More than 20 million jobs were lost in March and April 2020, when pandemic-related restrictions caused the economy to contract sharply. By June 2021, economic output had returned to prepandemic levels, but employers had 6.6 million fewer jobs on payrolls.
Cushman & Wakefield will make a $150 million investment in the planned merger between WeWork and a public company later this year. That merger, expected to value WeWork at $9 billion including debt, will cap off the firm’s effort to reconstruct its balance sheet following the high-profile collapse of its planned initial public offering in late 2019.
Net wealth has risen by $18 trillion during the pandemic, thanks in part to expanded unemployment insurance and stimulus checks.
The Biden administration announced a new federal moratorium on evictions, bowing to pressure despite White House officials saying they lacked the legal authority to do so. The action aims to buy states and localities more time to distribute about $47 billion in rental assistance as just $3 billion of that money had reached tenants and landlords.The CDC said its new order will last through Oct. 3.
The FTSE Nareit Equity Apartments index, which tracks landlords, is up 42% since January, trouncing the S&P 500’s 17% gain. Median rent has risen more than 10% over the past year.
Foreigners purchased $54.4 million of U.S. residential real estate in the year ended in March, which is down 27 percent, the lowest level on record since NAR began collecting the data in 2011.
Just $3 billion of the $47 billion of aid authorized by Congress in December and March had been delivered to landlords and tenants as of June 30. About 8.2 million adults were behind on their rent or mortgage as of July 5 and have low confidence they can pay on time next month.
$144.7 billion worth of commercial property sold in the second quarter of 2021, more than the average for that quarter for years 2015 to 2019. Most popular with buyers are multifamily buildings and properties in Sun Belt cities.
