Today’s News Synopsis:
Despite the downturn and pandemic, real estate remains a top choice for investors. Forbearance requests increase as unemployment reaches record highs. New home listings are making a comeback, specifically high-end homes.
In The News:
Realtor.com – “Homebuilders Are Now Offering Deals, Incentives on New Construction to Lure Buyers” (5-12-2020)
“Mike and Crystal Green couldn’t have picked a worse time to look for a new home. In mid-February, Mike was offered a promotion to be regional sales manager at Chatsworth Products, a computer security company. The catch was the couple would need to relocate from California to the Houston area by April 1.”
Forbes – “Record Unemployment Drives Spike In Forbearance Requests” (5-12-2020)
“A new survey by the Mortgage Bankers Association reveals a sharp uptick in the number of mortgage loans in forbearance.”
“More than four million homeowners are now delaying their monthly mortgage payments as part of both government and private lender relief programs – but some have been put into forbearance by mistake and are having a hard time getting out.”
National Association of Realtors – “Metro Home Prices Rise in 96% of Metro Areas in First Quarter of 2020” (5-12-2020)
“Nearly all of the nation’s metro areas saw price growth and had minimal inventory increases in the first quarter of 2020, according to the latest quarterly report by the National Association of Realtors.”
Mortgage Bankers Association – “Mortgage Delinquencies Rise in First Quarter of 2020” (5-12-2020)
“The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.36 percent of all loans outstanding at the end of the first quarter of 2020, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.”
“New listings of high-end homes dropped the farthest and fastest when the coronavirus pandemic hit the U.S., while affordable listings were less affected, a new Zillow analysis shows.”
Wall Street Journal – “Senior-Housing Communities Face Higher Vacancy Rates Amid Coronavirus” (5-12-2020)
“The aging-at-home movement, well under way when the Covid-19 pandemic hit, will likely be stoked by the staggering number of related deaths at U.S. nursing homes and other senior communities as well as the surge in telemedicine use.”
“The coronavirus pandemic has made us all a lot more familiar with our homes. But it has also thrown up a great number of questions over the future of the property market.”
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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