M IAMI IS hot—especially if you are selling a home. House prices are 20% higher than a year ago. And unlike other big American cities, rents are up too (by 24% year-on-year), as the Magic City soaks up newly untethered teleworkers. Ecstatic estate agents describe a bonanza. Sellers are waiving inspections and appraisals entirely, buying units sight unseen, and aggressively bidding up prices. One agent tells of a client bidding $50,000 above the appraised value of a home—and still getting rejected. Another admits sheepishly to recently buying a house of her own without an inspection. All the usual gaudy accoutrements of the city are here: the ostentatious sports cars, the well-trafficked designer stores, the planes circling Miami Beach advertising a prominent rapper playing at a nightclub. Yet amid this exuberance, almost 8% of mortgage-holders in Miami are delinquent, among the highest share in the nation. Meanwhile, people renting housing face the end of a federal moratorium on evictions at the end of the month. A moratorium on mortgage foreclosures ends at the same time, raising fears of a spike in houses lost amid a house-price boom. Surveys conducted by the Census Bureau do indeed show worrying signs. One in four… Read full this story
- Congress must make sure eviction bans will not lead to housing crisis
- Losing a job and facing eviction: "They don't know what to do"
- Landlords are bracing for a wave of rent defaults
- A lesson from history on the dangers of lifting lockdown too soon: How San Francisco's deaths more than DOUBLED in a second peak when it ended social distancing after just a month in 1918 Spanish Flu pandemic
- EMERGING MARKETS-Latam stocks at two-week high, FX gains as lifting of lockdowns eyed
- Coronavirus: Australian workplaces face new rules as Scott Morrison meets with Jacinda Ardern
- Challenges face Ohio governor as divide grows over reopening
- Pilsen Landlords Threaten To Evict Immunocompromised Tenant
- Contra Costa County Puts Moratorium On Evictions, Rent Increases
- Glowing Blue Waves | Star Wars Masks | Mass Hiring | Patch PM
As moratoriums lift, will America face a wave of foreclosures and evictions? have 324 words, post on www.economist.com at July 24, 2021. This is cached page on CuBird. If you want remove this page, please contact us.