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Homeownership

NAR launches first ever profile of LGB homebuyers and sellers

(REAL ESTATE) For the first time ever, NAR has extracted data from their massive national profile of buyers and sellers to observe preferences of LGB (lesbian, gay, and bisexual) consumers – pretty interesting insights!

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LGB homebuyer profile

To celebrate Pride Month, the National Association of Realtors (NAR) dug into four years of data from their Profile of Home Buyers and Sellers to unearth similarities and differences between lesbian, gay, bisexual, and heterosexual Americans.

“The American Dream of homeownership traverses across the spectrum of our society – including sexual orientation – and Realtors® always have and will continue to advocate so that anyone who wants to, and is capable of purchasing a home, is able to do so,” said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty.

Smaby added, “Realtors® have always embraced the significance of the protections secured by the Fair Housing Act, and have encouraged efforts to extend them by amending our Code of Ethics in 2009 to prohibit discriminations based on sexual orientation and gender identity.”

For the purposes of this report, it appears NAR has broken the data down into three categories to observe: Heterosexual, Bisexual, and Gay/Lesbian buyers are combined into a third group.

The segment of the population most likely to indicate they’re first time homebuyers is bisexuals (at 58%), followed by gay and lesbian buyers (36%), and heterosexuals (32%).

The most likely to be a first-time home seller was bisexuals (50%), while lesbians, gays, and heterosexuals equally indicated it was their first time (36%) being a home seller.

Bisexuals were observed to be the youngest buyers, a median age of 36 years old, and had the lowest median income of $62,400. In comparison, lesbian and gay buyers were the oldest buyers at 45 years old. Heterosexual buyers reported a median age of 44 and a median income of $91,200, similar to $92,900 for lesbian and gay buyers.

Regarding each group’s preferences:

  • Homes purchased by bisexual buyers are a median of 1,840sf, with a median year built of 1966.
  • Gay and lesbian buyers purchased homes with a median of 1,900sf, and a median year built of 1974.
  • Heterosexual buyers’ median home size is 2,060 median sf, and 1985 is the median year.
  • Bisexual buyers were the most likely to purchase a detached single-family home (86%).
  • Gay and lesbian buyers were the least likely (79%), and only 10% purchased a multi-generational home.
  • Heterosexual buyers were the most likely to purchase a multi-generational home (13%).
      • Lesbian and gay buyers were most likely to purchase in an urban area or a city center (28%).
      • Bisexual buyers were most likely to buy a home in a small town (22%).
      • All sexual orientations were equally likely to purchase in a resort or recreation area (2%).
      • Bisexual buyers were most likely to have made at least one compromise in their home purchase, most likely on the price (28%), style of home (23%) or distance from their jobs (23%).
      • Lesbian and gay buyers were the least likely to have compromised on convenience to schools (7%).

      Regarding other demographic info:

      • Bisexual home buyers were less likely to identify as white/Caucasian than lesbian/gay or heterosexual buyers (77%, compared to 88% and 85%, respectively).
      • Bisexuals are nearly twice as likely to identify as Hispanic than both groups (13% compared to 7%).
      • Fully 14% of bisexual buyers were born outside of the U.S., versus 7% of lesbian and gay buyers.
      • 38% of bisexual home buyers identify as single females.
      • 25% of gay buyers identify as single men.
      • 22% of lesbian and gay buyers identify as an unmarried couple (38% as a married couple).
      • 15% of bisexual buyers identify as an unmarried couple (34% as a married couple).
      • 7% of heterosexuals identify as an unmarried couple (66% as a married couple).
      • 38% of heterosexual buyers have children in their household.
      • 29% of bisexual buyers have children in their household.
      • 11% of lesbian and gay buyers have children in their household.

      “The number of home buyers and sellers who identify as lesbian, gay or bisexual has remained steady at 4% since we first included the question in our HBS survey in 2015,” said Dr. Lawrence Yun, NAR chief economist. “Given that Millennials now make up 37% of home buyers and attitudes regarding sexual orientation continue to shift even among Generation Z, we expect to see this percentage increase in future surveys as younger generations are more likely to self-identify as LGB.”

      Editor’s note: For the purpose of citing this study and for logistics, we used NAR’s terminology, making an exception to our internal policy to only use the acronym “LGBTQIA+” in all stories.

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Homeownership

4 million homeowners skip mortgage payments as forbearance requests slow

(REAL ESTATE) It is no surprise that mortgage payments are being skipped across the nation, but it’s not all a total loss…

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home mortgage payments

Over 4.1 million American homeowners are currently skipping their mortgage payments on a temporary basis as COVID-19 keeps the economy shut down, according to the Mortgage Bankers Association (MBA).

Meanwhile, forbearance requests have slowed – the MBA’s weekly survey indicates that 8.16 percent of total loans are now in forbearance plans, up from 7.91 percent the week prior, and while the share of loans in forbearance is rising, the trend is toward requests decreasing.

Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said in a statement, “There has been a pronounced flattening in loans put into forbearance – despite April’s uniformly negative economic data, remarkably high unemployment, and it now being past May payment due dates.”

Congress passed the $2.22 trillion CARES Act (the Coronavirus Aid, Relief, and Economic Security Act), under which homeowners holding a federally backed home loan may delay mortgage payments for up to a year, but politicians are quick to remind folks that the money is still due, and fees may still apply during the forbearance period.

This relief effort is the primary reason so many did not pay their mortgage this month. People are still unsure of whether or not they will be employed in the near future, and are managing their finances accordingly, particularly while lenders are still in the mood to negotiate. Economists believe that difficulties will be ongoing, and homeowners will continue to struggle as a whole.

While our economy hasn’t been hit this hard since the Great Depression, and unemployment numbers reveal widespread economic devastation, slivers of hope remain. Forbearance requests slowing isn’t the only housing hope – new home construction levels are down, but nowhere near at the same pace as other sectors harder hit.

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Homeownership

Find out if your rental home is under the 120-day federal eviction moratorium

(HOMEOWNERSHIP) COVID-19 has thrown many certainties into chaos, but heres a beacon of light if you are worried about paying rent and if you will fall victim to eviction.

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Proactively prevent foreclosure eviction

The Texas Supreme Court extended a moratorium on evictions through April 30. Dallas County’s moratorium runs through May 18. Tarrant County, next to Dallas County, has an indefinite moratorium. Meanwhile, cities, counties, and states across America have different moratoriums.

The CARES Act includes a federal eviction moratorium that begins on March 27 and lasts for 120 days.

Federally subsidized housing cannot evict tenants for non-payment for 120 days. If you’re like most renters, you may not know if your property is backed a federal program, such as HUD, FHA, USDA or Fannie Mae and Freddie Mac.

Here is a searchable database helps renters identify if their home is covered by the CARES Act

The National Low Income Housing Coalition offers a searchable database of homes that are covered by the CARES Act. Please note that the database is not comprehensive. Just because your home isn’t listed, doesn’t mean that the CARES ACT doesn’t apply.

The NLIHC offers updates on COVID-19 housing issues. They also have a page for state housing assistance. Low income households in Austin may qualify for assistance through the Austin Tenant Stabilization Program. Share that program with tenants and landlords to prevent evictions.

Eviction moratoriums do not mean that tenants don’t have to pay rent or late fees.

Tenants and landlords need to work together to find a solution to paying rent during the COVID-19 pandemic. The eviction moratorium is not a rent freeze. When life gets back to normal, tenants will still owe back and current rent or risk eviction.

We wrote that the National Multifamily Housing Council is recommending that its members waive late fees and administrative costs and help residents with payment plans.

It’s going to take everyone working together to keep families stable after the pandemic. We will do our best to keep you updated on any new options and helpful programs.

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Homeownership

1 in 3 renters didn’t pay rent in April – now what?

(HOMEOWNERSHIP) Renters have fallen behind on rent in the past month; that money can help them during this hard time, but what happens to the landlords?

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renters

The National Multifamily Housing Council reports that only 69% of renters paid their rent by April 5. For comparison, last month, 81% had paid their rent by March 5. Last year’s figure for April was 82%. This figure should give lawmakers and business owners pause during the coronavirus pandemic. It’s hoped that as unemployment and stimulus money is paid out, renters can make their payments, but this 12% drop in rent payments demonstrates just one challenge facing our nation.

Evictions on hold, but this may not be enough

The NMHC is recommending short-term financial assistance to renters who have lost their job due to the pandemic instead of just placing a moratorium on evictions. Putting a halt on evictions simply delays the inevitable. Renters who lost a job won’t simply be able to make back payments in a few months. The Texas Supreme Court has placed a moratorium on evictions through June 1. HUD extends this through July 24 for government-assisted housing.

A group in Colorado is asking for a rent strike, which in theory sounds effective. The problem is that landlords still have their own bills to pay, utilities, maintenance, mortgages and more. A rent freeze could create a tidal wave of issues that will further extend the economic uncertainty. Although some are hoping that Congress will address this huge problem, it could take a few weeks to get direct relief.

What are some options?

Dallas Mayor Eric Johnson says, “Have a heart, have a heart. These are incredibly difficult times for everyone.” He also asked renters to work with their landlords, because they have bills, too. NMHC is asking its members to:

• Waive late fees and administrative costs over the next month
• Give residents payment plans (put them in writing)
• Share resources to help residents

Renters need to be proactive and talk to landlords about their situation. And landlords would be wise to openly communicate their limits to renters – transparency could be the difference between flipping a unit and praying for a renter, and a few tough months. These are difficult times. Everyone is going to have to work together to find solutions to alleviate the effects of this pandemic.

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