What Does The House Look Like? Never Mind, I’ll Take It

Today’s News Synopsis:

A quarter of realtors reported homes are already being put under contract by buyers who never even saw the property.  Mortgage rates are near their lowest on record with 30-year rates now at 3.31% and 15-year rates at 2.8%.  What are five important charts to see right now showing what’s happening in the real estate market?

In The News:

MarketWatch – “Mortgage Rates Near All-Time Lows” (4-16-2020)

“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 3.31 percent..”

CNBC – “Hurricane Harvey gave these real estate CEOs ‘the blueprint’ to weather coronavirus crisis” (4-15-2020)

“Nothing can compare to the crushing economic tsunami created by the coronavirus pandemic, but in the housing market, there are some parallels to natural disasters.”

MarketWatch – “New-home construction records biggest monthly decline since March 1984, as coronavirus pandemic takes a toll” (4-16-2020)

“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 – “A Quarter of Realtors® This Week Report Homes Coming Under Contract Without Buyers First Visiting the Property” (4-16-2020)

“A quarter of Realtors® with clients putting contracts on homes this week had at least one do so without physically seeing the property, according to a new survey from the National Association of Realtors®.”

Redfin – “Five Charts That Show What’s Happening in the Housing Market Right Now” (4-15-2020)

“As Americans grow accustomed to a new reality under quarantine, fewer people are delisting their homes, properties are sitting on the market for longer and growth in home prices has officially hit zero, according to research from Redfin.”

Forbes – “Postponing Your Appraisal Until After Closing? New Emergency Rules Make It Possible For Certain Borrowers” (4-15-2020)

“Three federal banking regulators came together this week to announce a temporary suspension of appraisals for credit-worthy borrowers while the country prepares for the economic impact of COVID-19.”