Dear Friends, Colleagues & Clients:
Hope you all had a great Labor Day weekend. Do you know that US is probably the only country that celebrates labor day in September. In most countries it is celebrated on 1st May. Growing up in India, that meant no extra school holiday for labor day because the whole of May was already off for summer holidays. May be I would have liked it to be in September :). I read this really nice history of US Labor Day on history.com. Check it out
I am writing this from Dubai, on my first international trip since the pandemic started. Feels good to be on the road again. I had to get a Covid test done 3 times in a 24 hour span, but for that it is all good. It is the first time for me in Dubai and it has a very Phoenix-like vibe to it - flat landscape with wide roads and constant noise of cars.
One of the big constraints holding back the real estate & mortgage industry since the pandemic began was the lack of inventory. That situation is easing finally. Commerce department reported that sales of new homes rose by 1% in July after three months of declines. Home prices are still holding strong with prices up 18.4% compared to year ago period, but the supply situation is improving.
Are you attending the Five Star Conference & Expo in Dallas later this month. If you are, one of the segments to watch out for is the Women in Housing Awards Luncheon where they will announce the winners in five categories. The nominations are announced
and I picked my favourites. Have you?
Natural disasters seem to be hitting with more and more intensity each year. And we still deny climate change, hmm! Politics aside, the estimated losses from the latest natural disaster, Hurricane Ida are staggering. CoreLogic puts the total estimated loss at $27-$40 billion, with 90% of it in Louisiana.
The troubles for landlords don’t seem to end. New York state voted to extend an eviction ban until Jan. 15, following the Supreme Court’s decision last month to overturn the national moratorium. The vote is completely silent on the losses incurred by landlords. Is that fair?
If there is one thing we can count that seems to be ever increasing regulation. The Consumer Financial Protection Bureau last week proposed a new rule aimed at increasing transparency in the small business lending marketplace. The proposed rule would require lenders to report the amount and type of small business credit applied for and extended, demographic information about small business credit applicants and key elements of the price of the credit offered. Well intentioned? May be. But surely it would add a substantial reporting burden for lenders.
I will close it at that because I want to catch some sleep before I go on my Dubai Bus Tour in the morning :)