We already have 15 analysts in the queue right now.
Instead of 1,000-yard stare, team Camden showed up every day with the eye of the tiger, reminding us of what we know is true, you're simply the best.
Our markets have lost fewer high paying jobs than other markets in the U.S. As a matter of fact, it's 5% losses for Camden markets versus 15% for the U.S. Overall, year-over-year employment losses through September have been less in our markets.
Job losses in most of our markets have been in the range of down 2.5% to down 5%, the best being Austin, Dallas, Phoenix, Tampa, Atlanta and Houston.
Toughest markets have been Orlando, Los Angeles and Orange County with job losses between 9.5% and 9.7%.
Another key employment trend our other key employment trends are that are supporting our residents' ability to stay in their apartments and pay rent is that when you think about the job losses that we lost at the beginning of the pandemic, there were 22 million jobs lost, 11 million had been added back.
Of the jobs that have not been added back, 5.8 million are low-income workers making less than $46,000 a year.
And another group 4.1 million folks have not been added back that make between $46,000 and $71,000 a year.
So the lion's share of the 11 million jobs that haven't been that have not been added back are really not our residents.
A few signs that conditions of stabilizing our markets, occupancy for the third quarter was 95.6%, up from 95.2% in the second quarter.
Turnover continues to be a tailwind at 48% for the third quarter and only 42% year-to-date.
In our portfolio, we had 13.8% move-outs to purchase homes in the first quarter of this year that moved up to 14.7% in the second quarter.
And in the third quarter, it moved up again to 15.8%.
But if you take the average, the average year-to-date move-outs to purchase homes, it was 14.8% versus a full year 2019 of 14.6%.
We did see a little uptick in October to 18%, but Q4 is always a little bit elevated.
During the third quarter of 2020, we stabilized Camden North End I, a 441 unit $99 million new development in Phoenix, Arizona, generating over a 7% stabilized yield.
We completed construction on Camden Downtown, a 271 unit $131 million new development in Houston.
We recommenced construction on Camden Atlantic, a 269 unit $100 million new development in Plantation, Florida.
And we began construction on both Camden Tempe II, a 397 unit $115 million new development in Tempe, Arizona, and Camden NoDa, a 387 unit $105 million new development in Charlotte.
For the third quarter of 2020 effective new leases were down 2.4% and effective renewals were up 0.6% for a blended decline of 0.9%.
Our October effective lease results indicate a 3.5% decline for new leases and a 2.1% growth for renewals for a blended decrease of 1%.
Occupancy averaged 95.6% during the third quarter of 2020 and this was up from the 95.2% where both experienced in the second quarter of 2020 and that we anticipated for the third quarter of 2020 leading in part to our third quarter operating outperformance, which I will discuss later.
In the third quarter, we averaged 3,227 signed leases monthly in our same property portfolio, slightly ahead of the third quarter of 2019 where we averaged 3,104 signed leases.
As we collected 99.4% of our scheduled rents with only 0.6% delinquent.
This compares favorably to both the third quarter of 2019, when we collected 98.3% of our scheduled rents with a higher 1.7% delinquency and in the second quarter of 2020, when we collected 97.7% of our scheduled rents with 1.1% of our residents in a deferred rent arrangement and 1.2% delinquent.
The fourth quarter is off to a good start with 98.1% of our October, 2020 scheduled rents collected.
When a resident moves out owing us money, we typically have previously reserved 100% of the amount owed as bad debt and there'll be no future impacts to the income statement.
Last night, we reported funds from operations for the third quarter of 2020 of $126.6 million or $1.25 per share, exceeding the midpoint of our prior guidance range by $0.08 per share.
This $0.08 per share outperformance for the third quarter resulted primarily from approximately $0.055 in higher same store revenue comprised of $0.025 from lower than anticipated net bad debt due to the previously mentioned higher than anticipated collection levels and higher net reletting income, $0.01 from the higher than anticipated levels of occupancy and $0.02 from higher than anticipated other income driven primarily from our higher than anticipated levels of leasing activity.
Approximately $0.005 in better than anticipated revenue results from our non-same store and development communities.
Approximately $0.005 in lower overhead due to general cost control measures and an approximately $0.015 gain related to the sale of our Chirp technology investment to a third-party, this gain is recorded in other incomes.
At the midpoint, we now anticipate full year 2020 same-store revenue to increase 1% and expenses to increase 3.4% resulting in an anticipated 2020 same store net operating income decline of 0.3%.
The difference between our anticipated 3.4% full year total expense growth and our year-to-date total expense growth of 2.4% is primarily driven by the timing of current and prior year tax refunds and accruals.
The increase to our original full year expense growth assumption of 3% is almost entirely driven by higher than anticipated property tax valuations in Houston.
We now anticipate total same-store property taxes will increase by 4.7% in 2020 as compared to our original budget of 3%.
We expect FFO per share for the fourth quarter to be within the range of a $1.21 to $1.27.
The midpoint of $1.24 is in line with our third quarter results after excluding the previously mentioned third quarter gain on sale of technology.
As of today, we have just under $1.4 billion of liquidity comprised of approximately $450 million in cash and cash equivalents.
And no amounts outstanding underneath our $900 million unsecured credit facility.
At quarter end, we had $384 million left to spend over the next three years under our existing development pipeline.
Our current excess cash is invested with various banks earning approximately 30 basis points.

Summary:
Last night, we reported funds from operations for the third quarter of 2020 of $126.6 million or $1.25 per share, exceeding the midpoint of our prior guidance range by $0.08 per share.