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Friday, December 4, 2020
China’s state media urged authorities to take a hard look at the rental apartment industry after a liquidity crunch at New York-listed services provider Danke sparked an outcry from furious landlords and tenants across the country.Danke, officially known as Phoenix Tree Holding, rents flats from landlords on a long-term basis, refurbishes them and then leases them to tenants. In what looks like an apparent cash-flow failure in recent months, the company has missed payments to landlords,…
The Hong Kong government’s plan to use hotels and guest houses for temporary housing has been welcomed by a veteran hotelier, saying that it could prevent some operators from going under during these trying times.“There are many hotels in noncore areas such as Tsuen Wan, Kwai Chung, Tsing Yi and Tin Shui Wai, with hundreds of empty rooms, which can be used as transitional housing immediately and help these operators to stay afloat,” said William Cheng Kai-man, chairman of Magnificent Hotel…
People wait to visit a house for sale in Floral Park, Nassau County, New York. Wang Ying | Xinhua News Agency | Getty Images Strong, pandemic-induced demand for housing is still there, but buyers may now be hitting an affordability wall. Pending home sales fell 1.1% month-to-month in October but were 20.2% higher compared with October 2019. This reading is a measure of signed contracts on existing homes, so it is a future indicator of closed sales. It is also, therefore, a more recent read on buyer activity because it represents people out shopping during the month and making purchase decisions. Analysts expected a small monthly gain. "The housing market is still hot, but we may be starting to see rising home prices hurting affordability," said Lawrence Yun, chief economist for the National Association of Realtors, in a release. Mortgage rates hovered near historic lows during the month, but the supply of homes for sale also hit another historic low. The number of homes for sale at the end of October was down nearly 20% annually and represented just a 2.7-month supply at the current sales pace.
Hongkongers are expected to spend HK$170 billion (US$2.19 billion) on new homes this year, the lowest since 2015, according to Centaline Property Agency.As a fourth wave of coronavirus cases adds to the woes of a property sector already hit hard by economic recession and rising unemployment, analysts expect a bumpy ride next year too.“The sharp fall in sales is largely due to the poor market sentiment in the first half. Developers faced immense challenges to catch up the sales in the second…
Demonstrators display signs calling for an end to evictions and foreclosures during a rally at Boston Housing Court outside the Edward W. Brooke Courthouse on Oct. 29, 2020. David L. Ryan/The Boston Globe via Getty Images Expiring state eviction bans have led to hundreds of thousands of additional coronavirus cases, new research finds, raising alarm about what will happen when the national eviction moratorium lapses next month. During the pandemic, 43 states, plus Washington D.C., temporarily barred evictions, which at one point estimated the move would displace as many as 40 million people. Many of the moratoriums lasted just 10 weeks, while some states continue to ban the proceedings. The researchers, from the University of California Los Angeles, University of California San Francisco, Johns Hopkins University, Boston University and Wake Forest University School of Law, found that lifting state moratoriums and allowing eviction proceedings to continue caused as many as 433,700 excess cases of Covid-19 and 10,700 additional deaths in the U.S. between March and September. More from Personal Finance:Delayed unemployment cost her $20,000 in credit card debtEconomists are calling for more stimulus checksDon't overlook these 6
An apartments for rent sign is displayed outside a residential building in Hells Kitchen as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on August 18, 2020 in New York City. Alexi Rosenfeld | Getty Images As many as 35 million Americans are facing the possibility of eviction due to an inability to make housing payments on time. In some states, such as Mississippi, Florida, and West Virginia, the proportion of renters facing the possibility of eviction exceeded 50% earlier this year. If you're among the millions of Americans caught in the late rent payment or mortgage cycle, you should be aware of the eviction moratorium and mortgage payment assistance programs enacted at the federal, state, and local levels. But you should also formulate a plan, and take concrete steps to free yourself from financial and housing uncertainty. Here's a step-by-step plan to keep yourself in your home – for good:  Starts by reviewing your budget  As a general rule, you should never spend more than 30% of your household income on housing, including utilities or mortgage insurance and repairs. The government defines those spending over 30% of income on