New Listings Lag Home-Buying Demand, Homes for Sale in Redfin Markets at 5-Year Low

Adam Wiener, Chief Growth Officer of Redfin, gives his weekly update about the impact of the coronavirus on housing. The post New Listings Lag Home-Buying Demand, Homes for Sale in Redfin Markets at 5-Year Low appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More ....(read more)

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About half of U.S. states easing coronavirus restrictions as jobless numbers grow

With initial White House social-distancing guidelines expiring on Thursday, about half the U.S. states were pressing ahead with plans to ease restrictions on businesses and social life, aiming to revive economies stalled by coronavirus while keeping people safe....(read more)

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Wells Fargo says it will no longer accept applications for home equity lines of credit

Wells Fargo says it will no longer accept applications for home equity lines of credit<br/>https://ift.tt/2KK7DZkread more)

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Mortgage Rates Hit New All-Time Lows—and They May Fall More

Mortgage interest rates have fallen to a new record low-and could continue to go down as the coronavirus pandemic continues to wreak havoc on the economy. The post Mortgage Rates Hit New All-Time Lows-and They May Fall More appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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New Jersey homeowners are getting some property tax relief. Here's what that means

Garden State homeowners may get a little more time to pay property taxes to their municipalities. An executive order gives cash-strapped residents a break but puts stress on localities' budgets....(read more)

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Hotels: Occupancy Rate Declined 62.2% Year-over-year

From HotelNewsNow.com: STR: US hotel results for week ending 25 April Reflecting the continued impact of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of 19-25 April 2020, according to data from STR. In comparison with the week of 21-27 April 2019, the industry recorded the following: • Occupancy: -62.2% to 26.0% • Average daily rate (ADR): -42.9% to US$73.61 • Revenue per available room (RevPAR): -78.4% to US$19.13 Year-over-year declines were less steep than previous weeks due to a comparison......(read more)

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We can afford more stimulus

With the economy in decline and the deficit rising sharply due to several major coronavirus-related relief bills, a growing chorus of voices is asking how we will pay for the policies that were enacted and arguing that further actions should be curtailed. But this is not the time to get wobbly.  Additional federal relief would…             ...(read more)

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Zillow Case-Shiller March Forecast: Still Showing Increasing YoY Price Gains, Mostly Pre-Crisis

The Case-Shiller house price indexes for February were released Tuesday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Matthew Speakman at Zillow: February Case-Shiller Results & March Forecast: Last Look at The World that Was the Case-Shiller home price index for February – the last before the data begin to show effects of the coronavirus outbreak – offers a final look at a housing market that was primed for a stellar spring selling season. ... Things were looking up for the housing market in mid-winter,......(read more)

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Share of Buyers Expecting Housing Availability to Improve Rises to Highest 1st Quarter Reading in Three Years

According to the latest Housing Trends Report (HTR), the share of prospective home buyers expecting their house search to get easier in the months ahead rose to 25% in the first quarter of 2020, up from 16% and 22%, respectively, in the first quarters of 2018 and 2019. This rise marks the third consecutive year-over-year increase in the share of... Read More ›...(read more)

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Fourth stimulus bill may not be needed if states bounce back: White House official

A fourth bill to provide stimulus to the U.S. economy may not be needed if states are able to successfully reopen their economies "relatively quickly," as some forecasters expect, a White House economic adviser said on Thursday....(read more)

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Builder Confidence in the 55+ Housing Market Drops Significantly in First Quarter on Coronavirus Pandemic

Builder confidence in the single-family 55+ housing market sank 30 points to 38 in the first quarter of 2020, according to the National Association of Home Builders' 55+ Housing Market Index (55+HMI) (Figure 1). This is the lowest reading since the fourth quarter of 2012. The 55+HMI survey produces two indices, one measuring the 55+ single-family market and another for... Read More ›...(read more)

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Q1 2020 GDP Details on Residential and Commercial Real Estate

The BEA has released the underlying details for the Q1 initial GDP report this morning. The BEA reported that investment in non-residential structures decreased at a 9.7% annual pace in Q1. Investment in petroleum and natural gas exploration decreased in Q1 compared to Q4, and was down 24% year-over-year.  This will probably collapse in Q2. Click on graph for larger image. The first graph shows investment in offices, malls and lodging as a percent of GDP. Investment in offices decreased in Q1, but was only down slightly year-over-year. Investment in multimerchandise shopping ......(read more)

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The Fed is expanding the scope of its Main Street lending to include bigger businesses

The Main Street program now will allow companies with up to 15,000 employees and $5 billion in revenue to apply for financing....(read more)

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Personal Income decreased 2.0% in March, Spending decreased 7.5%

The BEA released the Personal Income and Outlays report for March: Personal income decreased $382.1 billion (2.0 percent) in March according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) decreased $334.6 billion (2.0 percent) and personal consumption expenditures (PCE) decreased $1,127.3 billion (7.5 percent). Real DPI decreased 1.7 percent in March and Real PCE decreased 7.3 percent. The PCE price index decreased 0.3 percent. Excluding food and energy, the PCE price index decreased 0.1 percent. The March PCE price index increased 1.3 percent ......(read more)

