Surprisingly Strong

Today’s News Synopsis:

Home buying demand amidst job loss and Covid-19.  Mortgage rates remained flat with 30-year rates now at 3.33% and 15-year rates at 2.77%.  The amount of mortgage credit available decreased to its lowest in 5 years.

In The News:

Freddie Mac “Mortgage Rates Remain Flat” (4-9-2020)

“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 3.33 percent, unchanged from last week.”

HousingWire “Mortgage credit availability tumbles to 5-year low” (4-9-2020)

“The availability of mortgage credit in March crashed to the lowest level since June 2015, led by a pull-back in jumbo and non-QM lending, according to the Mortgage Bankers Association.”

National Association of Realtors “With a Spring Real Estate Slowdown Expected, NAR Survey Finds Many Realtors® Hopeful for Post-Pandemic Market Rebound” (4-9-2020)

“With an expected slowdown in spring real estate business activity, many Realtors® remain hopeful for a post-pandemic market rebound, according to a new survey from the National Association of Realtors.”

Redfin “Surprising Resilience in Home-Buying Demand Despite Job Losses and Coronavirus Spread” (4-9-2020)

“The U.S. is confronting what is likely to be the deadliest week so far in the coronavirus outbreak and with over 10 million new unemployment claims over the past two weeks the backdrop for the housing market is fairly bleak.”

Inman “Airbnb acquires $1B in debt, equity funding to fuel post-virus plans” (4-9-2020)

“The funds will be used to recruit hosts, introduce longer-term stays, and bolster the company’s Airbnb Experiences program.”

HousingWire “Jobless claims totaled 6.6 million last week” (4-9-2020)

“The number of Americans submitting unemployment claims totaled 6.61 million for the week ending April 4, the second-highest on record, compared with an upwardly revised all-time high of 6.87 million in the previous week, the Department of Labor said on Thursday.”

California Association of Realtors “FAQs: Financial Resources for Brokers” (4-9-2020)

“The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed on March 27 to provide financial relief to small business owners, independent contractors and other unemployed Americans.”

National Association of Realtors “Coronavirus Guidance: Commercial Real Estate” (4-9-2020)

“COVID-19 and its long-reaching effects continue to change the way we conduct our everyday business, and commercial real estate practitioners continue to adapt to these changes on a daily basis.”

Redfin “6 Charts That Show What’s Happening in the Housing Market Right Now” (4-9-2020)

“As the coronavirus continues to impact the U.S. economy and way of life, homes are spending less time on the market and touring activity is slowing, yet so far, sellers aren’t slashing prices, according to recent research from Redfin.”

 

California Real Estate Investor Events

ALERT: Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with Pasadena FIBI on Thursday, April 16 (ONLINE ONLY).

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.

 

Looking Back:

Who had the most affordable houses?  Luxury homes were adding new features to cater to the children who lived in them, including robot classes and walls made of Legos.  In 2019, sellers spent $21,000 on average to sell their home.

 

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