Over the past six months, there has been a flurry of different eviction moratoriums enacted by cities, counties, and even the State of California. The different local orders created a complicated framework, usually requiring an attorney to decipher which rule applied to each rental.
On Monday, August 31st, Governor Newsom signed the COVID-19 Tenant Relief Act of 2020 (AB 3088) into law. This legislation is a step towards unraveling the complicated eviction moratorium orders throughout the state and providing a uniform approach to the issue.
In reviewing the legislation, all local eviction measures that have not expired will remain in place. However, once the local measures expire, they cannot be renewed. Tenants and landlords will be forced to rely on state law.
Let’s take a deep dive into the COVID-19 Tenant Relief Act of 2020, or AB 3088 for short.
The centerpiece of the legislation is the eviction protection provided to tenants. Under AB 3088, a landlord is to serve a tenant, who has missed a rent payment between March 2020 and August 2020, with a 15-day notice to pay or submit a declaration stating they cannot pay their rent because of COVID-19. The landlord’s notice must outline the tenant’s rights under AB 3088, as well as provide a hardship declaration form. If the tenant submits the declaration, any back rent incurred between March 2020 and August 2020 will not have to be repaid until March 1, 2021.
Further, a tenant who submits the declaration will only have to pay 25% of their rent between September 2020 and January 2021. The 25% can be paid in one lump sum on January 31, 2021. If the 25% is not made by the January deadline, a landlord can commence eviction proceedings on February 1, 2021, for all back rent.
Keep in mind, as long as the tenant provides the declaration to the landlord, eviction proceedings are stayed from September 2020 to February 1, 2021. However, if a tenant has not served the Landlord with the declaration, they cannot avail themselves of the protections and eviction can happen immediately.
In the event that the declaration is served on the landlord and a 25% rent payment is made by January 31, 2021, all monies owed to the landlord (including the full rent for February 2021, all back and unpaid rent) must be paid by March 1, 2021.
It is worth noting that the protections under AB 3088 only apply to evictions based on unpaid rent resulting from COVID-19. A landlord can still move forward with no-fault evictions under AB 1482, as well as at fault evictions for nuisance, criminal activity, etc. The only caveat to this is that some local cities still have eviction orders in place, so check whether they have expired and are applicable.
Also, all unpaid rent is still due and owing to the landlord. AB 3088 only provides a means to delay payment to March 2021 if a tenant fulfills all the necessary requirements. Any tenant that does not pay the back rent is subject to a lawsuit brought by the landlord for said outstanding sums.
In fact, AB 3088 provides that the landlord can bring a lawsuit for all unpaid rent against the tenant in small claims court, regardless of the amount of unpaid rent. Normally lawsuits in small claims court are capped at $10,000.00. The small claims court offers an expedited proceeding and less formality (compared to other California Courts).
AB 3088 prompts additional questions: What level of proof must a tenant provide in their declaration to the landlord? The answer depends on their income. If the tenant makes more than $100,000 or earns more than 130% of the median income for the area, they must show proof that they are suffering from financial hardship due to COVID-19. Everyone else is just held to their word.
The hope is that AB 3088 will allow tenants that are suffering financial hardship to get back on their feet. Although, it appears to be doing so at the expense of landlords.
We love food, and we want to share some delicious picks in your hometown. Have you been craving a bountiful breakfast? Looking for a great lunch spot? We have you covered. Check out these sensational restaurants:
1. California Fish Grill
With food as good as it looks, this divine grill will set new expectations for food quality. They are dedicated to responsibly-sourced and sustainable seafood — partnering with the Monterey Bay Aquarium Seafood Watch program to secure delicious and healthy food for future generations. California Fish Grill carries a wide variety of fish and seafood to please every person’s taste buds. Try out the Fried Catfish, Breaded Shrimp plate, or go raw with their amazing Cajun Seared Ahi Tuna plate.
2. Baracoa Cuban Restaurant
Are you ready for out-of-this-world flavors? This Cuban restaurant uses a unique style of cooking called Creole, which combines culinary arts from around the world, including tropical, African, and European cuisine. Owners Tony, Rick, and Danny opened and dedicated this restaurant to honor their grandmother, who inspired many of the recipes they use today.
3. Chelly’s Café
Now, this is a place to bring the family! Chelly’s Café creates freshly-made breakfast and lunch combos in a family-friendly environment. This highly rated café offers homemade muffins, biscuits, jellies, and salsa, just to name a few. Their recipes are derived from their other popular restaurant, Nat’s Early Bite. Boasting many years’ experience pleasing people and their stomachs, this place is one eatery you don’t want to miss.
4. Las Originales Mexican Bar and Grill
Are you a sports fan? This bar and grill provides streaming sports and transforms into a club at night. No need to worry about holding a riveting conversation when your dining experience is chock-full of entertainment in every direction. Their dishes are imbued with authenticity, hailing from Guadalajara. Time to dine and delight yourself with a magical experience!
