Washington D.C. Real Estate News & Market Trends

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Washington D.C. News

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Oct. 30, 2020

10/30/20

 

 

 

 

DID YOU KNOW?

Over 200 devices that use ultraviolet light to sanitize surfaces are to be installed across London’s sprawling tube network.The technology would be deployed on the handrails of 110 escalators over the next few weeks. The devices utilizes a “small dynamo” to produce power from the handrail’s movement, which in turn powers the UV bulb used to sanitize its surface. (CNBC)

 

DID YOU KNOW?

States are becoming very competitive.  Usually the tax breaks are given to large corporations establishing job-creating entities, but now if you move to Southwest Michigan and you’re not a Michigan resident, the Cornerstone Alliance is giving people up to $15,000 for moving to Southwest Michigan. If you move from another state to Berrien County and are looking to buy a home in St. Joseph, you’d qualify for a loan of up to $15,000. 

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Oct. 29, 2020

10/29/20

 

 

 

 

DID YOU KNOW?
The US states' budgets are in trouble and will require federal assistance:  Moody’s Analytics projects 46 states coming up short, with Nevada, Louisiana and Florida having the greatest gaps as a percentage of their 2019 budgets. Nationwide, the U.S. state budget shortfall from 2020 through 2022 could amount to about $434 billion. (WSJ)

 

 

 

DID YOU KNOW?

The national Case-Shiller Index jumped a strong 5.71% in August, reaching a new high and increasing at the fastest rate since July 2018. The index is now 21% above the last peak, reached during pre-Great Recession. The month-to-month index also accelerated - increasing 1.06% from July - reaching the fastest growth pace since Spring 2017. (Corelogic)

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Oct. 28, 2020

10/28/20

 

 

 

 

DID YOU KNOW?
The national Case-Shiller Index jumped a strong 5.71% in August, reaching a new high and increasing at the fastest rate since July 2018. The index is now 21% above the last peak, reached during pre-Great Recession. The month-to-month index also accelerated - increasing 1.06% from July - reaching the fastest growth pace since Spring 2017. (Corelogic)
 

DID YOU KNOW?

While as of mid-October about $2 billion out of $27 billion of Commercial Real  Estate loans at New York’s Signature Bank were deferring principal and interest payments, the vast majority were not as banks tend to lend to those with very healthy balance sheets. Banks are betting that these commercial markets return closer to normal once a vaccine is in full distribution. Super-low interest rates and lower loan-to-value ratio disciplines are helping too. Conservative banking strategies work. (WSJ)

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Oct. 27, 2020

10/27/20

 

 

 

 

 

DID YOU KNOW?

Saving rates in many countries soared in the first half of 2020 as governments pumped trillions in stimulus money into the consumer’s pockets and they trimmed their spending because of business closures, infection fears or lower expenses while working from home. Many consumers—particularly the middle-income and affluent—had less debt and more cash to burn as restrictions on activities eased, driving a spending surge in the third quarter of 2020. When these consumers unleash pent up spending power it can drive the economy to grow at an alarming rate.  The US personal saving rate—seasonally adjusted and annualized—rose to a record 33.6% in April when restrictions peaked, but fell to 14.1% in August, still well above the 8.3% rate in February. Once a COVID vaccine is officially within reach we may experience a SECOND WAVE of spending.

 

DID YOU KNOW?

The national eviction ban and some state and city protections are set to expire by January or sooner. Renters will then be on the hook for months of missed rent payments, which even those who have jobs could struggle to pay. Outstanding rent debt would reach $7.2 billion before the close of 2020. Moody’s Analytics estimates that it could reach nearly $70 billion by year-end if there is no additional stimulus spending, calculating that 12.8 million Americans would then owe an average of $5,400 from missed payments.  While terrible, lets put this into perspective: During the 2008-9 financial crisis, the $1.3 trillion subprime-mortgage bubble burst, leading to a national wave of defaults and foreclosures. (WSJ)

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Oct. 26, 2020

10/26/20

 

 

 

 

DID YOU KNOW?

1.3 Million American households could owe $7.2 Billion In unpaid rent by the end of 2020. (Forbes)

 

DID YOU KNOW?

Historically, volatility in the stock market is elevated in the months leading up to an election. This is logical, as the markets hate uncertainty. Historically, U.S. stocks and bonds tend to perform better during an election year compared to the year after. (Forbes)

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Oct. 23, 2020

10/23/20

 

 

 

 

DID YOU KNOW?

