US Home Price Gains Accelerate as Pandemic Shakes up Housing | Business News

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — U.S. home prices jumped in September as strong demand, low interest rates and the smallest number of available homes on record combined to push up housing costs.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices rose 6.6% in September from a year earlier, much higher than its 5.3% increase in August. That is the biggest increase since April 2018.

The viral pandemic disrupted the spring home buying season, pushing many sales into the late summer and fall. Home sales jumped to the highest level in 14 years in September, a sign that the increased ability of some Americans to work from home and the desire for more space is spurring greater demand.

Prices skyrocketed 11.4% in Phoenix compared with a year earlier, the biggest gain nationwide. Seattle reported the second highest increase, at 10.1%, followed

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For hot housing market, end of forbearance could prove non-issue

More than 2.5 million American homeowners have stopped paying their mortgages, taking advantage of penalty-free forbearance periods offered by lenders.



a large lawn in front of a house: suburban homes


© rdegrie/Getty Images
suburban homes

What happens when the free pass fades away next year? Not much, and certainly nothing approaching the flood of foreclosures that defined the Great Recession, according to the emerging consensus among economists. While some homeowners are sure to feel the pain of forced sales, housing experts increasingly expect the end of forbearance to be a non-event for the gravity-defying housing market.

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That’s largely because home prices have risen sharply during the coronavirus pandemic. As a result, homeowners who find themselves unable to pay their mortgages when their forbearance periods end likely will be able to sell for a profit, rather than going into foreclosure.

“If they have equity, they can always sell off the house and pay the mortgage,” says Ralph DeFranco, global

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HUD Awards San Diego Housing Commission 100 Federal Rental Housing Vouchers

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The U.S. Department of Housing and Urban Development Monday awarded 100 federal rental housing vouchers to the San Diego Housing Commission, valued at nearly $1.3 million.

HUD’s Mainstream Voucher program is intended to help pay rent for households with low incomes or experiencing homelessness that include adults between the ages of 18 and 61 who have disabilities.

The federal Coronavirus Aid, Relief, and Economic Security Act allowed HUD to allocate additional vouchers to public housing authorities “to help them prevent, prepare for and respond to coronavirus in their communities.”

“The COVID-19 pandemic has demonstrated the importance of having a home you can afford, especially for vulnerable populations, including adults with disabilities,” said Richard Gentry, the Housing Commission’s president and CEO. “These additional housing vouchers will provide essential rental assistance for these households.”

The vouchers awarded to

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Housing and Mortgage Trends to Watch For in 2021

By Holden Lewis

The Covid-19 pandemic will continue to touch every corner of the housing market in 2021. It will keep mortgage rates low and affect who will be able to buy homes.

That’s not all. A wave of foreclosures will begin in 2021 unless lenders, nonprofits and the federal government coordinate effectively to prevent it. And housing inequality almost surely will get worse.

Here are the housing and mortgage trends to watch for in 2021, starting with an outlook for mortgage rates and home sales.

1. Mortgage Rates May Slide Even More

After hitting record lows in 2020, 30-year fixed mortgage rates are forecast to fall even further in 2021.

The 30-year mortgage rate is expected to average 3.075% in 2021, down from 3.125% in 2020, according to an average of forecasts from Fannie Mae  (FNMA) , Freddie Mac  (FMCC) , the National Association of

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L.A. home sales soar as California’s housing market defies Covid



table


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When it comes to L.A. real estate, “Sunset” is still selling — even nine months into the pandemic.

With interest rates at some of their lowest levels ever, many renters are reassessing their housing options, said Jason Oppenheim, star of “Selling Sunset,” a Netflix reality series featuring a team of brokers and the glitzy properties they’re selling across Los Angeles.

“Let’s face it, the one per cent are doing very well right now, with markets at all-time highs and interest rates extremely low,” said Oppenheim, who runs his Oppenheim Group brokerage along Sunset Boulevard, which the show’s built around. “Houses are affordable right now and people want to get out of their cramped apartments.”

