NATIONAL
The U.S. Has More Fancy Apartments Than It Is Able to Fill

Wall Street Journal

Think 15% vacancy rates are only a problem for owners of office towers? America has a serious housing shortage, but not for the type of apartments that real-estate investors have been building in record numbers. The national vacancy rate for multifamily apartments reached 8% in the last quarter of 2024—higher than it was before the pandemic.

What Wildfires Mean for America’s Home-Insurance Bills

The Wall Street Journal

You may live hundreds or thousands of miles away, but the wildfires tearing across Los Angeles and other natural disasters stand to raise your home-insurance bill. The wildfires are estimated to have caused insured losses of as much as $20 billion or more. Hurricanes Milton and Helene inflicted insured losses approaching $50 billion.

Office vacancies hit a record high in 2024

QZ

Despite pressure from the county's biggest companies to get workers back in the office, the rise of hybrid and remote work has led to record-high vacancies. Office vacancies peaked in the fourth quarter of last year, with 20.4% of office space in the nation's top 50 metro areas sitting empty, according to the financial services firm Moody's. For the same quarter a year earlier, the vacancy rate was a bit lower — at 19.6%.

CALIFORNIA
Properties Backing $1.3B In CMBS Debt Are In LA Fire Evacuation Zones

BisNow

While most of the properties already burned or in the path of the fires are single-family residential, Trepp identified 152 commercial properties in the evacuation areas. Nearly 60 are multifamily, according to Trepp, but retail spaces, hotels and a few offices are sprinkled into the mix.

ILLINOIS
New Analysis Finds Commercial Appeals Often Underestimate Market Value

Cook County Assessor's Office

A new analysis from the Cook County Assessor's Office (CCAO) finds that evidence submitted in commercial property appeals often underestimates sale prices, suggesting that the estimates of some appraisal firms do not match market conditions. The primary duty of the CCAO is to assess the fair market value of property in Cook County. Each year, property owners can appeal these values with the CCAO.

MARYLAND
Residential property tax assessments up nearly 18% in Montgomery County

Bethesda Magazine

If you were surprised last month to see an increase in your residential real estate property tax assessment sent by the state, you're not alone. Assessments are up an average of about 20.1% from three years ago across the state, according to the Maryland Department of Assessments and Taxation. That number is slightly lower for Montgomery County at 17.7%, according to Michael Coveyou, the county's finance director.

MASSACHUSETTS
Tax bill increases floor Northampton homeowners

Gazette Net

It's safe to say Ruth Griggs was a little unsettled when she looked at her latest property tax bill. Griggs, who has lived in a condominium on Northampton's South Street since 2011, said when she moved to the city her taxes were much lower than when she had lived in New York — and that her property tax bill went up 22% this year, translating to paying around $4,000 a year.

WASHINGTON
King County assessor was accused of stalking, harassment

The Seattle Times

King County Assessor John Wilson, who is running for the county's top leadership position, had a temporary protection order issued against him for seven weeks last year after his domestic partner accused him of stalking and harassment. The protection order, issued last May, barred Wilson from contacting or coming within 1,000 feet of his partner, her home or her workplace.