Today’s News Synopsis:
Realtor.com shows us with markets remained strong even in the midst of the pandemic. Mortgage rates remained relatively the same, only up ticking slightly with 30-year rates now at 3.28% and 15-year rates at 2.72%. New home purchase applications decreased by 12% according to the Mortgage Bankers Association.
In The News:
Freddie Mac – “Mortgage Rates Generally Hold Steady” (5-14-2020)
“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 3.28 percent.”
Realtor.com – “April’s Hottest Markets: Even Coronavirus Can’t Keep These Real Estate Hot Spots Down” (5-14-2020)
“Despite the novel coronavirus throwing the global economy and U.S. housing markets into chaos, certain real estate markets are holding up better than others.”
“Real estate attorneys are helping a growing number of clients who want to tear-up agreements they signed before the Covid-19 pandemic erupted and the city was shut down.”
Mortgage Bankers Association – “April New Home Purchase Mortgage Applications Decreased 12 Percent” (5-14-2020)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2020 shows mortgage applications for new home purchases decreased 12 percent compared from a year ago.”
“As the heads of major companies like Morgan Stanley and Berkshire Hathaway tout the viability of their employees working from home for the long term – or even “forever,” as Twitter CEO Jack Dorsey told his employees this week –the future of a post-coronavirus office market seems suddenly in jeopardy.”
Apartment Therapy – “67 Artists Spent Quarantine Painting Murals at Home—Here Are the Amazing Results” (5-14-2020)
“While most galleries and public art spaces are closed due to the pandemic, that hasn’t stopped a group of artists from expressing themselves. Their new art venue? Their apartments.”
Zillow – “A Rise in Remote Work Could Lead to a New Suburban Boom” (5-14-2020)
“Where people choose to live has traditionally been tied to where they work, a dynamic that through the past decade spurred extreme home value growth and an affordability crisis in coastal job centers.”
“The deserted sidewalks and continuous rows of boarded-window establishments along both sides of the street create a stark, unprecedented and surreal scene as I drive along 6th Street in Downtown Austin.”
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.
When choosing a paint hue for your walls, it’s not just the color that matters, but the name of the color too. The Mortgage Bankers Association reported a 12% increase in commercial/multifamily originations in the first quarter. More and more teachers were having a hard time owning a home.
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