Yes, There Are Still Homes For Sale Right Now

Today’s News Synopsis:

Where are the most affordable places to find a home right now?  Mortgage rates decreased this week with 30-year rates now at 3.24% and 15-year rates at 2.70%.  Existing-home sales decreased last month according to the National Association of Realtors, dropping 17.8%.

In The News:


Freddie Mac “Mortgage Rates Decrease” (5-21-2020)

“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 3.24 percent.” “The Most Affordable Places Where Buyers Can Still Find a Home for Sale” (5-21-2020)

“As home prices have surged over the past few years, many buyers have been chasing affordability.”

ATTOM Data Solutions “Residential Refinance Mortgages Comprise Over Half Of Home Loans In First Quarter Of 2020” (5-21-2020)

“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. Residential Property Mortgage Origination Report, which shows that 1.07 million refinance mortgages secured by residential property (1 to 4 units) were originated in the first quarter of 2020 in the United States.”

Inman “How to help clients keep kids safe during the summer of COVID-19” (5-21-2020)

“With summer inching closer and the season’s activities being canceled, kids are experiencing a lot more unstructured time, and parents today are more distracted than ever.”

KOMO News “Remote work may trigger a ‘suburban boom’ in real estate” (5-21-2020)

“With large tech companies like Amazon and Microsoft extending their work-from-home policies until the fall due to the COVID-19 pandemic, economists are predicting that real estate trends might shift and cause a “suburban boom” in the housing market.”

Mortgage Professional America “Delinquencies post largest single-month jump in history” (5-21-2020)

“Mortgage delinquencies posted the largest single-month increase in history in April, according to new data from Black Knight.”

Curbed “The economy is tanking. So why aren’t home prices dropping?” (5-21-2020)

“More than 38 million Americans have lost their jobs since the outbreak of the COVID-19 pandemic.”

National Association of Realtors “Existing-Home Sales Wane 17.8% in April” (5-21-2020)

“Existing-home sales dropped in April, continuing what is now a two-month skid in sales brought on by the coronavirus pandemic, according to the National Association of Realtors®.”


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:

Do you know what an REO is?  Rent price growth was stronger in March according to CoreLogic.  Existing-home sales decreased 0.4% the previous month according to the National Association of Realtors.


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