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US weekly jobless claims hit 3.84 million, topping 30 million over the last 6 weeks

Jobless claims for the week ended April 25 came in at the lowest level in a month but bring the rolling six-week total to 30.3 million as part of the worst employment crisis in U.S. history...(read more)

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Treasury yields fall ahead of jobless claims as Fed vows to keep rates near zero

U.S. government debt prices were slightly higher on Thursday ahead of fresh weekly jobless claims figures, after the Federal Reserve pledged to keep interest rates close to zero until the U.S. economy is firing on all cylinders....(read more)

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'W-shaped' recovery may be too optimistic, Fed's Powell suggests

Federal Reserve Chair Jerome Powell has sketched out an altogether bumpier ride for the U.S. economy than many are predicting - one that sees business activity stop and start for months to come, until an effective treatment or vaccine for the novel coronavirus can be found....(read more)

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In States Loosening Lockdowns, Will Real Estate Markets Rebound?

Housing markets will likely feel the effects of states, counties, and cities loosening stay-at-home orders and restrictions designed to stop the spread of the novel coronavirus. The post In States Loosening Lockdowns, Will Real Estate Markets Rebound? appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Wall St. surges on promising coronavirus drug

U.S. stocks surged on Wednesday as expectations of an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair Jerome Powell....(read more)

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Powell says the economy will likely need more support from the Fed for the recovery to be 'robust'

Powell says the economy will likely need more support from the Fed for the recovery to be 'robust'<br/>https://ift.tt/35l2qkeread more)

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Federal Reserve issues FOMC statement (full text)

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses. Weaker demand and significantly lower oil prices are holding down consumer price inflation. The disruptions to economic activity here and abroad have......(read more)

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Wall St jumps on coronavirus drug hopes; Fed in focus

U.S. stocks jumped to seven-week highs on Wednesday as Gilead Sciences gave an encouraging update on a potential COVID-19 treatment and upbeat earnings from Google-parent Alphabet boosted the so-called market-leading FAANG stocks....(read more)

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Homebuyers Confront Credit Crunch as Coronavirus Puts Lenders on Edge

As the coronavirus pandemic sends shockwaves through the U.S. economy, banks are fighting financial uncertainty with stricter mortgage lending requirements, making it harder for house hunters to get their hands on home loans. The post Homebuyers Confront Credit Crunch as Coronavirus Puts Lenders on Edge appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More ....(read more)

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Manhattan Real Estate New Listings Plunged 85% in the Last Week of March

The number of new listings in the last week of March plunged 85% compared with the same period a year ago, according to UrbanDigs....(read more)

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McConnell says business protection a condition for next COVID bill

U.S. Senate Majority Leader Mitch McConnell on Wednesday doubled down on his demand that Congress protect businesses from coronavirus-related liabilities in its next legislative package for combating the pandemic....(read more)

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8-month 'structured lockdowns' could halve economic damage from the coronavirus, research claims

Researchers at Cambridge University and the U.S. Federal Reserve Board found that imposing no lockdown measures in the face of Covid-19 was "extremely risky" for developed economies....(read more)

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Fed likely to renew pledge to use all tools to brace economy

The Federal Reserve, which has pumped trillions in emergency funding into U.S. financial markets to stem the damage from the coronavirus pandemic, is expected on Wednesday to reiterate its promise to do whatever it takes to support the world's largest economy....(read more)

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NAR: Pending Home Sales Decrease 20.8% in March

From the NAR: NAR Calls Housing Market Slump Temporary as Pending Home Sales Fall in March Pending home sales fell in March, seeing expected declines as a result of the coronavirus outbreak, according to the National Association of Realtors®. Each of the four major regions saw drops in month-over-month contract activity and year-over-year pending home sales transactions. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, decreased 20.8% to 88.2 in March . Year-over-year, contract signings declined 16.3%. An index of 100 is equal to the level of......(read more)

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Gilead reports 'positive data' on remdesivir coronavirus drug trial

Gilead reports 'positive data' on remdesivir coronavirus drug trial<br/>https://ift.tt/3cXJtXbread more)

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US first-quarter GDP shrank 4.8%, vs 3.5% decline expected

US first-quarter GDP shrank 4.8%, vs 3.5% decline expected<br/>https://ift.tt/3cXhwyLread more)

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The Fed's massive response to the coronavirus crisis in one chart

Bank of America's Mark Cabana tracks the Federal Reserve's Treasury and mortgage-backed securities purchases during the coronavirus pandemic....(read more)

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Poll: Half Of Americans Financially Affected By Coronavirus

An NPR/PBS NewsHour/Marist poll finds 50% say they or someone in their household has lost hours or a job due to the pandemic. They also say their governors are doing a better job it than Trump....(read more)

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Much of U.S. economy still plugging along despite coronavirus pain

Garbage haulers still collect trash. Cops are on the beat. Couriers deliver food and packages. Insurance agents work from home....(read more)

