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The holiday season approaches, and another quarter is in the books. The second quarter was a rough one for multifamily, as with the broader economy, but some positive signs emerged in the last few months. This month we take a closer look at Q3 performance and, as always, numbers will refer to conventional properties of at least 50 units.

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October 28, 2020 / Economy

Domestic Capital Shores Up Key APAC Markets During Covid

From Real Capital Analytics
Global and regional cross-border investors pulled back from new Asia Pacific deals in Q3 2020 at almost double the rate that domestic buyers retreated, preliminary Real Capital Analytics data shows. Investment by domestic buyers was higher in the third quarter than the second quarter of 2020, though the level was down significantly versus a year ago.
October 28, 2020 / Real Estate, Economy

Record Apartment Demand in Atlanta

From RealPage
Across the nation’s 150 largest apartment markets, only Atlanta claimed more than 9,000 units worth of absorption in the July to September timeframe. The Georgia market claimed the nation’s top spot for apartment demand during a time when many markets are struggling during the COVID-19 pandemic and recession
October 27, 2020 / Economy

Financials Credit Risk Could Grow if Real Estate Woes Infect Wall St

From Credit Benchmark
The winners and losers in the virus crisis are becoming clearer. China reports a strong economic rebound while Western economies continue to struggle. Hotels and airlines fight for their survival while online fulfilment and delivery logistics firms cannot hire staff quickly enough. And real estate is seeing a “race for space” in residential markets, but serious viability issues in some commercial lines – Bloomberg report that Land Securities will sell a quarter of their total portfolio, mainly lightening up on retail and leisure.
October 26, 2020 / Economy

Positive Results from NYC’s Open Restaurant Streets

From Inrix
INRIX released its report on activity around COVID-related street closures last week. As part of that study, which used anonymous GPS mobile app data to better understand utilization and user demographics of restricted streets, INRIX looked at specific types of streets programs in New York. The City’s Open Streets implementation is one of the largest and most interesting cases we studied due to the size of the Open Street: Restaurant program.
October 26, 2020 / Economy

October Credit Consensus Indicators (CCIs) – UK, EU and US Industrials

From Credit Benchmark
Credit Benchmark have released the October Credit Consensus Indicators (CCIs). The CCI is an index of forward-looking credit opinions for US, UK and EU Industrials based on the consensus views of over 30,000 credit analysts at 40 of the world’s leading financial institutions.
October 26, 2020 / Economy

Emerging Trend? Londoners Move to Independent Shopping

From Huq
Londoners are shying from big brand retailers in favour of shopping at independent outlets, with independent and single-site retailers consistently outpacing chains throughout the autumn.
October 23, 2020 / Economy

Economic Recovery Continues to Slow Among Most Major Markets

From RealPage
Employment losses remain steep in most major markets, and economic recovery has slowed, paused, or in some cases, reversed, in some of the nation’s top metropolitan areas. Increasing COVID-19 infection rates and the resulting re-imposition of restrictions on businesses and residents has slowed economic recovery across the U.S.
October 23, 2020 / Economy

Breaking Down September’s Retail Sales Surge

From Consumer Edge Research
Consumer Edge credit card data has been very effective in predicting Macro-level economic growth trends. For the unadjusted Retail sales number that the Census Bureau reports every month, government data accelerated +730 bps and CE data caught this acceleration with data delivered well in advance of the report. Pent-up demand may be a key driver of this acceleration, as the September growth rate was higher than even any 2019 monthly growth rates.
October 23, 2020 / Economy, Real Estate

77 Percent of Metros Post Double-Digit Annual Home Price Gains in Q3 2020

From Attom Data Solutions
ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2020 U.S. Home Sales Report, which shows that profits for home sellers nationwide continue to hit high points despite the economic distress caused by the worldwide Coronavirus pandemic.
October 22, 2020 / Economy

The Shape of Recovery

From LinkUp
In recent weeks, the term “K-shaped recovery” has been popping up with increased frequency; used by political figures, economists and media personalities alike. Investopedia, in short, defines a K-shaped recovery as when “different parts of the economy recover at different rates, times, or magnitudes.”
October 22, 2020 / Real Estate, Economy

