawsuit against 88 brokers and landlords after an undercover operation that involved recorded phone calls. The state of New York made it illegal to discriminate against tenants based on their source of income in 2019. That includes people who use Section 8 vouchers to pay their rent as well as other forms of assistance like child support, alimony, foster care subsidies, and veterans benefits. There are a few exceptions that include rentals in one- or two-family homes but only if they are occupied by the owner. www.NewsForInvestors.com Links: 1 - https://ag.ny.gov/sites/default/files/source_of_income_discrimination.pdf 2 - https://www.nytimes.com/2021/03/15/nyregion/real-estate-lawsuit-section-8-discrimination.html 3 - https://www.nmhc.org/research-insight/analysis-and-guidance/source-of-income-laws-by-state-county-and-city/

In this Real Estate News Brief for the week ending March 13th, 2021… a $1.9 Trillion economic rescue, iBuyer 2021 rebound, and a Zillow hiring spree. We begin with economic news from this past week, and the approval of a $1.9 Trillion COVID-19 relief package. The National Association of Realtors is applauding the high-dollar stimulus plan because there are several provisions that will help the housing market, including another $21.55 billion in rental assistance. Landlords who are owed back rent will benefit from those funds, and the previous $25 billion approved in December. $1,400 stimulus checks for individuals will also help the back rent situation. There's also money to help homeowners struggling to pay mortgages, as well as small businesses, schools, and local governments that are low on cash. www.NewsForInvestors.com Links: 1 - https://magazine.realtor/daily-news/2021/03/11/biden-signs-covid-19-rescue-package-into-law 2 - https://www.marketwatch.com/story/consumers-pay-higher-prices-in-february-cpi-shows-as-inflation-creeps-up-11615384314?cx_testId=22&cx_testVariant=cx_1&cx_artPos=2&mod=home-page-cx#cxrecs_s 3 - https://www.marketwatch.com/story/jobless-claims-fall-sharply-to-lowest-level-since-november-11615470023?mod=economic-report 4 - https://www.marketwatch.com/story/job-openings-rise-in-january-as-labor-market-strengthens-11615476422?mod=mw_latestnews 5 - https://www.marketwatch.com/story/u-s-march-consumer-sentiment-hits-post-pandemic-high-11615561947 6 - http://www.freddiemac.com/pmms/ 7 - https://realestateinvestingtoday.com/nmhc-says-80-4-of-apartment-households-paid-rent-by-march-6th/ 8 - https://magazine.realtor/daily-news/2021/03/11/ibuyer-financial-losses-mount 9 - https://investors.zillowgroup.com/investors/news-and-events/news/news-details/2021/Zillow-Announces-Plans-to-Hire-More-Than-2000-Employees-Nationwide-in-2021/default.aspx

The pandemic has increased renter preferences for certain amenities, and one New York City website has come up with an interesting list of "must haves." It's a top 10 list that was compiled from search results in December and January by apartment listing website StreetEasy. People have been spending more time at home since the start of the pandemic, and that's changed a lot of priorities about our home space. Although there are many preferences on this list that are geared toward apartment buildings, several apply to any kind of rental situation. www.NewsForInvestors.com Links: 1 - https://streeteasy.com/blog/apartment-amenities-new-yorkers-want-most/ 2 - https://www.nytimes.com/2021/03/11/realestate/which-amenities-are-most-popular.html

"The 2020's will be the decade of the hyperloop." Those are the words of Virgin hyperloop co-founder Josh Giegel just a few months after the company conducted its first passenger test. Giegel was one of the two people on board the. Virgin now expects its system to be up and running for the public by the end of this decade. www.NewsForInvestors.com Links: 1 - https://virginhyperloop.com/ 2 - https://www.radio.com/kxnt/articles/press-release/virgin-hyperloop-has-successful-test-in-nevada-desert 3 - https://virginhyperloop.com/press/results-midwest-hyperloop-study 4 - https://www.star-telegram.com/news/coronavirus/article244517722.html 5 - https://gizmodo.com/north-carolina-is-eyeing-a-hyperloop-one-system-for-the-1836318917 6 - https://www.forbes.com/sites/geekgirlrising/2020/12/08/san-francisco-to-la-in-35-minutes-virgin-hyperloop-moves-closer-to-reality/?sh=4f2dfc8b5274 7 - https://clevelandmagazine.com/in-the-cle/news/articles/cleveland-to-chicago-in-28-minutes-hyperloop-moves-forward?fbclid=IwAR2QRUk2mumJxqU1uaSTbi1Cxtq4k9hnqnvaQBkp-g1bm2XbLKDT_XrRBxw 8 - https://www.travelweekly.com/Travel-News/Car-Rental-News/Hyperloop-travel-appears-to-be-on-the-fast-track-to-reality

