Tomorrow Isn’t Yesterday
A report from ABC News on New York. "'Everyone's scared. A lot of major landlords are extremely nervous,' Chris Okada, a broker and investor in Manhattan, told ABC News. 'I mean, the Upper East Side is a ghost town. There…
The Tables Turned
A report from 6 Sq Ft in New York. "While some of Donald Trump’s family businesses have managed to profit from his presidency, his condo buildings in New York City continue to see significant price drops. From 2016 to 2020,…
Stubbornly High Unemployment Has Crushed Many Family Finances And Made House Payments A Challenge
It's Friday desk clearing time for this blogger. "The Chicago City Council enacted the COVID-19 Eviction Protection ordinance in June. After selling two single-family homes to financially maintain his remaining portfolio, Derrick Rowe, a landlord on the South Side, now…
No One Knows What Pandemic-Type Economics Are
A report from BU News Service on Massachusetts. "Some property owners leave vacant units rather than bear the costs of lost rent, maintenance, utilities and other bills they may never recoup. 'I’ve put [some units] out of touch for the…
There Is A Great Shakeout Coming
A report from Mortgage News Daily. "Mortgage delinquencies spiked in June and the serious delinquency rate, loans 90 or more days past due but not in foreclosure, reached its highest level in more than five years. CoreLogic predicts that, barring…
Now It’s More Prevalent Than Ever, Do You Prefer To Sell Or Do You Need To?
Two reports from the Wall Street Journal. "The FTSE Nareit Equity Apartments index, which tracks the stock prices of publicly traded apartment landlords, is down more than 21% year to date. A big reason: Dramatic cuts in rents in coastal…
Some Experts Are Starting To Drop The F-Bomb
A report from Seven Days in Vermont. "Signs of the times were impossible to miss along the Church Street Marketplace in Burlington. 'For lease' signs hung in windows once occupied by retailers. Uncommon Grounds coffeehouse, Half Lounge speakeasy, David's Tea,…
Even Those Who Staked A Claim In The Boom Are Finding Themselves Unable To Survive The Bust
A report from the Star Tribune in Minnesota. "On a good month, the upper floor of Michael and Krista Browne’s Minneapolis duplex near the University of Minnesota could pull in $2,750 to $3,000 as an Airbnb rental. For the Brownes…
The Concept Of Lending Into A Problem
A weekend topic starting with Bloomberg. "Fannie Mae and Freddie Mac said a regulator’s plan to boost their capital would increase mortgage borrowing costs for the millions of Americans who rely on the companies to buy homes and asked that…
Some Very Tragic And Difficult Stories Of Property Owners Who Are In Extreme Financial Distress
It's Friday desk clearing time for this blogger. "The contours of the ruin caused in New York City are emerging. City unemployment rate climbed to nearly 20 percent in July with nearly a fifth of jobs wiped out, year-to-year. Many…