We’ll Have To Wait And See

Today’s News Synopsis:

Could we see real estate markets bounce back in states easing up on lockdowns?  Freddie Mac reported mortgage rates are at record lows with 30-year rates now at 3.23% and 15-year rates at 2.77%.  Jobless claims have reached 30 million as a result of the pandemic.

In The News:

Freddie Mac “Mortgage Rates Reach All-Time Low” (4-30-2020)

“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 3.23 percent, the lowest rate in our survey’s history which dates back to 1971.”

Realtor.com “In States Loosening Lockdowns, Will Real Estate Markets Rebound?” (4-30-2020)

“In the past few days, several states have begun the highly controversial process of loosening stay-at-home orders and restrictions put in place to combat the spread of the deadly novel coronavirus”

National Association of Realtors “Majority of Realtors® Continue to Report Sellers Haven’t Lowered Listing Prices to Attract Buyers” (4-30-2020)

“More than 3 in 4 Realtors® currently working with sellers this week – 76% – reported their clients haven’t reduced listing prices to attract buyers, according to a new survey from the National Association of Realtors®.”

Forbes “Here’s How Many Millions Will Be ‘Seriously Delinquent’ In Mortgage Payments When We Reach Peak Unemployment” (4-30-2020)

“A recent modeling analysis looked at three different scenarios for mortgage delinquency based on how high the unemployment level rises.”

ATTOM Data Solutions “U.S. Home Sellers Realized Average Price Gain of $67,100 in First Quarter of 2020” (4-30-2020)

“ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its First-Quarter 2020 U.S. Home Sales Report, which shows that home sellers nationwide realized a home price gain of $67,100 on the typical sale, up from $66,264 in the fourth quarter of 2019 and up from $59,000 in the first quarter of last year.”

Business Insider “A New York real estate agent’s advice for buying or selling a home during the coronavirus crisis” (4-30-2020)

“With few options to keep her real estate business going as the COVID-19 pandemic spread across New York City and Long Island, Mary Macaluso decided to try giving a virtual property tour as a way to sell a home.”

HousingWire “Jobless claims top 30 million during COVID-19 pandemic” (4-29-2020)

“The tally of Americans seeking jobless benefits because of COVID-19 closures now stands at 30.3 million with the addition of 3.8 million last week, according to Labor Department data released Thursday.”

Mortgage Professional America “COVID-19 may stymie GSE exit from conservatorship” (4-30-2020)

“The Trump administration’s plan to free Fannie Mae and Freddie Mac from government conservatorship may be stymied by the economic impacts of the coronavirus outbreak.”


California Real Estate Investor Events

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.


Looking Back:

Has the market shifted to buyers?  The National Association of Realtors reported a 3.8% increase in pending home sales in March.  At the same time, home-price growth was slower and at its lowest level in seven years.



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