World Property Journal, Blog.

  The way people view indoor environments has changed drastically in the wake of the COVID-19 pandemic. In response, building owners are looking for ways to minimize risks. While there are still many questions on how built environments can impact disease transmission, there are proven ways business leaders can enhance their buildings to improve occupant health and well-being. According to the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE), "ventilation and filtration provided by heating, ventilating, and air-conditioning systems can reduce the airborne concentration of SARS-CoV-2 and thus the risk of transmission through the air." Optimization of a building's HVAC system generally and with specific air-filtration solutions is critical for reducing the risk of pathogen transmission. But before getting started, building owners should take some important steps in their overall approach to occupant reentry. Make a Plan for Occupant Reentr...

  Despite ongoing Coronavirus lockdowns for months in California, home sales remained high in November 2020, breaking the 500,000 sales benchmark for the first time since January 2009. This is the highest sales level in 15 years, says the California Association of Realtors. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 508,820 units in November 2020, C.A.R. reports. The statewide annualized sales figure represents what would be the total number of homes sold during 2020 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. November sales rose 5.0 percent from 484,510 in October and were up 26.3 percent from a year ago, when 402,880 homes were sold on an annualized basis. The year-over-year, double-digit sales gain was the fourth consecutive and the largest yearly gain since May 2009. Dave Walsh "Home-buying intere...

  Symbolizing Uneven Financial Recovery in the U.S.   National property broker Redfin says mortgage applications for second homes in the U.S. soared 84% year over year in January 2021. While that's down from a peak 118% year-over-year increase in September 2020, it's up significantly from a year ago and marks the eighth straight month of 80%-plus year-over-year growth. The annual rise in second-home applications is more than double the increase in applications for primary homes. Demand for primary residences rose 36% year over year in January, down from the 65% peak in September and the smallest increase since May. The report is based on a Redfin analysis of mortgage-rate lock data from real estate analytics firm Optimal Blue. A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must specify ...

  According to new predictions by the Mortgage Bankers Association, U.S. commercial and multifamily mortgage bankers are expected to close $486 billion of loans backed by income-producing properties in 2021, an 11 percent increase from 2020's estimated volume of $440 billion. Total multifamily lending alone, which includes some loans made by small and midsize banks not captured in the overall total, is forecast to rise to $323 billion in 2021 - a 7 percent increase from last year's estimated total of $302 billion. MBA anticipates additional increases in lending volumes in 2022, with activity rising to $539 billion in commercial/multifamily mortgage bankers originations and $358 billion in total multifamily lending. "The COVID-19 pandemic took a heavy toll on commercial and multifamily property sales and mortgage originations in 2020," said Jamie Woodwell, MBA's Vice President for Commercial Real Estate Research. "The impacts have varied significantly by pro...

  Housing an Economic Bright Spot of America’s 2021 Economy According to top economists speaking at an online press conference in conjunction with IBSx, the 2021 virtual International Builders’ Show this week reported that as the country continues to rebound from the impact of the COVID-19 pandemic, housing has been a bright spot in the economic recovery. And while the home building industry is poised for another solid year in 2021, regulatory and supply-side challenges could harm housing affordability, slowing momentum and limiting growth. “Housing affordability will continue to be a top concern this year,” said NAHB Chief Economist Robert Dietz. “On the demand side of the housing market, limited inventories of single-family homes generated strong price gains in 2020. While supply-side pressures, such as resurgent lumber prices, a shortage of buildable lots, inconsistent access to building materials and a regional skilled labor deficit foreshadow higher costs and longer build...

  U.S. Foreclosures Hit All-Time Low in January CARES Act mortgage forbearance program stalling the foreclosure pipeline According to ATTOM Data Solutions January 2021 U.S. Foreclosure Market Report, there were a total of 9,702 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 11 percent from a month ago and 80 percent from a year ago. Rick Sharga”January foreclosure activity declined at least in part due to the Biden Administration’s decision to continue the foreclosure moratorium on government-backed loans through the end of March,” said Rick Sharga, RealtyTrac executive vice president. “The moratorium and CARES Act mortgage forbearance program have effectively prevented millions of seriously delinquent loans from entering the foreclosure process. But it’s important to remember that the number of foreclosures we’re seeing right now doesn’t reflect market reality – and that’s something we’ll need to deal with once thes...