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Friday, May 15th, 2020

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Posted by: | Posted on: May 15, 2020

The Property Brothers Reveal One Popular Renovation You Might Regret

Drew and Jonathan Scott have helped a ton of clients open up their floor plans. But in the latest episode of their HGTV show “Property Brothers: Forever Home,” they see why this popular renovation isn’t for everyone—and why it may be one that some homeowners regret!

In the episode titled “New Hub of the Neighborhood,” homeowners Mark and Colette want a stylish and functional space for their growing family. With three kids keeping the couple busy, their Toronto home has fallen into disrepair, with outdated features and even a hole in the floor of the master bedroom.

Read on to find out how the Scotts bring style to this house, and learn some great take-home tips you can use in your own abode.

Not everyone wants an open floor plan

Open concepts have been all the rage in recent years.

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Posted by: | Posted on: May 15, 2020

Quarantined US Consumers Turn to E-Commerce for PJs, Groceries and Booze

It shouldn’t be a surprise. US consumers, many under mandatory stay-at-home orders, bored and online, ramped up their e-commerce activity in April, allowing the medium to become the primary source of commerce for the month, according to software giant Adobe’s monthly Digital Economy Index (DEI) report

“We’ve found that this sudden e-commerce acceleration is having an impact on apparel, electronics and grocery purchases online,” John Copeland, vice president of marketing and consumer insights at Adobe, said in a statement.

The monthly report, which is derived from over a trillion points of data from anonymized and aggregated retail websites, found that buy-online, pick-up-in-store (BOPIS) orders grew 208% year over year in April, an indication that COVID-19 related fears have heavily impacted shopping patterns. 

That surge was assisted by a 4.1% growth in digital purchasing power in April, measured by how much more consumers can purchase versus when Adobe first started

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Posted by: | Posted on: May 15, 2020

Mortgage Delinquencies Caused by the Coronavirus Will Exceed Great Recession Levels, According to This Forecast

The coronavirus-fueled economic downturn is hitting homeowners hard. And the worst may be yet to come.

A new report from U.K.-based economic forecasting firm Oxford Economics estimates that 15% of homeowners will fall behind on their monthly mortgage payments. If that forecast comes to fruition, mortgage delinquencies caused by the coronavirus pandemic would exceed the number seen during the Great Recession. Back then, the peak delinquency rate was 10%.

Nearly 4 million homeowners are in the midst of forbearance plans, representing 7.54% of all mortgages, according to the latest data from the Mortgage Bankers Association, an industry trade group. When it comes to loans backed by Ginnie Mae, that figure increases to nearly 11% — these include Federal Housing Administration and Veteran Affairs loans.

Stimulus legislation signed by President Donald Trump allows any borrower with a federally-backed mortgage to request forbearance for up to 12 months, meaning the homeowner

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Posted by: | Posted on: May 15, 2020

Why NYC Rents Hit New Highs in Coronavirus Crisis—and Will Likely Fall

Despite a deadly pandemic raging, turmoil in the financial markets, and staggering job losses, rental prices are going up to new heights—instead of down—in New York City, aka the U.S. epicenter of the coronavirus crisis. What’s going on?

In April, average rental prices reached record highs in Manhattan, Brooklyn, and trendy northwestern Queens, according to a recent Douglas Elliman report. But that’s misleading, says real estate appraiser Jonathan Miller, who wrote the report. In fact, he believes that rents are actually falling amid the pandemic.

The problem is the report looked only at newly signed leases, which represent just a third of the rental market. It didn’t include lease renewals, where existing tenants often have more leeway to negotiate down monthly rents. With the state’s stay-at-home orders in place, renters unable to view many potential apartments in person, and folks losing their jobs at

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