Months of average inventory continues to goes down due to strong demand
|Collin County||Fort Worth|
|Average Days on market was 50 days for Collin County Area||Average Days on market was 50 days for Fort Worth Area|
|Closed sales increased 27.6 % YoY||Closed sales increased 27% YoY|
|Months of Inventory down 1.3% YOY||Months of Inventory down 1.3% YOY|
Eviction Extension by CDC
Effective September 4 through December 31, 2020, the Centers for Disease Control and Prevention has issued an Order preventing many residential tenants from being evicted for nonpayment of rent. The Eviction moratorium has been extended through Dec 2020
For additional details please visit https://guides.sll.texas.gov/covid-19/eviction
Mortgage Rates Hit record low fueling increased demand for Residential real Estate investments
The 30-year fixed-rate mortgage averaged 2.78% for the week ending Nov. 5, falling three basis points from the week prior, Freddie Mac reported Thursday. During this same time in 2019, these loans had an average rate of 3.69%. The 15-year fixed-rate mortgage meanwhile held steady at an average of 2.32%,
New Home Demands Soar in DFW
according to RE/MAX – Home Sales grew 19.6% and prices went up by 19.3% according to the national housing report released by RE/MAX
“September’s massive year-over-year increase in home sales was the latest reminder of the housing market’s overall strength and resiliency,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “Demand is off the charts right now. Buyers of all ages are coming into the market determined to improve their quality of life through amenities, community and the unique security that comes with homeownership. They’re working through the challenges of tight inventory, high prices and competing offers to take advantage of historically low interest rates and, in many cases, the greater mobility they now enjoy through working remote.
“Generational factors and a continuing rebound in home construction support the notion of an active housing market moving into next year.”
LGI Homes slated to build 1,225 homes in Fort Worth
According to Dallas Morning News, LGI Homes is slated to build 1,225 homes in Fort Worth near the intersection of interstates 820 and 30. The community, called Vista West, will be constructed in six phases. Homes will be priced between $230,000 and $280,000.
National Malls continue to File bankruptcy
According to ABCNEWS CBL and Pennsylvania Real Estate Investment Trust have filed for bankruptcy.
CBL, which operates 107 malls, said more than 30 of its tenants have filed for bankruptcy protection this year and are shutting stores, including woman’s clothing retailer Ascena, which has 100 Ann Taylor, LOFT and other stores in CBL malls. Based in Chattanooga, Tennessee, CBL operates malls across the U.S., including EastGate Mall in Cincinnati and West County Center in St. Louis.
PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania.
Phase 1 of 1.3 million-square-foot Fort Worth Logistics Hub breaks ground
According to Rebusinessonline
VanTrust Real Estate LLC has broken ground on Phase I of the 1.3 million-square-foot Fort Worth Logistics Hub, a project that will add 670,941 square feet of Class A industrial space to the local supply.