In this Real Estate News Brief for the week ending March 6th, 2021… new concerns about inflation, signs of a job market rebound, and gender bias in the mortgage market. We begin with economic news from this past week, and a stock market roller coaster that had real estate investors breathing a sigh of relief. Many of the high-flying tech stocks went south in response to concerns about inflation after Treasury yields spiked a few times. Economists are also worried that the $1.9 trillion fiscal stimulus package that Congress is trying to pass will overheat the economy, and that recent signs of inflation are just the beginning. www.NewsForInvestors.com Links: 1 - https://www.marketwatch.com/story/powell-sends-warning-to-markets-that-fed-doesnt-want-persistent-tightening-in-financial-conditions-11614879804?siteid=bnbh 2 - https://www.marketwatch.com/story/u-s-economy-adds-379-000-jobs-in-february-as-hiring-speeds-up-11614951413?mod=home-page 3 - https://www.marketwatch.com/story/u-s-unemployment-claims-rise-slightly-to-745-000-after-texas-power-outages-11614865793?mod=mw_latestnews 4 - https://eyeonhousing.org/2021/03/private-residential-spending-hits-record-high/ 5 - http://www.freddiemac.com/pmms/ 6 - https://nahbnow.com/2021/03/fhfa-extends-covid-19-multifamily-forbearance-through-june-30/?_ga=2.65463978.528485599.1614974505-54843561.1614272299 7 - https://www.corelogic.com/blog/2021/3/new-year-started-off-with-double-digit-home-price-gains.aspx 8 - https://www.apartmentlist.com/research/national-rent-data 9 - https://www.redfin.com/news/single-women-home-purchases-increase-2020/

Selling a home is about to get cheaper as the result of an antitrust lawsuit. Because of a settlement between the National Association of Realtors and the Department of Justice, the fees that sellers pay to buyers will be publicly displayed on listing pages. Redfin is already doing it in many markets, and other real estate websites are expected to follow suit in the coming months. That kind of transparency typically results in more competition and lower rates. www.NewsForInvestors.com

A Texas judge has ruled the CDC's nationwide eviction moratorium is unconstitutional. It's been in effect since last spring because of the pandemic, and has put some landlords in a tough spot because they can't afford to support tenants who aren't paying rent. The ruling stopped short of an injunction, and it's now being appealed by the Department of Justice. www.NewsForInvestors.com

In this Real Estate News Brief for the week ending February 27th, 2021... a Fed update on economic policy, an FHFA reprieve for tenants and homeowners, and a rise in demand for rural land. We begin with economic news from this past week, and comments from Federal Reserve Chairman Jerome Powell. He told Congress that there are signs the economy is recovering but that substantial improvements are still needed in the job market, and that inflation needs to get closer to the 2% mark. www.NewsForInvestors.com

California landlords may face a new excise tax. AB 1199 would impose a tax on landlords to pay for the privilege of renting or leasing property in California. Some people feel it's an end run to the failed Proposition 15 in the last election which would've eliminated Prop 13 protections for commercial property. AB 1199 would also create a public registry of rental property information including the names of the individual property owners. www.NewsForInvestors.com Access over 500 Free Webinars here! Links: 1 - https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202120220AB1199 2 - https://californiaglobe.com/section-2/proposed-excise-tax-intentional-effort-to-subvert-the-will-of-california-voters/ 3 - https://californiaglobe.com/section-2/excise-tax-on-ca-property-owners-for-renting-or-leasing-property-in-new-bill/

In this Real Estate News Brief for the week ending February 20th, 2021… how rents are doing in smaller markets, whether Opportunity Zones are turning profits, and an easy place to find flood risk data for individual properties. www.NewsForInvestors.com

Every year, California residents face a profusion of new laws, and this year, there are several new laws that will have a big impact on real estate. I've covered a few of them before, but they are important enough to mention again along with a few others for our California listeners and for people interested in what California is doing as a potential trend-setter for other states. www.NewsForInvestors.com

