Real Estate Report: October 28, 2020

Richard Adiansingh

This week's real estate report highlights two trending categories: new home sales and rental evictions.

  • New home sales: This stat was up 16.8% in the month of September since 2019 according to recently released data collected by Zillow. Two-thirds of those homes were new construction that have yet to break ground which is a bit of a signal to fix & flippers that the market is shifting in demands. The spike in new builds could be caused by the low mortgage rates and low inventory despite lumber costs experiencing a significant increase this year. Regardless, more people are buying homes this year than the last which is great for sellers with properties on the market.
  • Rental evictions: The FED is back in business with their recent national moratorium that enables renters to push back their payments for up to four months if they were financially affected by the pandemic. Landlords are obviously not too happy about this regulation since it can greatly affect their financial stability. Therefore thousands of landlords, 85,000+ to be more precise, have pushed back on this policy; some of whom have even disobeyed it by evicting renters who haven't payed their bills. There will be more to come on this topic as the case gets sorted out in the coming weeks.
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