Single-Family Rent Growth Strengthened for Second Consecutive Month in August

From CoreLogic
U.S. single-family rent growth strengthened in August, increasing 2.1% year over year, a bit higher than the 1.7% rate reported for July 2020, but a slowdown from the 2.9% rate recorded for August 2019, according to the CoreLogic Single-Family Rent Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time.
October 22, 2020 / Economy

Rail Traffic for the Week Ending October 17, 2020

From Association of American Railroads
The Association of American Railroads (AAR) today reported U.S. rail traffic for the week ending October 17, 2020. For this week, total U.S. weekly rail traffic was 518,763 carloads and intermodal units, up 2.2 percent compared with the same week last year.
October 21, 2020 / Economy

Housing activity grows at a steady pace heading into fall

From BuildFax
The market experienced steady year-over-year growth across almost all housing indicators in September. Single-family housing authorizations were up for the second consecutive month, signaling strong demand and homebuilder confidence in the market. New construction grew alongside construction employment in the U.S. last month. However, construction employment remains well below levels seen in the months preceding the pandemic, indicating room for growth in this segment.
October 21, 2020 / Economy

September Carloads Down Smallest Percentage Since March

From Railinc
The number of carloads moved on short line and regional railroad in September 2020 was down compared to September 2019. Carloads originated decreased 4.2 percent, from 339,519 in September 2019 to 325,145 in September 2020.
October 21, 2020 / Economy

Outlet Mall Recovery

From Placer
There is no doubt that malls took a serious hit during the spread of COVID. However, as we’ve seen in previous reports analyzing the different recoveries of indoor and outdoor centers, the pace of recovery can be highly tied to format. So, we decided to dive into an intrigued subset of the outdoor center, outlet malls, to see how they’re recovering and stacking up against other competition.
October 20, 2020 / Economy

Home Sales in a Pandemic: An International Comparison

From CoreLogic
The World Health Organization declared COVID-19 a global pandemic on March 11. By mid-March, shelter-in-place orders were issued across many nations. While each of us may think about how it has affected our own local neighborhood, it has also affected communities across the world.
October 20, 2020 / Economy

Data Reveals Manchester Reaction to New Lockdown Threat

From Huq
Pedestrian footfall in Manchester has sunk to 50% of year-on-year levels as tighter restrictions and ambiguity over lockdown policy impacts mobility and trade. Through the summer, Huq’s mobility indicator for the city shows a steady recovery to levels of around 75% of 2019 by September, however this has dropped sharply over the last week.
October 20, 2020 / Economy

Market Holds onto Bullish Grain Story

From ClipperData
Winter wheat dryness has intensified, as ongoing dryness across the US High Plains has limited moisture for wheat germination and establishment. This has pushed Kansas and CBOT wheat prices higher, with the US hard red wheat carry-out expected to be at a multiyear low. As the bread basket of Ukraine, the southern region remained short in soil moisture. Winter wheat conditions in central and eastern Russia also deteriorated. There is less than a month before the southern Russia crop heads for dormancy.
October 20, 2020 / Real Estate, Economy

Top 10 Major Metros Where Foreclosure Starts Are on the Rise

From Attom Data Solutions
According to ATTOM Data Solutions’ newly released September and Q3 2020 U.S. Foreclosure Market Report, foreclosure filings are down 12 percent from Q2 2020 and down 81 percent from Q3 2019, to the lowest level since ATTOM began tracking quarterly filings in Q1 2008. The reports shows there were a total of 27,016 U.S. properties with foreclosure filings in the third quarter of 2020.
October 19, 2020 / Economy

Pub and Restaurant Attendance Drops to a Fifth of Pre-Covid Levels

From Huq
Footfall to the Pub and Pub and Restaurant sector is dwindling in the wake of tighter restrictions, with attendance dropping below 20% of usual levels for the first time since June. Following a steady recovery boosted by Eat Out to Help Out in August, Pubs and Restaurants attendance had been hovering around 70% of usual levels throughout September.