Houston Economic Indicators July 2020 via Dallas Fed

Pandemic-induced declines in economic activity for Houston slowed in May as the economy reopened, and some signs of recovery began. Leading and coincident indexes logged modest improvements, but Houston’s energy sector continued to shed jobs ahead of record-setting lows for drilling activity in the U.S. in June. Unfortunately, June also saw a return to sharp growth in COVID-19 hospitalizations. This increase has put a damper on the recovery as policy efforts to contain the virus and voluntary social distancing likely contributed to a reduction in area mobility and engagement.

Read more... Houston Economic Indicators July 2020 via Dallas Fed

Dallas-Fort Worth Economic Indicators July 2020 via Dallas Fed

The Dallas–Fort Worth economy saw further signs of a fledgling recovery in June. Payrolls expanded strongly, and the unemployment rate fell. However, high-frequency data point to a slowing in DFW economic activity since late June that is synchronous with rising new COVID-19 cases and hospitalizations. Apartment and office leasing activity was sluggish in the second quarter due to weak demand, while industrial leasing remained solid.

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

DFW still leads U.S. in apartment leasing via Dallas News

The COVID-19 pandemic fueled a plunge in second-quarter apartment leasing in North Texas, but Dallas-Fort Worth still topped the country in total apartment leasing at midyear.

D-FW net apartment leasing totaled only 3,832 units in the just-completed quarter — down from almost 13,000 units a year earlier, according to RealPage.

But that was enough to keep North Texas at the head of the list of the country’s fastest-growing apartment rental markets.

Read more...D-FW still leads U.S. in apartment leasing via Dallas Morning News

ALN Monthly Market Stats July 2020 via ALN Apartment Data

ALN Data just released their June 2020 market stats on occupancy and rents for over 80 markets. In Texas, it includes DFW, Austin, Houston, San Antonio, Lubbock, Amarillo, Abilene, Corpus Christi and more. It is a must read from a great provider of apartment data.

Read more...ALN Monthly Market Stats July 2020 via ALN Apartment Data

Eleventh District Beige Book​ 7/15/20 via Dallas Fed

The Eleventh District economy regained its footing following unprecedented declines in the previous two reporting periods. Activity in the manufacturing and service sectors began rebounding, as did retail spending. However, the level of output and demand remained below pre-COVID levels. Loan volumes contracted at a modest pace, and drilling activity fell to new lows. Activity in the housing market expanded, with new home sales outperforming activity in the existing-home market. Employment stabilized, according to contacts, but overall labor market conditions remained weak. Wages were flat to slightly up. While input costs rose modestly, selling prices generally dipped further. Outlooks improved, but a weak economy, depressed activity in the energy sector, the resurgence of COVID-19 infections, and a pause in the reopening of the district economy were causing concern among contacts.

Read more...Eleventh District Beige Book​ 7/15/20 via Dallas Fed

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

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

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