05/12/2020
Economic Overview
While the job numbers are as bad as expected, they lead us to this question--why has the stock market been so buoyant recently?
Interest Rate Watch
Rates remained near record lows in the past week, as negative economic data continued to dominate the headlines.
Real Estate News
With millions of people experiencing financial hardship because of the outbreak, the requests for mortgage forbearance skyrocketed, according to the Mortgage Bankers Association. How the deferred money is paid back at the end of your agreement can make all the difference.
Other News
As real estate pros find new ways of conducting business during a pandemic, home showings are on the rise. While showings dropped between March 12 and April 12, data from the National service ShowingTime indicates that home showings have been on the upswing, with a 39% increase in the following two weeks. The uptick is likely due to virtual showings rather than in-person showings. The largest increase in showings has been for homes priced $300,000 to $500,000 as well as those over $800,000, according to ShowingTime. Even in markets particularly hard-hit by the virus, showings are increasing. "We're seeing innovation coming out of pain, as agents have quickly embraced virtual showings to keep their business going," says Michael Lane, ShowingTime president. Source: Forbes
Existing-home sales fell in March following a February that saw significant nationwide gains, according to the National Association of Realtors. Each of the four major regions reported a dip in sales, with the West suffering the largest decrease. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 8.5% from February to a seasonally-adjusted annual rate of 5.27 million in March. Despite the decline, overall sales increased year-over-year for the ninth straight month, up 0.8% from a year ago (5.23 million in March 2019). "Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak," said Lawrence Yun, NAR's chief economist. "More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise."Source: NAR
Brian Emerson
Senior Loan Officer
NMLS: 400942
Office: (612) 203-5478
Sent By Edge Home Finance, 4510 W 77th Street ,suite 380, Edina MN 55435
