Today’s News Synopsis:
Where’s all the missing homes for sale? Mortgage rates increased slightly with 30-year rates now at 3.18% and 15-year rates at 2.62%. In some good news, jobless claims fell to their lowest since March to 1.9 million.
In The News:
Freddie Mac – “Mortgage Rates Tick Up Slightly” (6-4-2020)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.18 percent.”
Realtor.com – “Selling Your Home in the Age of Coronavirus? Here Are All Your Top Questions, Answered” (6-4-2020)
“With every day of this pandemic feeling like it brings a fresh batch of news, you’d be forgiven for feeling confused about the actual state of things now.”
Zillow – “Spring’s Missing Home Sales Will be Added to Coming Years, Experts Say” (6-4-2020)
“Coronavirus brought fewer home transactions during the prime home buying season. Experts say they’re not lost for good, and will be spread over several years.”
ATTOM Data Solutions – “Home Sales Prices Rise in March Amid Early Phases of the Coronavirus Pandemic” (6-4-2020)
“The nation’s housing market showed mixed signs of fending off the Coronavirus pandemic in March 2020 as home prices continued rising throughout the Nation, but sales slumped at a pace not seen in more than a decade.”
HousingWire – “Jobless claims fall to 1.9 million, the lowest since March” (6-4-2020)
“Another 1.9 million people filed jobless claims last week, the lowest level since the COVID-19 pandemic began closing U.S. businesses in mid-March.”
Forbes – “Six Feet Of Separation: Apartment Communities Prepare For A Safe Reopening” (6-4-2020)
“As apartment communities begin to ease some coronavirus restrictions, rental housing providers are laying the groundwork for a new normal that will be anything but ordinary.”
Inman – “Another pocket listing network sues NAR, alleges MLS conspiracy” (6-4-2020)
“Suit alleges Clear Cooperation Policy is part of a plan to eliminate PLS as a ‘competitive threat.’ Trade groups say policy is ‘not discriminatory’ and promotes competition.”
HousingWire – “[PULSE] Will servicers be able to flatten the curve in foreclosures?” (6-4-2020)
“How can we best achieve our goal of minimizing foreclosures in an economic downturn? Traditional mortgage lenders like community banks that maintain loans in their own portfolios have long seen foreclosure as a last resort; loan modifications (including refinancing) are their preferred options.”
Forbes – “The Best Markets For Real Estate Investment During The Coronavirus” (6-4-2020)
“The usual ways to assess real estate markets are out the window this year. The standard equation is that more jobs lead to more demand for housing, but with a massive loss of jobs in all markets this year, that analysis doesn’t work.”
Hard Money Loan Closed
Fountain Valley, California hard money loan closed. Real estate investor received loan for $510,000 on this single family property appraised for $756,000.
Aaron Norris will be presenting his latest talk Innovative Real Estate Marketing With NorcalREIA on Wednesday, June 10.
Bruce and Aaron Norris will be presenting Keep-Sell-Create in Sacramento on Saturday, June 20.
The Norris Group presents its award-winning black-tie event I Survived Real Estate 2020 on Friday, September 18.
Fannie and Freddie changes coming. CoreLogic reported home prices increased 3.6% year-over-year in April. Meanwhile, home prices for newly constructed homes decreased by 1% in the first quarter.
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