5. Claim Jumper
If you have been dying for a great happy hour, Claim Jumper is your place! They serve creatively crafted cocktails, mouth-watering tacos, and delicious desserts. Their pretzel bites with cheddar cheese sauce and mustard are nothing short of incredible. Plus, the New England clam chowder here is sensational, and their strawberry cream cheese pie is outstanding. Don’t delay any further, stake your claim at Claim Jumper.
6. Lucky Roxy’s Café
Bring your family somewhere that prides themselves on customer service and quality food. Bring them to Roxy’s. With abundant servings, a warm atmosphere, and superb prices, your kids will thank you and ask when they can go back. Here you will find a vast menu to ensure your little ones eat something scrumptious to fill their tummies.
7. Sharky’s Woodfired Mexican Grill
Eat to your heart’s content and feel good about yourself with Sharky’s wide variety of healthy and appetizing food. We suggest the original tacos, power plate with shrimp, and their remarkable watermelon lemonade (made with real fruit and fresh every day!). This adorable establishment features a gorgeous design and invites you to become part of their family. Never go hungry, call Sharky’s.
You are entitled to a free credit report every 12 months from each of the three major consumer reporting companies (Equifax, Experian and TransUnion). You can request a copy from AnnualCreditReport.com.
You can request and review your free report through one of the following ways:
. Mail the completed form to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
You can request all three reports at once or you can order one report at a time. By requesting the reports separately (for example, one every four months) you can monitor your credit report throughout the year. Once you’ve received your annual free credit report, you can still request additional reports. By law, a credit reporting company can charge no more than $12.50 for a credit report.
You are also eligible for reports from specialty consumer reporting companies. We put together a list of several of these companies so you can see which ones might be important to you. You have to request the reports individually from each of these companies. Many of the companies in this list will provide a report for free every 12 months. Other companies may charge you a fee for your report.
You can get additional free reports if any of the following apply to you:
Tip: Be cautious of websites that claim to offer free credit reports. Some of these websites will only give you a free report if you buy other products or services. Other websites give you a free report and then bill you for services you have to cancel. To get the free credit report authorized by law, go to or call (877) 322-8228.
by realtor.com 09/03/2020
In the COVID-19 era, many buyers don't want to tour homes in person—or they might not be able to. Virtual tours are an essential tool, and here's what sellers should know.
When you’re getting ready to list your home, it’s of the upmost importance to ensure you are showing it in the best light. Taking time to highlight its strengths and fix up some of its possible weaknesses can make a big difference in how fast it sells. Here are our top four recommended repairs to make before selling your home.
Giving your home a fresh coat of paint is one of the most cost-effective ways to spruce it up, and generally, it can be a do-it-yourself project. Make sure cover any walls with scratches and chips and consider updating any accent walls with a more neutral coat.
Hardwood floors are a very desirable feature in a home, so you want to ensure they look their best by fixing scratches or dull areas. If your carpet is worn or stained, consider replacing them. And don’t forget the tile in your kitchen or bathrooms. Re-grouting can go a long way in making dingy tile work look brand new!
Refresh the landscaping.
Show buyers your home is the full package by dressing up the outside as well as the in. Clean walkways and driveways, plant seasonal flowers and plants, trim hedges and trees, install outdoor décor pieces and fill in mulch and gravel.
Fix your fixtures.
Leaky faucet? Rusted drains? Loose drawer handle? Making these small fixes can make a big difference to potential buyers with detailed-orientated minds. Improve your kitchen. An outdated kitchen can be a real eyesore in a home. Updating cabinetry, repairing or replacing countertops, and installing new faucets and sinks may be worth the investment
Visit houselogic.com for more articles like this.
© Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®
The economy is trudging slowly uphill, but real estate markets are bounding back. Realtor.com Senior Economist George Ratiu reviews the latest indicators.
Researchers from the Urban Institute (UI) have conducted a study that showed American Black and Hispanic homeowners, even prior to the COVID-19 pandemic, accrued a smaller financial benefit from homeownership than White homeowners.
“Homeowners of color typically had lower housing equity, because they purchased homes of lower value with higher mortgage debt later in life,” wrote Michael Neal, Senior Research Associate, and Jung Hyun Choi, and John Walsh, Research Associates.
“They also had marginally higher costs associated with homeownership, largely due to the greater preponderance of mortgages and slightly higher mortgage rates thanks largely to lower credit scores as well as higher loan-to-value and debt-to-income ratios.”
The researchers identify lower wages and assets as well as a lack of intergenerational wealth as significant contributors to these differences.
They also highlight the historic role of racially discriminatory practices in real estate sales, value-stripping zoning laws, wealth-stripping property laws and what they call “violent attacks against communities of color.”
