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Friday, October 9th, 2020

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Posted by: | Posted on: October 9, 2020

The Urban Exodus Could Be Temporary

There has been a lot written and said about COVID-19 and teleworking friendly work policies sending urbanites permanently into the suburbs and even rural areas.

But migration from cities is nothing new, according to urban planner Christopher Rhie, an associate principal with the Los Angeles office of global firm Buro Happold. 

“Retirees and young families with economic means often move for more space, or peace and quiet,” Rhie says. “Among such people who were already on the verge of making such a move, a slight uptick is not surprising.”

But is this urban exodus more than a slight uptick? And are these moves permanent?

Rhie says it’s too early to make broad claims.

“We’re not going to know [if the urban exodus is a trend] for some time,” Rhie says. “There is a lag in some of the underlying data on housing and migration patterns. And overall, some people may

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Posted by: | Posted on: October 9, 2020

Dollar General Unveils New Store Concept Aimed at Higher-Income Shoppers

Popshelf stores will deliver a combination of continually refreshed merchandise, seasonal specials and limited-time items.

       

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Posted by: | Posted on: October 9, 2020

Trepp Special Servicing Rate Hits Seven-Year High

The special servicing rate hit its highest mark since May 2013, increasing 44 basis points to 10.48% in September, according to Trepp. In August, the rate was 10.04%.

An increase in retail and lodging special servicing drove the surge in the rate, which sat at 3.10% a year ago. Trepp says both sectors produced their highest servicing rates reported on record. Retail rose from 17.31% in August to 18.32% in September. Lodging came in at 26.04%, after sitting at 24.99% in August. 

Multifamily special servicing rates rose 10 basis points to 2.66%. Office special servicing rates fell eight basis points to 2.85%, while the industrial rate dropped four basis points to 1.17%.

Overall special servicing rates have consistently increased since March when they were 2.83%. The special servicing rate is on the same trendline as it was in 2009 when it reached almost 14%, Trepp expects it to continue to

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Posted by: | Posted on: October 9, 2020

This Historic Home Doubled in Value After a Subtle Renovation

It doesn’t matter how perfect your home is—if your listing photos don’t stand out, potential buyers won’t come by to take a look. In our series “Lessons From Listing Photos,” we dissect the smart updates sellers have made to their homes, and how their listing pictures highlight the home’s best assets.

There’s something remarkable about an original Craftsman house—especially in a city like Portland, OR, where the old houses are as treasured as the beautiful landscape. The neighborhood of Irvington, in northeastern Portland, is actually home to the largest collection of historical homes in the state, including this massive five-bedroom, three-bathroom Craftsman built in 1912.

Through the decades, the owners had maintained many historical architectural touches, but the property was desperately in need of updating in 2013, when it was sold for $762,000. Luckily, the buyers knew exactly how to modernize it while honoring its past. And when it came

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Posted by: | Posted on: October 9, 2020

Where Trump and Biden Stand on Mortgage Finance

WASHINGTON—Donald Trump and Joe Biden have divergent views on the federal government’s role in the $11 trillion mortgage market, with potential consequences for the price of home loans for millions of Americans.

In keeping with the Republican Party’s emphasis on limiting the government’s role in the economy, the Trump administration aims to return two giant mortgage-finance companies—Fannie Mae and Freddie Mac—to private hands over the next couple of years.

A Biden administration, in contrast, would be in no hurry to release the companies, which the government has controlled since 2008. Instead, the Democratic former vice president would focus on ways to use the companies to boost housing affordability and promote homeownership.

Here is a look at the competing policies and what either approach might mean for housing-market consumers.

What’s at stake for borrowers?

Mortgage affordability could be affected. The Biden camp argues that the Trump administration’s approach

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