Home Prices in Arizona and Florida Expected to Decline Because of COVID-19 “Perfect Storm”

Even though there was a yearly increase in prices of homes by 4.8 percent in May, a CoreLogic report forecasts prices of homes will increase over the summer and an estimated 6.6 percent reduction by May this year. According to CoreLogic, states such as Florida and Arizona faced the topmost storm of elevated coronavirus cases, subsequent collapses of the summer and spring tourism market that curtailed the purchase of home needs enough to keep a watch on gains in home prices over the next years.

Companies planned to move to South Florida, then there was the emergence of the coronavirus..

For a period, South Florida wasn’t really shaken: Hunters of real estate deals that aren’t from the town were coming to that area to seek refuge from the COVID-19 pandemic. According to the report in the May release of the Miami Association of Realtors, this coronavirus situation has increased the homebuyers trend from cold weather and New York and Northeastern states that are tax-burdened looking for and buying houses in South Florida. At the moment, according to real estate experts, the surging outbreak of COVID-19 in Florida has paused the trend in its tracks.

Uniform Enactment of Commercial Real Rstate Receivership Act in Florida

On the 27th of June, Governor Ron DeSantis signed the UCRERA (Uniform Commercial Real Estate Receivership Act) that became active on the 1st of July. This act codified the existing common law of Florida with regards to commercial foreclosures being a solution to stakeholders and offers the required uniformity. Because of the effects of the coronavirus on commercial businesses, the UCRERA provides effective procedures and remedies to protect the interests of creditors in Florida’s real commercial property.

How One Can Get More Representation of Black in Real Estate

The real estate industry in the United States has been said to be the least diverse in the world according to a NAIOP report in August 2013 called Focus: Employment in Commercial Real Estate Industry. Definitely, that opportunity is also a mistake done for black Americans because the lack of diversity did include them in a profession generating 300 billion dollars yearly. Additionally, professions say that commercial real estate can assist develop skins for personal purchasing property that can create generational wealth.

A Slide in the Homeownership of Latinos, Blacks in South Florida

Even though one of the most effective ways to build wealth is to own a home, there’s been a toll on the rate of homeownership in South Florida due to the high cost of homes there. But there’s been a drop in the rate for Latinos and Blacks twice as much as that of whites. This report is based on a study by online brokerage, Redfin.

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