The average U.S. mortgage rate for a 30-year fixed loan fell to 2.8% this week, another record low, Freddie Mac said in a report on Thursday. The rate fell one basis points from the week prior and is now six basis points lower than the original all-time low set in mid-September. The average fixed rate for a 15-year mortgage was 2.33%, falling from last week’s 2.35%. (Housingwire)

 

DID YOU KNOW?

While it’s logical that people are leaving cities at the moment because they don’t have to show up for work and can’t partake in restaurant, bars, and other social spots, Mega-investor Sam Zell believes that longer-term, the U.S. urbanization trend will remain.(Thanks to COMPASS Chigao's Jenn Asokumar for sending this!)

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Oct. 22, 2020

10/22/20

 

 

 

 

DID YOU KNOW?

Contrary to popular belief, more people headed to the New York metro region than moved out during the Covid-19 era, according to an analysis of cell-phone data. A study of migration in the 30 largest U.S. metro areas during the pandemic showed the most popular cities for relocations from March to September were Tampa, Florida; Phoenix -- and the New York City area, according to data from Orbital Insight, a California-based company that tracks the movement of goods and people. Miami and Orlando rounded out the top five. (BLOOMBERG)

 

DID YOU KNOW?

Hermes - the French luxury-goods maker - is a great barometer of the overall wealthy luxury markets:  Hermes' revenue returned to growth in the third quarter, driven by in-store performance and strong sales growth in Asia. Revenue for the period grew 6.9% at constant exchange rates to $2.14 billion from the same period the previous year. Sales in stores were up 12%, while Asia sales grew 29% fueled by Online sales. (Marketwatch)

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Oct. 21, 2020

10/21/20

 

 

 

DID YOU KNOW?

Next week, the U.S. will get economic news like it has never seen before, reflecting growth that had seemed impossible, as it is likely that US GDP will have risen by about 30% or more in the third quarter of 2020. In the middle of a pandemic. In the middle of a recession. In the middle of 12.5 million unemployed people. This after a 31.4% plunge in the second quarter.  For GDP to fully recover, though, would require a 45% rise in GDP, so while 30+% is phenomenal, we still have quite a way to go before a full recovery.  The Fed’s official forecast for 2020 is GDP to decline by 3.7%, which would be its biggest single-year drop going back through at least World War II. In 2021, the estimate is for a gain of 4%, which, conversely, would be the biggest increase since 2000. (CNBC)

DID YOU KNOW?

64% of CEO's expect economic conditions to improve in the next six months, while only 15% see them worsening. (CNBC)

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Oct. 20, 2020

10/20/20

 

 

 

 

DID YOU KNOW?

Moderna expects interim results from its Covid-19 vaccine trial in November and could get an emergency use nod from the Government in December. Moderna is on track to produce 20 million doses of its experimental vaccine by the end of 2020, depending on final testing results. Drugmakers are racing to develop a Covid-19 vaccine, with more than 150 potential vaccines being developed and tested globally. (CNBC)

 

DID YOU KNOW?

Since 1992 Arizona has gained more than 201,000 tax returns and almost $12 billion in adjusted gross income (AGI) from California. Illinois has lost more than 65,000 tax returns to Arizona and about $5 billion in AGI over the same period. New York has lost 37,000 tax returns and $2.3 billion in AGI to Arizona. Most of these gains come from retiring snowbirds, but many migrated for lower taxes.

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Oct. 19, 2020

10/19/20

 

 

 

 

DID YOU KNOW?

Senior Federal Reserve officials are calling for tougher financial regulation to prevent the US central bank’s low interest-rate policies from giving rise to excessive risk-taking and asset bubbles in the markets, reflecting concerns that the Fed’s ultra-loose monetary policy for struggling families and businesses risks becoming a double-edge sword, encouraging behaviour detrimental to economic recovery and creating pressure for additional bailouts. Beware of buyers pushing themselves too far financially to buy simply because of low interest rates..... (FT)

 

 

 

DID YOU KNOW?

Don't expect record banker bonuses this year, regardless of super-strong equity markets performance. Senior investment bank executives are trying to “manage expectations” for 2020 bonuses by reminding staff that the wider businesses have booked huge loan loss charges to prepare for a surge in defaults as the pandemic ravages global economies. (FT)

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