Today’s News Synopsis:
The FHA announced a change in Fannie Mae and Freddie Mac’s policy to limit the number of payments servicers are required to make on loans in forbearance. Home sales decreased drastically month-over-month due to COVID-19 but were surprisingly up year-over-year. If you’re a cash buyer, now might be a good time to invest that money in real estate.
In The News:
“For the last several weeks, the mortgage servicing industry has been crying out for help, lobbying the government to set up a federally backed liquidity facility for servicers to address the rapid rise in forbearance due to the coronavirus.”
Inman – “How curbside closings are keeping the market moving” (4-21-2020)
“An Atlanta real estate law firm has been conducting mobile closings for 14 years. A global pandemic has given their model, as well as emerging closing technologies fresh, much-needed attention.”
Wall Street Journal – “Cash Pours Into Distressed Real-Estate Funds as Investors Aim to ‘Play Offense’” (4-21-2020)
“Builders started construction on new homes in the U.S. at a pace of 1.22 million in March, the Commerce Department said Thursday.”
National Association of Realtors – “Home Sales Increase Year-Over-Year Despite Expected Monthly March Sales Decline Due to Impact of COVID-19” (4-16-2020)
“Existing-home sales fell in March following a February that saw significant nationwide gains, according to the National Association of Realtors®. Each of the four major regions reported a dip in sales, with the West suffering the largest decrease.”
Forbes – “Is There A Real Estate Silver Lining In This Crisis?” (4-21-2020)
“The ongoing crisis has thrown everything and everyone for a loop. Social distancing means that schools and businesses are shut down and many people are out of work.”
Curbed – “21 easy home projects to tackle while you’re hunkered down” (4-21-2020)
“As the U.S. confronts the spread of the novel coronavirus, most of the country has now implemented stay-at-home orders. And while we grapple with how to pay rent, whether we’re headed into a recession, and how the virus is impacting the housing market, we’re also left with a more basic question: What should we do while we’re stuck at home?”
National Mortgage News – “Banks see coronavirus-related forbearance requests triple in 2 weeks” (4-21-2020)
“Surging unemployment from COVID-19 shutdowns brought a rapidly rising tide of forbearance requests, according to the Mortgage Bankers Association.”
Forbes – “Now Might Be The Time To Invest In Real Estate—If You’re A Cash Buyer” (4-21-2020)
“The midst of a pandemic might not seem like the best time to invest in anything. In fact, for many, this is a time to take whatever money they can find and to stuff it under the mattress.”
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.
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