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On The Money: Trump faces unusual barrier to COVID-19 aid in GOP allies | Advocates plead for housing aid as eviction cliff looms

October 13, 2020

Happy Monday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL—Trump faces unusual barrier to COVID-19 aid: President TrumpDonald John TrumpDes Moines mayor says he’s worried about coronavirus spread at Trump rally Judiciary Committee Democrats pen second letter to DOJ over Barrett disclosures: ‘raises more questions that it answers’ Trump asks campaign to schedule daily events for him until election: report MORE‘s last-ditch effort to secure another enormous package of emergency coronavirus relief is being threatened by

How the pandemic positively affected the housing real estate market

October 10, 2020

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Residential sales will experience a massive lift during the pandemic, according to Charles Nathanson, an associate professor of finance at the Kellogg School of Management.
More homeowners are looking to use their savings from limited vacation and entertainment spending for larger homes and spaces, especially as working remotely continues.
However, Nathanson predicts that commercial and rental real estate will be unstable, due to an uptick in moves, evictions, and unemployment.
Visit Business Insider’s homepage for more stories.

The COVID crisis has thoroughly upended how people live, work, and shop. And this, in turn, has upended real estate markets.

Whether it’s tech workers abandoning dense urban cores for more space in the countryside, restaurateurs converting from dine-in to takeout, or companies suddenly going virtual while locked into an office lease, it’s clear that the ways we are using space — and the amount we’re willing to pay for it — are

Buy Surging Sleep Number (SNBR) Stock as Housing Market Play?

October 10, 2020

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Shares of Sleep Number SNBR have soared 110% in the last six months to more than double the Home Furnishing-Appliance Market, as people upgrade their living spaces during the pandemic. More importantly, home buying is surging amid the record-low mortgage rates and a desire for more space during the coronavirus.

Sleep Number is set to release its Q3 FY20 results on Wednesday, October 14. So should investors consider buying the high-end bed firm’s stock as a longer-term bet on the housing market?

The Quick Pitch

U.S. home sales surged 10.5% on an annual basis in August, which came after July’s huge growth that represented the strongest monthly gain ever recorded, dating back to 1968. And now the housing market is finally being driven by millennials, which has industry analysts projecting a multi-year boom for the market, as the largest portion of the generation start to get married and have kids.

At Hunters Point South, a Popular Park Paves the Way for Housing

October 9, 2020

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Emerging from a former industrial wasteland, a series of towering structures promise the most affordable housing units built in one New York development since the 1970s. In a plan reminiscent of Brooklyn’s Starrett City, Hunters Point South will eventually have 5,000 apartments across multiple towers, creating a new neighborhood for New Yorkers of all income levels.

In the current phase of construction, developer TF Cornerstone is adding 1,194 rental units in two new buildings, 719 of which will be affordable. The pair joins the first two towers built on site in 2015 by Related Companies, which include a combined 925 units.

Located along the western Queens waterfront, the mega-project sits alongside the second phase of Long Island City’s newest gem: Hunters Point South Park.

Completed in 2018, the 11-acre landscape is now a central part of life in the neighborhood, with hundreds of locals and tourists pouring into the park

Developer proposes $16.7M mixed-income housing development in Grand Rapids

October 7, 2020

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GRAND RAPIDS, MI — A Columbus, Ohio-based development company want to demolish a funeral home on Grand Rapids’ Northwest Side and build two, four-story apartment buildings for low- to moderate-income residents.

Craig Patterson, senior vice president of Woda Cooper Companies, said his firm plans to apply for state low-income housing tax credits to finance the two buildings at 585 Stocking Ave. NW and 601 Stocking Ave. NW.

The buildings would contain 58 apartments.

If financing is secured and all necessary approvals for the estimated $16.7 million project are received, Patterson said his company would demolish the Arsulowicz Brothers Mortuary building at 585 Stocking Ave. NW.

Stephen Arsulowicz, of Arsulowicz Brothers Mortuary, could not be reached for comment Tuesday afternoon. In addition to the Stocking location, the company has locations at 937 Michigan Ave. NE and 3535 Remembrance Rd. NW in Walker.