The numbers keep going up for the housing market. Redfin reports that competition is so fierce among buyers that a majority of homes are going under contract within two weeks. That's also driving home prices to new record highs. Redfin reports that median asking prices are up 10% from a year ago, to a new all-time high of $334,770. It also says that median sale prices are up 15% year-over-year to $318,750. www.NewsForInvestors.com

In this Real Estate News Brief for the week ending February 13th, 2021... new comments from the Fed Chief on the risk of inflation, a new extension for government forbearance programs, and a forecast on homebuyer demand. We begin with economic news from the past week, and Fed Chief Jerome Powell's commentary about inflation. He spoke before the Economic club of New York saying he doesn't expect a big jump or a sustained increase in inflation right now. He says: "Inflation has been much lower and more stable over the past three decades than in earlier times. In the 1970's, when inflation would go up, it would stay up." www.NewsForInvestors.com

Will it be another great year for single-family homes? After a surge in demand for single-family homes last year, the big question on many investor minds is whether this is "a fad or a real trend." The Urban Land Institute and PWC just published a yearly report on real estate trends, with some insights on where the single-family market may be headed. www.NewsForInvestors.com Link: https://www.pwc.com/us/en/asset-management/real-estate/assets/pwc-emerging-trends-in-real-estate-2021.pdf

With eviction moratoriums in place for nearly a year now, one might assume that investing in rental property would not be prudent. If people lose their jobs and can't pay rent, how can the landlord pay for their bills like the mortgage, property taxes and insurance? Yet, in spite of these unprecedented challenges, some metro areas have actually seen rents rise - according to a recent CoreLogic report that tracks rent collections. www.NewsForInvestors.com

In this Real Estate News Brief for the week ending February 6th, 2021... new record-highs for Houston real estate, good news about renter credit scores, and a big "first" for the 3D printing of homes. We begin with economic news from this past week and the latest job market reports. New applications for unemployment benefits fell to their lowest level in nine weeks. The government says that 779,000 people filed for state unemployment benefits during the last week of January. www.NewsForInvestors.com

Realtors are expecting another "booming" year for Central Florida real estate. 2020 was better than they expected and they say it looks like 2021 will follow along that path. Inventory is tight, but some economists expect more existing homes to hit the market, once the pandemic is under control. Builders are also working to fill the inventory gap in the for-sale and rental markets. www.NewsForInvestors.com

In this Real Estate News Brief for the week ending January 30th, 2021… the Fed's latest policy decisions, more good news about home sales, and a Zillow forecast on home values. We begin with economic news from this past week, and another meeting of the Federal Reserve that ended with no policy changes and signs that short-term interest rates will stay right where they are for several years. The Fed also said it has no plans to taper its monthly purchase of $120 billion in bonds until it sees "substantial further progress" in a job market recovery, along with inflation that sits above 2% for some amount of time. www.NewsForInvestors.com

Remote workers may face a surprise tax bill if they live and work in different states. With the rapid expansion of the remote workforce and the ability to live anywhere, remote workers who cross state lines may owe taxes in more than one state. And a recent survey shows that most workers don't realize that. www.NewsForInvestors.com Links: 1 - https://www.cnbc.com/2020/11/27/unexpected-state-tax-could-be-around-the-corner-for-remote-workers.html 2 - https://abcnews.go.com/US/working-home-due-covid-double-tax-hit/story?id=74864155

We have some year-end totals for the number of home loans that are past due, and at risk of foreclosure. A new report by Black Knight shows that 2020 ended with almost 3.4 million loans in some stage of delinquency, and that seriously delinquent loans were up 250%, but they are well off their pandemic peaks. There's also new data on places where foreclosures are already rising, and many of those locations are in California. www.NewsForInvestors.com Links: https://www.blackknightinc.com/black-knights-first-look-at-december-2020-mortgage-data/ https://www.housingwire.com/articles/2020-ends-with-3-4-million-loans-in-delinquency/ https://www.attomdata.com/news/market-trends/figuresfriday/top-10-u-s-zip-codes-where-foreclosure-filings-are-on-the-rise/

