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As we begin the month of May tomorrow, we can all be hopeful that we are in for more good news than bad. Tomorrow also marks the end of April, which means I will have fresh monthly data to try and bring some clarity to the market and the continued impacts from the Coronavirus. While I look at the new data over the weekend, I want to share the latest news from this week and some current listings that will be key to follow. Important News This Week The 1st quarter GDP results were officially announced this week and U.S. gross domestic product contracted by 4.8%. Estimates for the next quarter range widely, with experts projecting
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As we continue to wait for full April data to shine a light on Coronavirus’ impact on our local real estate markets, I am sharing weekly real estate big-data that is useful. Important News This Week Ugly News According to Black Knight, a mortgage data and analytics firm, about 3.4 million borrowers are in forbearance. That represents about 6.4% of all mortgages outstanding. The Labor Department has now reported new unemployment filings over the past five weeks that have totaled more than 26 million. The Mortgage Bankers Association reported that California mortgage purchase applications are down over 40% compared to the same time last year. Better News After I shared huge pending sales drops in the
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As we wait for more concrete data for the full month of April, I am going to share what pieces of information you should know and what you should be watching out for during the Coronavirus pandemic. I also am going to share what I am hearing “in the streets,” from clients, and from my personal portfolio. These rumors and real-time feedback can help prepare you for the coming data ahead of time. You need to depend on the data but speaking to owners, renters, etc. will give you an idea of what is coming and how to prepare. Important News This Week Below is important news you should know this week. Another 5.25 million jobless
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Wow. What an incredible past few weeks it has been for our country’s health, economy, and local real estate markets. News and data are changing rapidly from one week to the next. Just a few weeks ago there were talks of another Great Depression, while today some pundits believe recent Fed actions will boost the economy. Just a few weeks ago, the United States projected death rate was between 100,000 to 240,000 compared to today where projections are 60,000. In the middle of March, some prognosticators were estimating 3 million unemployed a week. Today, we have been seeing 6 million. Change is happening at lighting speed. Real Estate Comparisons While current sellers are looking for buyers,
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In last week’s blog titled, “How the “Stay-at-Home” Order is Affecting South Bay Real Estate,” I discussed how Governor Newsom’s order was affecting the real estate market based on our clients’ reactions and from an anecdotal standpoint. Side Note: Our link to subscribe to the blog was down all last week. So if you subscribed between March 24th and April 1st, please subscribe one more time. Sorry! Just last week, real estate agents were deemed non-essential upon the announcement. But on Saturday, the essential workers list was updated to expressly include “residential and commercial real estate services, including settlement services,” as produced by the Federal CISA under the Department of Homeland Security. A lot has changed!
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