Biden’s Eviction Ban Policy Heads to the Supreme Court

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The replacement evictions moratorium will stay in place for now, according to the federal appeals court. A spokesman for the National Association of Realtors is confident that the Supreme Court will block the policy. The Center for Disease Control and Prevention imposed the evictions moratorium on August 3 in counties where Covid-19 is accelerating. Currently, that covers about 91 percent of the counties in the United States. The Delta variant has caused new coronavirus cases to soar, while the $46.5 billion rental assistance funds appropriated by Congress have yet to be widely distributed.

 

Eviction Ban Reversal Upsets Lobbyists

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Housing lobbyists are upset about President Biden’s decision to revive the eviction ban. The President’s unexpected move to reinstate the federal eviction moratorium is a political loss for the National Association of Realtors and its industry allies who say they were excluded from discussions on the ban with the White House. Despite millions of dollars in contributions, industry trade groups felt the sting of betrayal from progressive lawmakers. The eviction ban fight is making its way through the courts.

 

Pandemic Affects Real Estate Trends in 2021

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The pandemic continued its influence over real estate trends in 2021. The construction costs soared due to supply chain interruptions and work shortages. Consumers shifted their shopping habits to online and demonstrated less tolerance for retail service disruptions. The discussion of how to increase open public spaces moved to the forefront. City residents migrated to the suburbs because of the opportunity to work from home. Affordable housing became scarce. Rents increased and home inventories plummeted. Industrial and distribution properties continue to look like promising investments, along with single-family rental homes.

CDC Mask Policy Reversal Throws Wrench

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The CDC recently took a step backward with its mask policy. Research on the Delta variant is the cause of the reversal. They now recommend that people should wear masks indoors, at least in areas where the coronavirus infection rate is high. The announcement throws a wrench in companies’ return-to-office plans. Many brought workers back, allowing fully vaccinated employees to go without masks. Companies with national footprints may decide to have a consistent mask policy across all offices and sites. The reversal in policy may also cause more corporate vaccine mandates.

 

 

 

Eviction Moratorium Expiration Leaves Renters in a Lurch

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The federal eviction moratorium was scheduled to end on Saturday at midnight, leaving renters to face uncertain futures as they search for housing. Homeless shelters have been adding beds in anticipation. According to a Census Bureau survey, 3.6 million people think they will be evicted within the next two months. The moratorium protected struggling renters in public or private housing if they could prove they had lost income during the pandemic. The moratorium ends when only a small part of the Congress-approved rent assistance has been distributed.  Some states have eviction moratoriums that will extend past the federal one.

 

 

The Demand for Single-Story Home Construction Increases

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New single-family housing construction in the Great Lakes region is following a nationwide trend. For the last 4 years, the number of single-story homes being built has gradually increased. The number of two or more storied homes has been decreasing. Although single-story homes are more expensive to build, they appeal to older home buyers who have more money to spend as they downsize their homes. That makes single-story sites very lucrative.

Justice Department Sends Antitrust Signals

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The Justice Department backed out of a proposed settlement with the National Association of Realtors in regards to real-estate agents’ high commissions. Although in the past, the government has brought antitrust cases and then decided to dismiss them, they have never agreed to a proposed settlement and then backed out. There’s speculation that this is a signal from Washington that antitrust enforcers are ready to address the exorbitant brokerage costs that American homeowners pay, often 2 to 3 times higher than the rest of the developed world.

 

Tenants Terrorize Landlord: No Eviction In Sight

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Queens, New York landlord, Vanie Mangal, spends her days supporting Covid 19 patients and her nights facing harrassment from her tenants.  Some of her tenants haven’t paid rent in over 15 months, and she has lost over $36,000 in rent. They’ve also destroyed or damaged her personal property. The federal government and the state of New York imposed eviction moratoriums. The moratoriums have hit small landlords especially hard. An estimated 28 percent of New York’s 2.3 million rental units are owned by landlords who have fewer than five properties. Landlords can seek pandemic financial assistance, but the aid is too slow, and it comes with certain strings attached that limit the actions the landlord can take against unruly tenants. 

Rental Market Experiencing Inflation

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With people continuing to work virtually and relocating to less expensive cities, along with the influx of millennials and Gen Z renters, the rental market is beginning to surge as the economy reopens. Rent prices are up 7.5% nationwide, three times more than normal. Experts predict that rent prices will continue to climb. This could be a warning sign that higher inflation is here to stay longer than the federal government has predicted.

The Housing Market May Be Hitting Bottom

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From April to May, pending home sales rose 8% according to the National Association of Realtors. Economists had projected a !% decrease. The housing marking is attracting buyers due to falling mortgage rates, which fell below 3%. All regions of the country saw an uptick in sales. Economists predict that the market will slowdown in the 2nd half of 2021, citing the flattening in mortgage demand over the past couple months. The Mortgage Bankers Association’s data backs up the prediction. Buyers are facing challenges with the average loan size increasing. Many first-time homebuyers are squeezed out of the market due to entry-level homes for sale.