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Millions can't access unemployment benefits so actual job losses are likely greater than data shows

The number of Americans who have lost their jobs during the coronavirus pandemic could be even bleaker than official government data suggests....(read more)

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Buying a House Sight Unseen? Avoid These 8 Mistakes

From grocery shopping to home buying, it seems like almost everything can be done completely online now. The idea of buying a house without seeing it is less daunting these days with all the new technologies and ways to buy a home virtually, and it's becoming more common. In fact, 20% of homebuyers recently made … Buying a House Sight Unseen? Avoid These 8 Mistakes Read More » The post Buying a House Sight Unseen? Avoid These 8 Mistakes appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More ....(read more)

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HVS: Q1 2020 Homeownership and Vacancy Rates

The Census Bureau released the Residential Vacancies and Homeownership report for Q1 2020. This is mostly pre-crisis. This report is frequently mentioned by analysts and the media to track household formation, the homeownership rate, and the homeowner and rental vacancy rates.  However, there are serious questions about the accuracy of this survey. This survey might show the trend, but I wouldn't rely on the absolute numbers. he Census Bureau is investigating the differences between the HVS, ACS and decennial Census, and analysts probably shouldn't use the HVS to estimate the excess......(read more)

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Richmond Fed: "Fifth District Manufacturing Activity Declined Sharply in April", Lowest Reading on Record

From the Richmond Fed: Manufacturing Activity Declined Sharply in April Fifth District manufacturing activity declined sharply in April, according to the most recent survey from the Richmond Fed. The composite index plummeted from 2 in March to -53 in April, its lowest reading and largest one-month drop on record . All three components - shipments, new orders, and employment - fell, and the indexes for shipments and new orders reached record lows. Firms reported weakened local business conditions and expected conditions to remain soft in the next six months. Survey results reflected a......(read more)

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Mnuchin warns that U.S. Treasury will audit coronavirus business loans

The U.S. Treasury Department will audit every loan for more than $2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday....(read more)

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Millions of Americans locked out of unemployment system, survey finds

Millions of Americans who have been thrown out of work during the coronavirus pandemic have been unable to register for unemployment benefits since the U.S. economy entered a free fall, according to a poll released on Tuesday....(read more)

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With virus war still raging, Fed peers out of the foxhole

The Federal Reserve has two core jobs assigned by Congress: Foster maximum employment and stable prices....(read more)

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Ten-year Treasury yields will stage a sustainable run above 1%, Wells Fargo predicts

Wells Fargo Securities' Michael Schumacher sees economic conditions improving as coronavirus cases fall....(read more)

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Wall Street gains as some U.S. states reopen for business

Wall Street advanced on Monday as investors girded for a busy earnings week while turning a hopeful eye toward several U.S. states that are relaxing shutdown restrictions put in place to curb the spread of the COVID-19 pandemic....(read more)

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The Fed won't move on rates this week, but here are some other things it could do

The central bank is likely to pause until it has more information about how those moves are working and what lies ahead....(read more)

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Many small businesses go back to work as some states lift stay-at-home restrictions

It's back to work for many small businesses in states, like Georgia, that have begun to lift restrictions implemented to reduce the spread of the coronavirus....(read more)

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New York state cancels presidential primary over coronavirus risk

The state of New York on Monday canceled its presidential primary, which had already been delayed from late April to June 23, over concerns voting was an unnecessary risk amid the COVID-19 pandemic....(read more)

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Jeffrey Gundlach says a retest of the low is 'very plausible,' market underestimating social unease

Jeffrey Gundlach says a retest of the low is 'very plausible,' market underestimating social unease<br/>https://ift.tt/2KCCGGlread more)

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U.S. payroll protection program: What has changed in round two?

The Small Business Administration on Monday began to allow lenders to process $310 billion in funds for the second round of its program that aims to help small businesses, hurt by the novel coronavirus disruption, to cover their payroll costs....(read more)

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Homebuilders suddenly see sales jump as renters flee small urban apartments

Home sales nearly ground to a halt at the end of March, as the coronavirus pandemic forced an economic shutdown that scuttled open houses and shattered consumer confidence. Now demand appears to be coming back, especially for newly built homes....(read more)

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Dallas Fed: "Contraction in Texas Manufacturing Sector Worsens", Record Low Activity Index

From the Dallas Fed: Contraction in Texas Manufacturing Sector Worsens Texas factory activity declined further in April, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, pushed further negative from -35.3 to -55.3, suggesting the contraction in output has steepened since last month. Other measures of manufacturing activity also point to a sharper decline in April. The new orders index dropped 26 points to -67.0, its lowest reading since the survey began in 2004. Similarly, the growth......(read more)

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Share of Americans Looking to Buy a Home Drops to Lowest 1st Quarter Reading in Three Years

According to NAHB's latest Housing Trends Report (HTR), the share of adults who are considering purchasing a home in the next 12 months fell to 10% in the first quarter of 2020, down from 17% and 13%, respectively, in the first quarters of 2018 and 2019. This decline marks the sixth consecutive year-over-year drop in the share of American adults... Read More ›...(read more)

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