The researchers offer four proposals to address persistent discriminatory practices and increase the value of homeownership for homeowners of color:
Reform local land use and revisit zoning laws and regulations. Some cities such as Minneapolic are rethinking zoning laws, the researchers noted. This helps to create affordable housing, according to another UI report. But, they said, some areas continue to create or perpetuate “exclusionary barriers.” They recommend that policymakers put racial equity at the center of local zoning and land-use laws.
Expand down-payment assistance. This would support sustainable homeownership especially for communities of color, the researchers wrote. Some shoppers would otherwise qualify for homeownership but lack the necessary down payment funds. It would also prevent new homeowners from depleting their savings, allowing them to build wealth, afford home repairs, and, in general, maintain homeownership.
Strengthen pre- and post-purchase counseling. The cost of maintaining homeownership can be surprising to new homeowners. Those on a tight budget can face mortgage delinquencies or even foreclosure. Counseling for borrowers will increase the benefits of homeownership for people of color, the researchers wrote, and will help to prevent negative outcomes related to the cost of new homeownership.
Develop financial products for home maintenance, repair, and improvement. The ability of homeowners of color to maintain and improve their home may be more difficult because they typically have less equity and fewer liquid assets. Maintenance costs, such as repairing a roof, fixing plumbing, or replacing a hot water heater, may reduce homeownership benefits directly and indirectly if the homeowner uses a home equity line of credit or cash out refinancing to finance the improvements. Improving access to small dollar home improvement loans for renovation and repair would help (McCargo, Bai, and Strochak 2019) Getting access to financing for smaller repairs (e.g., up to $10,000) is difficult but could create value in the property, which translates to equity and wealth. “Providing affordable repair and renovation financing can help bridge the gap in homeownership for people of color.
A final potential suggestion by the researchers is to create escrow savings accounts for homebuyers to help them meet major maintenance or repair needs. This insurance account could be funded through a borrower contribution in lieu of a larger down payment on the home. The fund would then function as an operating reserve. Such an insurance fund would prevent one channel of mortgage delinquency by providing an operating reserve to homeowners with fewer financial assets and would help families build long-term wealth.
The entire report can be viewed here on the Urban Institute website.
Looks like new homes are creeping back into the market with a boost in home seller confidence, translating into a near recovery edging back up to levels seen last year, according to Zillow's Weekly Market Report.
That said, however, the new supply is being outpaced by buyer demand as newly pending sales, fueled partly by mortgage rates that tumbled this week even more substantially, have spiked; big, in year-over-year numbers.
From the same week last year, newly pending sales ticked up 16.5%. The catalyst? Strong buyer demand rolling in the late summer—the largest year-over-year hike since mid-February, prior to COVID-19.
And the running shoes were firmly affixed; last week, typically, home sellers who accepted an offer did it after 13 days. That’s 13 days faster than a year ago.
In order of market size, New York/Newark, NY/NJ had a total of 41.5% in Newly Pending Sales -YoY, followed by Los Angeles, 3.8%; Chicago, 40.1%; Dallas-Fort Worth, 21.7%; and Philadelphia, 25.1%.
A potential signal that sellers are belatedly hitting the market as home-shopping seasons stretches later in the year than usual? New for-sale listings plummeted 10.6% over year last week—the most narrow gap since late March.
Meantime, now that the time’s right to sell a home, confidence is blossoming, according to Fannie Mae’s National Housing Survey. That perspective was mutual among 45% of respondents last month, a hike of 41% in June and a recent low of 29% in April.
In light of the pace of pending sales, though, the total for-sale inventory further sagged below the level of last year. As of last week, compared to a year ago, 28.9% fewer homes sat on the market.
Compared to a year ago, the median U.S. list price is $345,255, which is higher by 8.3%--the largest annual change since the week ending July 13, 2019.
On the heels of an announcement by the Federal Housing Finance Agency of a delay in its new 0.5% fee on some refinances, there was a drastic midweek tumble in mortgage rates listed by third-party lenders on Zillowii. The Adverse Market Refinance Fee, which applies to all mortgage refinances serviced by government entities, will be delayed from September 1 to December 1.
Federal Reserve Chairman Jerome Powell also formally announced a policy shift that, in some cases, will allow for higher inflation. That’s expected to keep interest rates low for a sustained period. The immediate impact on mortgage rates will likely be negligible. Furthermore, it’s possible that, longer-term, this actually steps up mortgage rates depending on factors like the pace of the economic recovery.
June wound down with the housing market on somewhat shaky ground, with pending sales having pulled back slightly as summer nears, revealed Redfin data, recently.
Additionally, new listings dipped 8% from this time last year. Even with near-record low rates, however, those applying for mortgage applications decreased by 2% from the prior week.
Redfin Houston agent Irma Jalifi commented on the current shortage: “Homebuyers are becoming frustrated because they’re just not seeing a lot they want to buy. The lack of homes for sale has caused two of my buyers to just give up when they had been trying to find a home before their leases were up at the end of July. It’s disappointing to spend so much time and effort and come up empty-handed.”