News Ticker

COVID-19 News Round-up for September 25

Credit: Fieldwire

Budget, Policy & Stimulus News 

Double-dip Recession Possible Without New Stimulus 

The U.S. economy is at a crossroads, with some analysts saying a failure by Congress to pass another stimulus package, even as the COVID-19 pandemic continues to spread, would tip the nation back into recession. Lawmakers remain deadlocked over a measure to provide another round of $1,200 checks to most households and more aid to struggling small businesses and unemployed Americans. (Source: AZCentral) 

Get Familiar with Arizona’s PDA 

Under Arizona’s Purchaser Dwelling Act, a purchaser of a residence is barred from filing a construction defect lawsuit until the purchaser gives the seller – including residential contractors – reasonable notice of the alleged defects and an opportunity to cure them. Given the PDA’s sweeping application to most residential construction and remodeling projects, residential contractors should familiarize themselves with its current requirements. (Source: AZ Big Media) 

Economic News 

Valuation Experts Struggle with COVID-era Conditions 

One thing buyers and sellers can agree on these days is that there has been a reset in property values across many sectors and geographic markets. Yet the sticking point that continues to stall transactions is determining exactly how much of a discount should be applied. Industry pricing indices have held up so far, but experts caution that is a reflection of many pre-COVID-19 deals getting completed along with some stabilized assets changing hands. They expect those indices to move more dramatically once lower-quality and distressed assets start trading. (Source: National Real Estate Investor) 

Apartment Tenants Choosing Short-term Leases 

Apartment tenants with pending renewals are beginning to opting for short-term or month-to-month leases rather than long-term leases, according to the latest survey from the National Apartment Association, which found that nearly 35 percent of landlords said that some portion of tenants renewing leases signing short-term lease structures. (Source: GlobeSt.com) 

Restaurants See Signs for Hope 

After opening for outdoor dining following months of lockdowns and economic hardship, US restaurants are recovering, but at a glacial pace. A new report by S&P Global Market Intelligence revealed that the recovery of sales and employment slowed in August. However, there are bright spots within these numbers. The decline wasn’t as precipitous as dips in the prior months. Sales fell a revised 19.4 percent year-over-year in July and 22.1 percent in June. (Source: GlobeSt.com) 

Ahwatukee Home Market Stays Hot 

August data show the Ahwatukee Foothills real estate market is staying hot.  The average sale price in Ahwatukee rose to $423,546 – up 10.3 percent over August 2019, when the average home value was $384,114. The number of units sold last month was 11 percent below August 2019 – a decline to 127 units from 141. Homes sold faster with average days on market dropping to 42 days from 59 days in August 2019. (Source: Ahwatukee Foothills News) 

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