Wave of Foreclosures May Follow Housing Market Boom



What could go wrong?


© Photographer: Bloomberg/Bloomberg
What could go wrong?

(Bloomberg Opinion) — The housing market is booming. Is this another indication that the recovery from the Pandemic Recession is complete for the rich, while low-income households are left behind? No, it isn’t.

It’s primarily driven by the usual suspects in any market: supply and demand. But serious challenges are looming for low-income homeowners. Expect a wave of foreclosures in 2021.

A slew of recent data shows that in the U.S., housing is going gangbusters. Sales of existing homes increased by 9.4% in September to 6.6 million units on an annual basis, its highest level since May 2006. The median existing-home price was 14.8% higher than in September 2019.

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New-home sales slipped in September relative to August, but are up 32.1% over the year. Seven in 10 homes sold in September were on the market for less than one month. In

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No signs of a housing market crash anytime soon, despite real estate boom

LEE COUNTY, Fla. As quickly as for sales signs go up, they’re coming down. Homes are flying off the market Florida real estate market, resembling the years leading to the 2008 housing market crash.

Realtor Kayinah Destine with Twin Metro Realty says lenders have stricter guidelines now to prevent that from happening again.

“The credit scores to qualify has gone up. It used to be at a 650 in order to qualify for certain programs. Now it’s increased to 680,” she said.

Along with a higher credit score, buyers are also paying higher prices this year. Destine’s noticed it in Lehigh Acres.

“A home that in July was for $237,000 it appraised for, is now appraising at $262,000.>

That’s a ten percent jump in matter of months. But, Florida Gulf Coast University finance professor Tom Smythe says the price hikes don’t compare to those that caused the real estate bubble

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As COVID fuels coastal real estate boom, Houston home buyers bolt for Galveston



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Beauty boom: L’Oreal sales rebound after lockdowns ease

PARIS (Reuters) – L’Oreal, the French company behind Maybelline cosmetics and Garnier shampoo, said on Thursday it was back to revenue growth in the third quarter as it performed well with Chinese customers and kept up its product launches.

FILE PHOTO: Vials of L’Oreal’s luxury range Kerastase Fusio-Dose hair treatment products are displayed at Cuttour hair salon in Jewel Changi Airport in Singapore, May 24, 2019. REUTERS/Loriene Perera/File Photo

Like companies in the luxury goods sector, L’Oreal was hit hard by coronavirus lockdowns earlier this year when stores and airport retailers shut down. It was also hurt by hair salons having to close temporarily, as it sells professional products.

But revenues have since recovered in most divisions, including in the mass market unit that produces ranges like Garnier for sale in supermarkets.

Overall sales came in at 7 billion euros ($8.27 billion), for the July to September period, rising 1.6%

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Housing Boom: Sales of Million-Dollar Homes Double

The pandemic is driving a major boom in the housing market that’s breaking all kinds of records and exposing a very uneven economic recovery between the haves and the have-nots. The most dramatic increases are happening at the top end of the market — sales of homes costing $1 million and up have more than doubled since last year.

Millions of people are working from home while juggling their kids’ remote schooling. And many who can afford to are buying bigger houses.

Home sales in September were up more than 20% from a year ago, according to the National Association of Realtors. And median home prices hit a record $311,800. That’s about $40,000 more than just a year ago.

“It is great news for homeowners as they are seeing equity rise and rise,” says Lawrence Yun, the chief economist for the Realtors group. But he says prices are rising too

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US existing home sales spike to fastest rate since 2006 as housing-market boom accelerates further


  • Sales of previously owned homes leaped 9.4% in September to a seasonally adjusted annual rate of 6.54 million, the National Association of Realtors announced Thursday.
  • The reading marks the fourth-straight month of accelerating sales, and the latest rate is the fastest since 2006.
  • Economists surveyed by Bloomberg expected the sales rate to climb to 6.3 million from August’s revised 5.98 million.
  • The US housing market has served as a bright spot in the slowing economic recovery as record-low mortgage rates drive more Americans to buy units.

Existing-home sales in the US beat expectations in September as historically low mortgage rates further fueled the housing market’s rally.

Sales surged 9.4% to a seasonally adjusted annual rate of 6.54 million last month, the National Association of Realtors announced Thursday. That pace is the fastest since 2006 and comes after four consecutive months of acceleration in

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Homes of the Future: Luxury Real Estate’s Technology Boom

These days it seems as though technology advances at the speed of light. Blink twice and the next breakthrough is available. It’s not just about phones or computers-cutting edge technology is now available in every field to make life easier. Nowhere is this more evident than in the luxury real estate market. Innovations can be found in every room of the house. From state-of-the-art security systems to tech-laden bathtubs, the high-tech home is the new dream home.

The smart home is arguably the most influential development in home technology. The idea of controlling various systems (such as lighting and heating) remotely has been around a few years now, but more products are now available that integrate into the connected home network. Home security systems, door locks, and smoke and carbon monoxide detectors can keep you safe, while programmable thermostats, window shades, and beds keep you comfortable. There are also products … Read More