In this Real Estate News Brief for the week ending January 23rd, 2021… another extension for the Federal eviction ban, homebuilder Lennar to become a single-family landlord, and no more free rental listings on Zillow. We begin with economic news from this past week, and the likely return of former Fed chief Janet Yellen as the new U.S. Treasury Secretary. The Senate Finance Committee approved her nomination on Friday the 22nd. The Senate is expected to vote today, and if confirmed, she'll be the first woman to lead the department in its more than 230-year history. www.NewsForInvestors.com Links: 1 - https://www.marketwatch.com/story/yellens-nomination-to-be-u-s-treasury-secretary-advances-on-unanimous-committee-vote-11611328550?mod=bnbh_mwarticle 2 - https://www.marketwatch.com/story/jobless-claims-drop-to-still-high-900-000-in-last-full-week-of-trump-presidency-11611236766?mod=economic-report 3 - https://www.marketwatch.com/story/new-home-construction-activity-soars-to-highest-level-in-over-a-decade-as-builders-rush-to-produce-single-family-homes-2021-01-21?mod=u.s.-economic-calendar 4 - https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales 5 - http://www.freddiemac.com/pmms/ 6 - https://www.cnbc.com/2021/01/20/biden-to-extend-the-national-ban-on-evictions-through-march-2021.html 7 - https://home.treasury.gov/policy-issues/cares/emergency-rental-assistance-program#:~:text=The%20Emergency%20Rental%20Assistance%20program,local%20governments%2C%20and%20Indian%20tribes. 8 - https://www.thestreet.com/investing/lennar-moving-into-single-family-rentals 9 - https://www.inman.com/2021/01/20/the-end-of-free-rental-listings-on-zillow-is-here/

The vaccine rollout is underway, and people in real estate are speculating on how it will help or possibly hurt some aspects of the housing market. 2020 was of course a very difficult year for many sectors of the economy, but not housing. What changes can we expect in the coming year? www.NewsForInvestors.com Links: 1 - https://www.realtor.com/news/trends/vaccines-housing-market/

In this Real Estate News Brief for the week ending January 16th, 2021... a new COVID relief bill that extends the federal eviction moratorium, proposes more rental assistance, and authorizes new stimulus checks, plus bitcoin fortunes at risk over lost passwords, and reports on unemployment, inflation, consumer sentiment, and mortgage rates. www.NewsForInvestors.com

Buying a condo in some fun-filled tourist destination could disqualify you from an FHA loan. Fannie Mae and Freddie Mac have both announced that certain condo buildings may be disqualified for FHA loans if there are too many short-term rentals in the complex, even if the condo "you" are buying won't be used in that manner. www.NewsForInvestors.com

As the inventory for existing homes dwindles and demand for rental homes grows, investors are working with builders on the construction of new rental homes in markets across the country. According to a recent article in the Wall Street Journal, this new surge in activity is the result of a pandemic-induced desire for more spacious homes in the suburbs combined with Americans who can't afford to buy those homes. www.NewsForInvestors.com

In this Real Estate News Brief for the week ending January 9th, 2021... inventory hits a new low, where home prices are rising fast, signs of an urban exodus reversal, a stimulus check glitch, and reports on unemployment and construction spending. www.NewsForInvestors.com

California and New York have long been two of the nation's top states for business, but due to a changing business climate, many companies are migrating to more business-friendly and less expensive areas. Savvy real estate investors are flocking to these locations to get ahead of the wave. www.NewsForInvestors.com

A new president, plus a shift of power in the Senate has some Americans popping the cork in celebration, and others trembling in fear of the coming changes. Today we'll take a look at some of those changes, and how today's new leadership may affect real estate investors. www.NewsForInvestors.com

2020 was an extremely difficult year for many people and many businesses, but not for U.S. housing. While the coronavirus swept across the nation without mercy, infecting millions and blowing holes in the economy, the housing market actually got stronger. Let's take a look at where we began the year and where we are now. www.NewsForInvestors.com

Oregon landlords are taking the state to court over an eviction moratorium that now runs through June of next year. Lawmakers also approved a compensation fund for landlords, but landlords say it will provide nowhere near enough money for landlords who are owed months of back rent. www.NewsForInvestors.com Links: 1 - https://www.oregon.gov/ohcs/housing-assistance/Pages/landlord-compensation-fund.aspx 2 - https://rentalhousingjournal.com/oregon-passes-150-million-landlord-compensation-fund/ 3 - https://katu.com/news/following-the-money/about-13-of-oregonians-unable-to-pay-rent-in-july-lawmakers-look-for-more-federal-aid 4 - https://katu.com/news/local/landlords-file-lawsuit-over-oregons-eviction-moratorium