Los Angeles isn’t alone. Since Covid-19 was declared a public health emergency in March, home-buyers across California’s biggest cities have shown no let-up when it comes to betting on real

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Homeless advocates build ‘foam domes’ outside mayor’s condo to call for more housing now



Lesley Wood, a member of the Ontario Coalition Against Poverty, said on Sunday there is a city-wide movement to support unhoused people in Toronto but the city must do more now to prevent deaths this winter.


© Robert Krbavac/CBC
Lesley Wood, a member of the Ontario Coalition Against Poverty, said on Sunday there is a city-wide movement to support unhoused people in Toronto but the city must do more now to prevent deaths this winter.

Dozens of activists constructed green “foam domes” for unhoused people at a demonstration outside Mayor John Tory’s condo on Sunday to make the point that there is a housing crisis in Toronto.

The event, part of National Housing Day, was held to draw attention to the plight of people living in encampments. Snow fell as the activists put together the insulated foam structures that will be distributed to people experiencing homelessness across the city.

Organizers said volunteers built 14 insulated foam structures on Sunday. The event, on Bedford Road near Bloor Street West, also drew a handful of uniformed police officers from 53 Division.

Lesley Wood, a member of the Ontario

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Real History by Jeff LaHurd: Sarasota’s early housing developments

Jeff LaHurd
 |  Correspondent

McClellan Park: ‘Sarasota’s Garden Spot’

McClellan Park is an early forerunner of today’s modern housing developments. Platted by Katherine Elizabeth McClellan of Massachusetts and marketed by her and her sister, Daisietta “Miss Daisy” McClellan. The development occupied a 56-acre tract complete with bay views, a clubhouse, a private yacht basin and social amenities.

These daughters of a wealthy physician were world travelers before Katherine discovered Sarasota in 1903. Miss Daisy and their mother followed a few years later, searching, as had so many others, for the salubrious climate that Sarasota promised.

In those long-ago days, Sarasota Bay was in clear sight from everywhere in McClellan Park. Katherine, an accomplished photographer with an artist’s eye for beauty, put together a sales brochure showcasing the superlative water views. She christened their development “Sarasota’s Garden Spot” and, in March 1916, offered lots for $800 to $2,500, with such amenities

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FINANCE IN A NUTSHELL: Skyrocketing housing market [Column] | Business

Earlier this month when the weather was just about perfect, I enjoyed walking through our neighborhood and beyond. As I strolled, I noticed For Sale signs on several properties. It crossed my mind that some or those houses probably were already sold or very close to a purchase.

In perusing a local independent realtor’s website, I was impressed by the sales activity. Almost every property featured was topped by a SOLD banner. Many, it noted, sold within two days, and several, the site noted, were purchased for more than the asking price. I had seen this closer to home, as well. A house in my neighborhood recently sold for more than 12% of asking price —on the day it listed. The house wasn’t made of gold, so what is the attraction?

In the midst of a global pandemic and national recession, demand for homes has skyrocketed. According to the HUD

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L.A. Home Sales Soar as California’s Housing Market Defies Covid

(Bloomberg) — When it comes to L.A. real estate, “Sunset” is still selling — even nine months into the pandemic.

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With interest rates at some of their lowest levels ever, many renters are reassessing their housing options, said Jason Oppenheim, star of “Selling Sunset,” a Netflix reality series featuring a team of brokers and the glitzy properties they’re selling across Los Angeles.

“Let’s face it, the 1% are doing very well right now, with markets at all-time highs and interest rates extremely low,” said Oppenheim, who runs his Oppenheim Group brokerage along Sunset Boulevard, which the show’s built around. “Houses are affordable right now and people want to get out of their cramped apartments.”

Los Angeles isn’t alone. Since Covid-19 was declared a public health emergency in March, home-buyers across California’s biggest cities have shown no let-up when it comes to betting on real estate.

Along with Los

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California needs more homes built. Google and Facebook are betting on this modular housing startup



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