Monday, July 6, 2020

Austin Economic Indicators July 2020 via Dallas Fed

The Austin economy continued to contract in May due to the impact of COVID-19. The Austin Business-Cycle Index continued to decline. While jobs and the unemployment rate improved in May, both remain significantly worse than in February. Consumer spending improved significantly from mid-April to mid-June in Travis County. Existing-home sales declined further in May, while building permits held steady.

Read more...Austin Economic Indicators July 2020 - Dallas Fed

Thursday, July 2, 2020

Dallas-Fort Worth Economic Indicators June 2020 via Dallas Fed

The Dallas–Fort Worth economy showed some signs of recovery in May following epic declines in April. The unemployment rate dipped and payrolls rebounded, although employment stayed significantly below levels seen in February, before COVID-19 measures took effect. Initial jobless claims continued to be elevated in mid-June, though they have come down from the highs seen in late March and early April. Movements in the Dallas and Fort Worth business-cycle indexes were mixed in May. Home sales slumped again across most price points, though inventories remained tight. Apartment leasing remained sluggish in May.

Read more...Dallas-Fort Worth Economic Indicators June 2020 via Dallas Fed

Texas Service Sector Outlook Survey June 2020 via Dallas Fed

Following three months of steep decline, the Texas service sector showed signs of growth in June, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rebounded to positive territory, advancing from -28.1 in May to 5.7 in June.

Labor market indicators reflected mostly stable employment and workweek length in June. The employment index rose over eight points to -1.9, suggesting little net change in jobs compared with May. The hours worked index ticked up over nine points to -0.2.

Read more...Texas Service Sector Outlook Survey June 2020 via Dallas Fed

Texas Manufacturing Outlook Survey June 2020 via Dallas Fed

Texas factory activity rebounded strongly in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, climbed from -28.0 to 13.6, indicating moderate expansion in output following three months of record or near-record declines.

Other measures of manufacturing activity also pointed to a rebound in growth this month.

Read more...Texas Manufacturing Outlook Survey June 2020 via Dallas Fed

Wednesday, July 1, 2020

A Hard Time for Homebuyers Might Be a Boon for Multifamily via Multi-Housing News

Landlords may be able to keep their residents longer than they might have prior to the COVID-19 pandemic, according to a new report.

A report from Realtor.com, the National Association of Realtors listing site, says renters who had to dip into their savings to cover their everyday expenses during the scourge are highly likely to delay purchasing a house.

Read more...A Hard Time for Homebuyers Might Be a Boon for Multifamily via Multi-Housing News

Freddie Mac Augments Multifamily Forbearance Program via Multi-Housing News Online

Freddie Mac Multifamily has expanded its COVID-19 forbearance program, creating supplemental forbearance relief options for landlords who are still facing economic hardship. The new changes also extend several protections for renters including a ban on evictions solely for nonpayment of rent, which was a feature of the original program when it was rolled out in March.

The mortgage relief options are geared towards borrowers who need further assistance as they may be approaching the end of the 90-day forbearance period granted in the first iteration of the program.

Read more...Freddie Mac Augments Multifamily Forbearance Program via Multi-Housing News Online

Texas Multifamily Owners File Lawsuit Against CARES Act Eviction Moratorium via Bisnow

Two small multifamily owners in Texas have filed a lawsuit against the U.S. government, challenging the legality of a moratorium on certain eviction proceedings under the Coronavirus Aid, Relief and Economic Security Act.

The lawsuit, filed in the U.S. District Court, Northern District of Texas, Fort Worth Division on June 24, is seeking a declaratory judgment that Section 4024 of the CARES Act cannot be legally enforced.

Read more...Texas Multifamily Owners File Lawsuit Against CARES Act Eviction Moratorium via Bisnow

Tuesday, June 30, 2020

Multifamily Remains Strong Amid Health And Economic Uncertainty via Forbes

As cities and businesses begin to reopen following weeks or months of stay-at-home orders, many sectors of the economy face the reality of a downturn. Amid that climate of uncertainty, multifamily remains strong as an investment opportunity.

Multifamily real estate has a long history of weathering economic storms. Last year, CBRE analyzed the effects of the past two recessions on the commercial real estate market and found that “multifamily outperformed office and industrial in the 2001 recession and all major property sectors (office, industrial, retail) during the 2008-2009 recession. Multifamily generally had lower total rent decline and more rapid post-recession rent recovery.”

Read more...Multifamily Remains Strong Amid Health And Economic Uncertainty via Forbes

Wednesday, June 24, 2020

What Rent Collection Data Is Really Telling You via GlobeSt

These days, rent collection data is among the most highly reviewed monthly reports. However, the strength of rent payments during the pandemic really depends on what outlet you’re reading. For June, Lease Lock has reported rents are down 6% compared to pre-COVID levels; the National Multifamily Housing Council is reporting that June rents are on par with 2019 collections to date; and Apartment List reports that 30% of tenants are not able to make a complete rent payment.

The inconsistencies come down to two factors:

Read more...What Rent Collection Data Is Really Telling You via GlobeSt

NMHC Rent Payment Tracker JUNE 1-20, 2020 via NMHC

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 92.2 percent of apartment households made a full or partial rent payment by June 20 in its survey of 11.4 million units of professionally managed apartment units across the country.

This is unchanged from the share who paid rent through June 20, 2019 and compares to 90.8 percent that had paid by May 20, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.

Read more...NMHC Rent Payment Tracker JUNE 1-20, 2020 via National Multifamily Housing Council