Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

CoronavirusReal Estate

Ithaca, New York says it will cancel rent payments

New York's eviction moratorium goes through August 20

Ithaca, New York has become the first city in the U.S. to cancel rent payments in response to COVID-19.

A new resolution now allows Ithaca’s Mayor Svante Myrick to cancel rent debt from the last three months for tenants and small businesses, pending approval from the state government.

In a city council meeting on June 3, the resolution was passed 6-4. This resolution freezes rent and requires landlords to offer tenants lease extensions and includes tenants and small businesses.

“The Governor’s extension is not a blanket moratorium on evictions,” the Ithaca Tenants Union said about the Emergency Tenant Protection Act. “Starting June 20, landlords can still pursue evictions and take their tenants to court, where tenants will have to prove that they are unable to pay rent due to economic issues brought on by COVID-19.

“If they don’t show up, they lose,” the statement continued. “When many Ithacans have been unable to receive stimulus checks and unemployment, and many of those are undocumented or gig workers, we know that our most vulnerable will still be left unprotected by this false moratorium.”

About 75% of Ithaca residents rent, according to Fast Company.

In early May, New York Gov. Andrew Cuomo extended the state’s eviction moratorium through August 20, after originally set to expire later this month. Renters would be allowed to apply their security deposits to their rent, according to the original executive order.

In New York, a COVID-19 hotspot, landlords are also prohibited from charging tenants late fees during the public health crisis.

According to the state Department of Labor, Ithaca lost 9,200 private-sector jobs in April, a 16.2% decrease from the year prior. The unemployment rate in Ithaca is currently between 10 and 11%, the Ithaca Journal said.

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