Landlords lost about $9B in rental payments last quarter: report

first_imgEmail Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink (iStock)Almost 11 million households were behind on rent or mortgage payments during the first three months of the pandemic.Nearly 6 million of those households were renters, who reported either missing, delaying or paying reduced rent during the second quarter of the year, according to a report from the Mortgage Bankers Association. Just over 5 million households were homeowners that missed or deferred at least one mortgage payment.Read moreMarket-rate rent payments sink to lowest level since start of pandemicFederal aid dries up and eviction bans loom over landlordsRent woes had tenant hotline ringing off hook Message*center_img Full Name* The effect on multifamily property owners and mortgage lenders was in the billions, the report found. Unpaid rent cost landlords about $9.1 billion in revenue, while missed mortgage payments totaled an estimated $16.3 billion.The report, produced by MBA’s think tank, Research Institute for Housing America, attributed missed payments to the spike in unemployment and reduction of work hours, but said that despite 11 million troubled households, most renters and homeowners were “largely successful” weathering the first three months of the pandemic.“Data from other sources reveal that this trend has continued through August,” Gary Engelhardt, one of the report’s authors and an economics professor at Syracuse University, said in a statement.The MBA report shows that property owners and lenders offered more assistance than tenants and homeowners actually used in the quarter.Fifteen percent of renters were given permission to defer or reduce their rent, while only 37 percent of those offered this break took advantage of it.A total of 10.5 percent of renters surveyed missed payments at some point during the quarter. Only 6.7 percent of those that missed payments did not receive landlords’ permission.Around 20 percent of homeowners with a mortgage received permission from their lender to delay or reduce payments, and 31 percent took the offer.Of those homeowners who didn’t receive a break from their lenders, only 3.3 percent missed a payment.Engelhardt noted that a new federal stimulus package would be essential to help prevent more households, particularly renters, from running into difficulties paying their housing costs.“Particularly for renters, the combination of those who missed a payment — or were offered and did not take it — is substantive enough to suggest real risk to their ability to make upcoming payments,” said Engelhardt.Contact Erin Hudson TagsCoronavirusHousing MarketMortgagesRental MarketResidential Real Estatelast_img read more

Read More »

SoFo Holds Open House

first_imgThe South Fork Natural History Museum is hosting a free open house on Saturday, November 24, from 10 AM to 4 PM. From 11 AM until noon, the Shinnecock Nation will offer a blessing and perform traditional dances. Then from 1 to 4 PM, SoFo will present its new shark research interactive exhibit as part of its Shark Research and Education Program.This open house event will also mark the beginning of SoFo’s holiday charity drive to benefit the Southampton Animal Shelter Foundation and the Animal Rescue Fund of the Hamptons. Drop off blankets, sheets, towels, new dog and cat toys, or monetary contributions between November 24 and January 2, 2019.Reservations for the open house are preferred, but not required. Call 631-537-9735 or visit www.sofo.org to learn more. Sharelast_img read more

Read More »

There Is A Fear Late In Games – Johnson

first_imgLast time out on home soil it was a similar story, as City led 2-0 going into the final 20 minutes but still went on to lose the game.“I think it’s a fear,” the head coach told Bristol City Player HD. “The players want that win so much and it only takes one or two things to have a domino effect in play.“A couple of poor decision are made and suddenly people start getting erratic – from putting their foot through the ball nice and solid in the first half, suddenly they’re swiping and shanking things into midfield. It gives the opposition a platform.“It was all going so well and, again, we’ve crumbled. The players have got to look at themselves, I’ve got to look at myself and we’ve got to do everything we can to flip it quickly.“I talked to Jens Hegeler after the game, who’s played Champions League football, and he couldn’t understand how suddenly we become rash and nowhere near as calm as we were for the first 70 minutes.“It’s something we need to work on by putting scenarios on in training to kill the game off, because that’s what we didn’t do.”Goalless at half-time, the Severnside derby burst into life when Joe Bryan’s stunning volley found the net via a combination of crossbar and goalkeeper Brian Murphy.Tammy Abraham’s close-range overhead kick made it 2-1 after Anthony Pilkington equalised from the penalty spot, but Kadeem Harris levelled shortly before Pilkington struck a spectacular winner five minutes from time.“The emotions are raw at the moment after losing a derby in the way that we did, given how solid and strong we were for the majority of the game,” Johnson added.“It was probably the most solid we’ve looked this season, but at 2-1 up we have to see it through.“It wasn’t down to anything in particular that they did – we switched off from a cross, which is very disappointing and shouldn’t happen. People must do their individual jobs.“We’ve scored two goals at home for the second league game running and ended up losing. I have to take that on the chin from all angles, which I will, but I’ll still turn up and I’ll still keep coming because I want success for this club more than anybody.”last_img read more

Read More »