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Thursday, November 19th, 2020

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Posted by: | Posted on: November 19, 2020

Homeowners Aren’t Immune to the Pain

The financial pain wrought by COVID-19 has rippled through the housing market. Even folks lucky enough to own their own homes in a time of record-high house prices and a historic shortage of properties for sale haven’t been immune to the harsh economic impact of the pandemic.

While homeowners have typically fared better than renters, many lost income and fell behind on their mortgage payments. Roughly 36% earned less money from March through September, with about 6.3 million homeowners falling behind on their mortgages in October, according to the annual State of the Nation’s Housing 2020 report from the Joint Center for Housing Studies at Harvard University.

Those numbers were even bleaker for communities of color. While 7% of white homeowners couldn’t pay their mortgages in September, 18% of Hispanic, 17% of Black, and 12% of Asian homeowners suffered from the same problem.

While some homeowners may ultimately lose their

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Posted by: | Posted on: November 19, 2020

New-Home Construction Surges to Post-Great Recession High in October

The numbers: U.S. builders started construction on homes at a seasonally-adjusted annual rate of 1.53 million in October, representing a 4.9% increase from the previous month’s figure, the U.S. Census Bureau reported Wednesday.

Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.545 million in October, unchanged from September.

Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.49 million and building permits to come in at a pace of 1.57 million.

What happened: The upsurge in housing starts was driven by a 6.4% rise in single-family starts, as multifamily construction activity dipped once again, this time by 3.2%.

All regions except the Northeast experienced an increase in housing starts despite rising coronavirus cases across many parts of the country, led by the 12.9% increase in the South. Permitting rose slightly in the South, West and Midwest, but fell markedly in the

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