Bay Area home prices hit another record and sales surged in October, defying seasonal slowdown

Bay Area single-family home prices hit another record high in October and sales were up 19% over last year, defying the usual slowdown that hits the real estate market in fall, according to a California Association of Realtors report out Tuesday.

“Typically by September we should have the end of home-buying season,” said Oscar Wei, the association’s senior economist. The busy season was extended this year because mortgage rates hit another record low in October and the market is still playing catch-up from April and May, when sales fell off a cliff amid stringent shelter-in-place rules.


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COVID-19 cases in nursing homes surged by 44% last month

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Coronavirus cases in nursing homes have spiked by 44 percent since mid-September – and a new report claims it’s driven by the active spread of the virus in larger communities. 

Over the course of the week ending in October 18, 8,575 new coronavirus cass were confirmed among nursing home residents, according to new data from the American Health Care Association (AHCA) and the National Center for Assisted Living (NCAL). 

That same week 391,681 Americans in the broader community caught coronavirus – 60 percent more than had been diagnosed the week prior. 

Cases actually increased less dramatically in nursing homes than the community at large – but the risk for elderly people is much more dire. 

Weekly fatalities increased by nearly 10 percent in nursing homes from the week ending in October 11 to the week ending in October 18, while the the number

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Property taxes for New Orleans homes have surged. Now, businesses could get a huge tax cut. | Business News

Over the past two years, thousands of homeowners across New Orleans have opened unwelcome letters from the Orleans Parish Assessor’s Office, providing notice of big jumps in the assessed values of their properties, and with that, a sharp increase in their property tax bills.

Now, some of the city’s biggest commercial property owners, many beaten down by months of business losses due to the coronavirus, are getting letters with much happier news: the assessor is awarding them what amounts to a massive, once-in-a-lifetime property tax cut. 


A sunrise hits the New Orleans downtown skyline, Thursday, July 6, 2017.

Assessor Erroll Williams earlier this month finalized across-the-board cuts in 2021 property tax assessments for hotels, retailers, restaurants and owners of office towers and other commercial properties, in a push to help alleviate the economic devastation inflicted by the pandemic.

Some of the biggest cuts will

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Toronto rental prices fall, as condo listings surged nearly 114% this summer – Toronto

TORONTO — The Toronto Regional Real Estate Board says rental listings more than doubled in the third quarter, as investors pulled their condos from platforms such as Airbnb and put them onto the traditional rental market instead.

TRREB says there was a nearly 114-per cent surge in the number of condos listed for rent in Toronto this summer, driving down rents for units of all sizes.

Read more:
Toronto home sales surged 42% to set new September record

Board President Lisa Patel says the growing pool of condos on the market led to more choice and negotiating power for renters this summer.

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Home values surged over the summer

Photo (c) Wipada Wipawin – Getty Images

Homeowners saw their net worth rise over the summer as home values increased at a pace not seen since the market recovered from the Great Recession.

Zillow, an online real estate marketplace, reports that the typical home value increased in September to $259,906. The 0.8 percent increase over August was the largest since November 2005, at the peak of the housing bubble.

For the third quarter, the typical home value increased by 2.2 percent, the biggest jump since 2013. On a year-over-year basis, values were up 5.8 percent, the largest increase in two years, according to Zillow researchers.

Because of that rapid rise, Zillow reports that listing prices and sales prices both registered double-digit year-over-year growth last month, suggesting buyers could face both higher prices and fewer choices going into the end of 2020.

“Home values are accelerating more quickly than any time

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