What Will Happen To Commercial Real Estate As More People Work From Home? : NPR

The coronavirus pandemic forced many people to work from home. NPR looks into what remote work from home could mean for commercial real estate.



AUDIE CORNISH, HOST:

People are going out less and working from home more because of the coronavirus pandemic. But what will happen to all the office buildings and retail space that depend on people leaving their homes and going to work? Stacey Vanek Smith and Cardiff Garcia from our daily economics podcast The Indicator From Planet Money look into what working from home could mean for commercial real estate.

(SOUNDBITE OF ARCHIVED NPR BROADCAST)

CARDIFF GARCIA: Steve Rappaport has been in the commercial real estate business in Manhattan for 15 years. And he says it is not for the faint of heart.

STACEY VANEK SMITH: You have to hustle for everything.

STEVE RAPPAPORT: Yep, so no deals, no commission.

VANEK SMITH: And, of course, it’s not

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Decade-Old Predatory Loans Plague Some Black Homeowners In Prince George’s County : NPR

Zalee Harris, 63, lost her Temple Hills home after fighting her predatory loan foreclosures for almost a decade.

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Some homeowners in Prince George’s County are grappling with the current recession while still mired in debt from predatory home loans from the last recession.

The 2008-2009 subprime mortgage crisis left thousands of homeowners in Maryland — which was third in the country for foreclosures — strapped with loans that were initially low before ballooning dramatically. Black homeowners — particularly in Prince George’s County which was hardest hit in the state for foreclosures — were often targeted for these loans. Many didn’t find out about the high cost of the loans until receiving a notice for intent to foreclose, years after the housing crisis had supposedly ended.

And when they try to seek help to avoid foreclosure, they’re mostly told to get a hard-to-obtain

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Stockton Suffers Among Top U.S. Foreclosure Rates : NPR

Stockton, Calif., has one of the biggest foreclosure rates in the country, according to RealtyTrac. Art Godi, a longtime Realtor there and former president of the National Association of Realtors, talks with Michele Norris.



MICHELE NORRIS, host:

The mortgage meltdown has hit the Golden State with a wallop. California has one of the highest foreclosure rates in the country. Of the top 10 list of cities with the largest number of foreclosures, six are in California.

One of those towns is Stockton, about an hour and a half east of San Francisco. Just two years ago, the housing market was hot, fueled by homebuyers looking for affordable housing beyond the pricy San Francisco Bay market.

According to the housing data firm, RealtyTrac, Stockton now has the highest foreclosure rate in the country.

Art Godi is a longtime realtor in Stockton and a former president of the National Association of Realtors.

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