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.
$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.
CBRE will buy a 60% stake in Turner & Townsend for $1.3 Billion. The deal between world’s largest commercial real estate services firm and London-based project manager targets alternative energy efforts.
The vast majority of the 1.55 million homeowners who are seriously delinquent—meaning they haven’t made mortgage payments in at least 90 days—are in active forbearance. That represents about 2.9% of the 53 million active mortgages, down from a high of about 4.4% in August and September 2020.
Athene Holding Ltd., the insurer and annuity seller backed by Apollo Global Management Inc., agreed to acquire a mortgage lender from Fortress Investment Group as it seeks to pick up assets in the U.K. With the purchase of Foundation Home Loans, Athene will pick up a 3 billion-pound ($4.2 billion) portfolio of mortgages to be managed by Apollo.
As of June 30, total returns from self-storage real-estate investment trusts reached 36%, outpacing other REIT sectors except shopping center and mall landlords. Over the same period, the FTSE Nareit Equity REITs Index gained 22% and the S&P 500 climbed 15%.
The Consumer Financial Protection Bureau has issued a final rule that extends its foreclosure moratorium through August 31 — but allows foreclosures to resume after that under limited circumstances. The new rules require mortgage services to give borrowers a chance to avoid foreclosure, including resuming regular mortgage payments and deferring the missed payments until the end of the mortgage term, lowering of monthly mortgage payment amounts or selling their homes.