There’s been so much real estate and economic news I feel overwhelmed trying to read and watch everything. If that’s you too, this article is for you.
This is a quick summary of some of my favorite real estate articles and webinars of the past week.
Let me know if it’s useful to you. I might continue it.
Wells Fargo Economics Group, June 12
1. Strongest Sector
“Housing looks to be the strongest sector of the coronavirus economy. Mortgage purchase applications have more than completed a ‘V-shaped’ recovery, unlike any other major indicator we are aware of”
2. Interest Rate Outlook
“In that regard, the committee employed a form of implicit “forward guidance” in its so-called “dot plot. Specifically, 15 of the 17 committee members thought that it would be appropriate to keep rates on hold through 2022 (top chart). In other words, short term interest rates likely will remain at rock bottom for quite some time.”
3. Second Wave
“But the country is arguably better prepared for a second wave. Testing is more widely available, people have access to protective gear such as masks and awareness of the virus is just generally higher than it was at the onset of the pandemic. Preparedness itself could therefore obviate the need for large portions of the country to re-enter a state of lockdown.”
Meyers Research, June 10 Webinar
– Ali Wolf & Tim Sullivan
1. Non-Farm Payroll
Nice discussion of this week’s surprising Non-Farm Payroll numbers.
2. Building Permits
3. Resale Showings
See how much they’ve rebounded in your area.
Black Knight’s Mortgage Monitor, June 8
“While delinquencies rose by at least a full percentage point in all of the 100 largest U.S. metro areas and all 50 states, varying impacts were seen across the country… Delinquency rate increases in Miami (+7.2%) and Las Vegas (+6.2%) were both more than 2X the national rise”
2. Forbearance Flattening
“As of May 26th, the number of active forbearances had begun to flatten… The challenge now becomes handling the upcoming wave of forbearance expirations / extensions, as well as assessing default risk and what comes next for the nearly 4.8 million homeowners in active forbearance plans”
3. Forbearance Equity
“80% of those in forbearance have 20% equity in their home or more”
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