Good Morning! Today is Monday, November 8. A federal appeals court in Louisianna temporarily blocked the Biden administration’s vaccine mandate. Foreign travelers may now enter the US with proof of vaccination or a negative Covid test. A “concert surge” in Houston left eight dead and prompted a criminal investigation. And in mortgage and housing news… Rocket Q3 Results: Rocket Companies’ Q3 revenue bested analyst expectations, and the company expects to top 10% market share in 2022. Housing Shortage “A Mirage”: Going against industry consensus, housing analyst Ivy Zelman claims that housing production is already ahead of normalized demand. “We’re Going To Have To Build A Lot Of Homes”: On the other hand, lumber firm Weyerhaeuser’s CEO predicts the housing market will remain strong for five to ten more…
As the end of the federal government’s eviction moratorium approached this summer, housing activists warned a “tsunami” of evictions and homelessness would follow. The country is on the cusp of a “tsunami of evictions,” John Parvensky of the nonprofit organization Colorado Coalition for the Homeless told NBC News. “We will likely see more people unable to pay rent and end up being evicted and turning to the streets.” But nearly two months after the Supreme Court ruled against the moratorium, the predicted avalanche of evictions has not materialized—leaving experts scrambling trying to explain why a factor of such certainty could have been so wrong. The moratorium’s legal status was always hazy: The ban on evictions was never issued through Congress…
In an effort to better represent the housing crisis as it affects renters and homeowners across America, Rent.com has created an interactive tracking dashboard for eviction and foreclosure information in the U.S. The pandemic has exacerbated financial pressure and housing security for millions of Americans, a problem that has come to a head since the Supreme Court ruled the national eviction moratorium imposed by the Biden administration was unconstitutional. At least 11 million renters are considered seriously behind on payments, and an estimated 3.6 million households could be evicted in the next few months. “While affordable housing has been debated for years, housing insecurity, wealth gaps and eviction trends have become more prominent during the pandemic,” the website reads. “As…
A wave of evictions could mean more options for homebuyers, but fewer rental properties on the market. Today, the Supreme Court lifted the Biden administration’s eviction moratorium, declaring that it is almost certain the Centers for Disease Control exceeded their authority by imposing it. The ruling exposes millions of Americans who are late on their rent to the possibility of eviction, and could impact an estimated 3.6 million households. It is unclear exactly how many evictions will take place. Many local governments have their own eviction moratoriums in place. Some landlords may decide instead to work out repayment plans with their tenants rather than risk their property sitting empty. But if evictions do happen, the booming housing market could be…
Good Morning! Today is Friday, Aug. 27. A terrorist attack at the Kabul airport killed 13 U.S. service members and at least 90 Afghans. President Biden said airlift efforts would continue despite the attack. Capitol Police officers sued former President Trump, along with groups like the Proud Boys, over the January 6 riot, saying they incited violence against officials and police. Hawaii’s Governor David Ige asked travelers to stay home through October as hospitals struggle with rising Covid cases. And in mortgage and housing news… Mat Ishbia’s Bitcoin Play Raises Concerns: UWM CEO Mat Ishbia’s announcement that he intends to accept Bitcoin has raised questions among economists and within the industry about encouraging consumers to rely on the “volatile” cryptocurrency for their mortgage payments.…
In an unsigned opinion released Thursday, the Supreme Court lifted the Biden administration’s latest moratorium on evictions, declaring that it is almost certain the Centers for Disease Control exceeded their authority by imposting it. The conservative majority sided with the Alabama Association of Realtors who argued that imposing such a moratorium requires congressional action, which is the position Justice Brett Kavanaugh took in his June, 2021 ruling on the issue. At least 11 million renters are considered seriously delinquent on payments, and an estimated 3.6 million households could face evictions in the coming months. “It would be one thing if Congress had specifically authorized the action that the CDC has taken,” the Court’s 8-page opinion states. “But that has not…
A federal court on Wednesday tossed the Centers for Disease Control and Prevention’s ban on evicting tenants who do not pay their rent during the Covid-19 pandemic, saying the health agency lacks the authority to issue such a moratorium. The U.S. Department of Justice announced it would appeal the decision. In a suit filed by the Alabama and Georgia Associations of Realtors and others, the U.S. District Court for the District of Columbia found that “the plain language of the Public Health Service Act … unambiguously forecloses the nationwide eviction moratorium.” “The Court recognizes that the COVID-19 pandemic is a serious public health crisis that has presented unprecedented challenges for public health officials and the nation as a whole,” Judge…
By Jim Perskie The federal government on Monday sent letters to the nation’s largest apartment landlords warning them to honor federal rules preventing renters from being evicted for non-payment of rent during the pandemic. The Consumer Financial Protection Bureau and Federal Trade Commission reminded landlords that the temporary moratorium on evictions is in place through the end of June. “Landlords should ensure that FDCPA-covered debt collectors working on their behalf, which may include attorneys, notify tenants of their rights under federal law. Nearly nine million households are at risk of eviction due to the economic effects of COVID-19, but no one should lose their home without understanding their rights,” CFPB Acting Director Dave Uejio said. “We will hold accountable debt…
The Consumer Financial Protection Bureau on Monday moved to beef up the federal eviction moratorium by requiring debt collectors to provide written notice to renters of their rights – and bars debt collectors from misrepresenting tenants’ protection from eviction. The Centers for Disease Control issued the eviction moratorium in an effort to reduce the spread of Covid-19 during the pandemic. Debt collectors who evict tenants could be prosecuted and be exposed to lawsuits by those they evicted, the CFPB said. “With COVID-19 killing hundreds of Americans every day, kicking families out into the street during this pandemic may literally be a death sentence,” CFPB Acting Director Dave Uejio said. “No one should be evicted from their home without understanding their…
By Elise Daniel Last year was the year without evictions and 2021 may be shaping up similarly. The Centers for Disease Control and Prevention recently extended their eviction moratorium, which bans landlords from kicking out tenants who fail to make rent payments. The ban is creating a situation that will present short term problems for landlords and have long-term impacts on the quality of the American housing supply. Already struggling to make ends meet, landlords should be prepared to face several months of additional eviction moratoriums and the prospect of tenants owing tens of thousands of dollars in back rent. Originally enacted in March 2020 as a public health measure to prevent overcrowding in shelters, the moratorium was successful in pushing evictions to historic lows. However,…