Patterson said the project is important because there is

Manufactured Housing REITs: Not Enough Homes, So Onto Boats

October 6, 2020

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REIT Rankings: Manufactured Housing

(Hoya Capital Real Estate, Co-produced with Brad Thomas)

Manufactured Housing REIT Overview

Manufactured Housing REITs (“MH REITs”) have proven to be immune from coronavirus-related headwinds that have slammed much of the real estate sector, collecting nearly 100% of rents, while also boosting dividends this year. Within the Hoya Capital Manufactured Housing REIT Index, we track the three MH REITs, which account for roughly $25 billion in market value: Equity LifeStyle Properties (ELS), Sun Communities (SUI), and UMH Properties (UMH). In addition to MH communities, these REITs also manage transient, seasonal, and membership-based RV parks and boat marina, which account for roughly 30-40% of the REITs’ portfolio.

While not included in the REIT indexes, it should be noted that Cavco Industries (CVCO) and Skyline Champion Corp. (SKY) are the largest publicly traded builders of manufactured homes, while Winnebago Industries (WGO), Thor Industries (THO), and Camping World Holdings

The 3 global cities most at risk of a housing crash

October 6, 2020

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A report by UBS analyzed price growth in 25 major urban housing markets around the world from the second quarter of 2019 through the second quarter of 2020.
Of those markets, seven are in bubble risk territory, meaning they are at risk of a housing-market crash.
The top three are Munich, Frankfurt, and Toronto.
Visit Business Insider’s homepage for more stories.

On a global scale, the housing market has shown strength during the coronavirus pandemic, despite the economic downturn.

A recent report by UBS identified three factors for its resilience.

First, as home prices are a backward-looking indicator of the economy, UBS said they react with a delay to economic downturns. The number of transactions declined in most cities in the second quarter of 2020 compared with the previous year, “complicating price formation and reducing the validity of observed prices.”

Second, the majority of prospective homebuyers didn’t suffer direct income

7 cities around the world most at risk of a housing bubble

October 3, 2020

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A report by UBS analyzed price growth in 25 major urban housing markets around the world from the second quarter of 2019 through the second quarter of 2020.
Of those markets, 7 are in bubble risk territory, per the UBS Global Real Estate Bubble Index.
Visit Business Insider’s homepage for more stories.

On a global scale, the housing market has shown strength during the coronavirus pandemic, despite the economic downturn.

A recent report by UBS identified three factors for its resilience.

First, as home prices are a backward-looking indicator of the economy, UBS said they therefore react with a delay to economic downturns. The number of transactions declined in most cities in the second quarter of 2020 compared with the previous year, “complicating price formation and reducing the validity of observed prices.”

Second, the majority of potential home buyers didn’t suffer direct income losses in the first half of 2020,

Global housing markets face tougher year in 2021: Reuters poll

October 1, 2020

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By Shrutee Sarkar and Rahul Karunakar

BENGALURU (Reuters) – Most major housing markets won’t keep up with consumer price inflation in 2021 and are faced with multiple downside risks despite rising strongly this year amid the coronavirus pandemic and rock-bottom interest rates, Reuters polls showed.

Over 1 million people have died and more than 33 million have been infected by the coronavirus which has led to supply chain disruptions, stalled economic activity, pushed the world economy into its deepest recession and left many millions jobless.(Reuters interactive graphic: https://tmsnrt.rs/2VqS5PS)

But many governments around the world have lifted lockdown restrictions and reopened parts of their economies in the past few months. An unprecedented amount of fiscal and monetary stimulus has boosted housing market activity.

While the Sept. 15-29 poll of 123 analysts showed average home prices would rise in a few countries this year on pent-up demand and a shortage in supply,

UK housing market continues strong recovery as prices surge

October 1, 2020

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Video: Gold on Track for Biggest Weekly Drop Since March (Bloomberg)

Gold on Track for Biggest Weekly Drop Since March

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UK house prices rose by five per cent in September compared with a year previous according to the latest data from Nationwide.

The building society said the annual rate of growth was at its highest in four years as the post-lockdown recovery continued.

Its lending data revealed that there had been a 0.9 per cent increase in house prices from August, following a 2.0 per cent rise on the previous month, taking annual growth from 3.7 per cent to 5.0 per cent.

Read more: Official figures confirm jump in UK house prices

It cited the lifting of restrictions on viewings as well as the stamp duty holiday as key factors for activity “recovering strongly”, with the latter “adding to momentum”