All Forum Posts by: DeWitt Gibson

As a follow on, Congress did not extend:

https://apnews.com/article/joe-biden-business-health-coronavirus-pandemic-us-supreme-court-65d530199d4dd2c99b9839fcd9c22294

WASHINGTON (AP) — A nationwide eviction moratorium is set to expire Saturday after President Joe Biden and Democrats in Congress worked furiously but ultimately failed to align on a long-shot strategy to prevent millions of Americans from being forced from their homes during a COVID-19 surge.

Hello Bigger Pockets: 

I just read this article in the Wall Street Journal online and wondering what the thoughts are out there about this subject: 

Biden Asks Congress to Extend Federal Eviction Moratorium - WSJ

"The Biden administration won’t move to extend a federal moratorium on the evictions of tenants who fell behind on rent in the Covid-19 pandemic in the wake of a court ruling, but it is asking Congress to authorize such an extension.

President Biden would have “strongly supported” a move to further extend the Centers for Disease Control and Prevention’s moratorium, scheduled to expire on Saturday, but that option is no longer legally viable after a recent Supreme Court ruling, the administration said in a statement by press secretary Jen Psaki.

State and local governments have struggled to distribute $47 billion in federal money aimed at helping tenants who can’t pay rent because of the pandemic-triggered downturn, leaving many people at risk of being forced out of their homes when the moratorium expires.

Just $3 billion of the aid authorized by Congress in December and March had been delivered to landlords and tenants as of June 30, the Treasury Department said in a report last week. About 8.2 million adults were behind on their rent or mortgage as of July 5 and have low confidence they can pay on time next month, a Census Bureau survey showed."

My apologies – We have an issue with the meeting space this evening and need to reschedule tonight’s meet-up.

@Bruce Woodruff Intel just committed 10s of Billions of dollars to new manufacturing facilities in Chandler. Orbital Sciences is Expanding here, Norththrop Grumman just build a new factory, and GM just built a new test facility… there are high end jobs here

@Cassandra Alessio I would say California money is definitely a factor. It’s very hard now to go to the mall or grocery store without seeing a ton of LA Dodgers ballcaps and Lakers jerseys.

@Chinki Kumari - you bring up a really interesting point. I am a mortgage broker and I took and application recently from a couple moving here from the Bay Area. He was an engineer “working from home” and was really concerned about making sure his employer did not learn about this new “AZ House”. He thought they might cut his salary or make him come back to the office if they learned he had moved to Arizona. I wonder how much of this is going on.

@Cassandra Alessio in the Southeast Valley, Casa Grande, Florence, and Eloy are heating up as the new place for investors and first time homebuyers

@DeWitt Gibson bid over market I mean

@Cassandra Alessio Every house that goes on the market in Chandler right now is a bidding war. Almost any house that gets listed for sale is under contract within 72 hours. The way to get a house right now is to offer all-cash and waive appraisal. Appraisals have become a problem for mortgage buyers because to win the house you have to ask so much over market value that it doesn’t appraise for the full contract value, more often than not. The sellers know this so they tend to accept all cash deals first.

As a resident of Chandler, Arizona it's hard not to notice how fast our home values are appreciating over the last year and continue to rise. This is due to not only the general trends happening everywhere, but also General Dynamics, Orbital Sciences, Voya Financial, Intel, Walgreens, Wells Fargo, and other large corporations have been making huge investments in Chandler recently. 

Every few weeks, Chandler residents get a free newspaper delivered called "Chandler Community Impact". On the issue that just arrived today, the entire front page is "Skyrocketing Housing Prices".

Some of the points made in the article are: 

“What we are living with now is a result of and reaction to the Great Recession”

“Add to this whole mix the pandemic, and it is the low-wage earning service workers that have been most hurt and that causes a really big disparity in income”

“Sellers have become accustomed to asking over the market value and getting it”

“There is going to have to be more affordable housing, bottom line”

"the city is discussing developer incentives to set aside a number of units in development for workforce housing; revitalizing older neighborhoods"

Here is a link to the full article 
Low inventory leads to rising housing prices across Chandler, East Valley | Community Impact

What are your thoughts?