Can Portland's Hot Housing Market Survive the Pandemic and the Protests?

Can the housing market in Portland, OR, particularly downtown, survive the combination of the coronavirus and the charged social justice protests? The post Can Portland’s Hot Housing Market Survive the Pandemic and the Protests? appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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A surge in evictions could turn into financial crisis, economist warns

"This really could be catastrophic, and it extends beyond just the rental industry," said Tendayi Kapfidze, chief economist at LendingTree....(read more)

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Fannie Mae: Mortgage Serious Delinquency Rate Increased Sharply in June

Fannie Mae reported that the Single-Family Serious Delinquency increased to 2.65% in June, from 0.89% in May. The serious delinquency rate is up from 0.70% in June 2019. This is the highest serious delinquency rate since July 2013. These are mortgage loans that are "three monthly payments or more past due or in foreclosure". The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Click on graph for larger image By vintage , for loans made in 2004 or earlier (2% of portfolio), 5.00% are seriously delinquent (up from 3.09% in May). For loans made in 2005 through 2008 (3% of......(read more)

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Earnings: Housing is on fire, but apparel and restaurants are struggling

Earnings season may appear to be going well, but beyond Big Tech and some other obvious winners, many companies are struggling....(read more)

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Comparing US, EU and China GDP

With the sharp GDP decline in Q2, there have been several comparisons of US numbers to other regions of the world. First, it is important to understand: The US reports GDP on a quarter-over-quarter (QoQ) annualized basis. The EU reports GDP on a QoQ basis (not annualized). China reports GDP on a year-over-year (YoY) basis. So the US reported that GDP declined 32.9% in Q2 annualized, the EU reported GDP declined 11.9% in Q2, and China reported GDP increased 3.2% YoY in Q2 (China's big hit was in Q1). This is just how the data is reported.   There is no conspiracy to make the......(read more)

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$600 unemployment booster isn't primary reason people do or do not work: Yale economists

The $600 unemployment booster provided as part of the first coronavirus stimulus is not the primary reason people do or do not work, a study from Yale economists shows. That said, some small business owners report their employees make more money on unemployment and opt not to work because of it....(read more)

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Early Q3 GDP Forecasts

Important: GDP is reported at a seasonally adjusted annual rate (SAAR). Also, even if activity is flat in Q3 compared to June, GDP will show a significant increase in Q3 over Q2 because of the sharp decline in April. From Merrill Lynch: We look for GDP to grow by 15.0% qoq saar in 3Q . We forecast a contraction of -5.7% in 2020, followed by a 2.8% rebound 2021. [July 31 estimate] emphasis added And from the Altanta Fed: GDPNow The initial GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2020 is 11.9 percent on July 31. On July 30, the U.S.......(read more)

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What to do if you're at risk of eviction now that the CARES Act moratorium has ended

If you're facing eviction during the pandemic, you're definitely not alone. Follow these steps....(read more)

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Multiple Offers For Homes on the Market Are Becoming More Common

An earlier post revealed that 59% of buyers who were actively engaged in the process of finding a home in the second quarter of 2020 have spent upwards of 3 months searching for a home without success. Although the top reason long-time searchers haven't pulled the trigger continues to be the inability to find an affordable home (39%), that share... Read More ›...(read more)

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Condo Prices Down 1.4% in June, Sales Down 31%, But Demand Is Ticking Up

Homebuyer interest in condos dropped with the coronavirus pandemic along with prices, but buyers seeking affordable living are starting to return. The post Condo Prices Down 1.4% in June, Sales Down 31%, But Demand Is Ticking Up appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More ....(read more)

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Personal Income decreased 1.1% in June, Spending increased 5.6%

The BEA released the Personal Income and Outlays report for June: Personal income decreased $222.8 billion (1.1 percent) in June according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) decreased $255.3 billion (1.4 percent) and personal consumption expenditures (PCE) increased $737.7 billion (5.6 percent). Real DPI decreased 1.8 percent in June and Real PCE increased 5.2 percent. The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.2 percent. The June PCE price index increased 0.8 percent......(read more)

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UK PM Boris Johnson postpones easing of coronavirus lockdown measures in England

The move comes after the government imposed restrictions across swathes of northern England following a rise in the rate of transmissions....(read more)

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Coronavirus live updates: U.S. cases jump by 67,000; Sanofi, GSK nab $2.1 billion in vaccine deal

The coronavirus has infected more than 17.3 million people around the world as of Friday, killing at least 673,822 people....(read more)

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10-year Treasury yield falls close to 0.52% after record GDP contraction

Treasury yields continued to move lower on Friday morning after a week where the Federal Reserve iterated a dovish message and held rates, and new data showed the U.S. economy shrank at a record pace....(read more)

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What it's like to face eviction in a public health crisis

Even as unemployment levels remain at historic highs and cases of the virus show no sign of abating, statewide eviction moratoriums in more than 30 states have now lifted and protections for renters in the CARES Act are gone. Two families tell their stories....(read more)

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How Much Does a Home Inspection Cost?

You may be surprised to know that home inspection costs can vary widely from state-to-state. What it costs for a house in New York, NY to be inspected most likely will be different than a home in Portland, OR. Quite often, the cost can also vary from inspector to inspector. With a better understanding of … How Much Does a Home Inspection Cost? Read More » The post How Much Does a Home Inspection Cost? appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More ....(read more)

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Housing Share of GDP Climbs to 13-Year High

Housing will lead the economic recovery. Due to low mortgage interest rates, a renewed focus on the importance of home, and a lack of for-sale inventory, housing data has been a relative bright spot as the overall economy struggles to establish a rebound. Due to this broader weakness (GDP declined at a -32.9% rate for the second quarter) and gains... Read More ›...(read more)

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How the HEALS Act compares to the HEROES Act

Two proposals - one from the House, one from the Senate - take vastly different approaches to coronavirus stimulus....(read more)

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Survey: Almost Half of Recent Homebuyers Made an Offer Sight-Unseen, the Highest Share on Record

Almost half of surveyed homebuyers said they made a bid on a home without seeing it in person, up from 28% in 2019, amid pandemic fears and competition driven by a worsening housing shortage The post Survey: Almost Half of Recent Homebuyers Made an Offer Sight-Unseen, the Highest Share on Record appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More ....(read more)

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Homeowner expected relief from a mortgage deferral, instead got a bill for $4,700: 'I about fell over'

One Utah homeowner panicked after receiving a mortgage bill for $4,700 - more than the three months of payments she thought she placed on a coronavirus deferment plan with Bank of America in March....(read more)

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GOP HEALS Act gives some businesses a second shot at Paycheck Protection Program loans

The GOP HEALS Act calls for additional funding for small businesses that have run out of their first infusion of Paycheck Protection Program loans. Sens. Marco Rubio, R-Fla., and Susan Collins, R-Maine, also propose earmarking cash for companies with no more than 10 employees....(read more)

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Builder Confidence in the 55+ Housing Market Rebounds in Second Quarter

Builder confidence in the single-family 55+ housing market jumped 27 points to 65 in the second quarter, according to the National Association of Home Builders' (NAHB) 55+ Housing Market Index (55+HMI). An index reading over 50 indicates more builders view market conditions as good than poor (Figure 1). The 55+ HMI measures two segments of the 55+ housing market: single-family... Read More ›...(read more)

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A third of small-business owners have tapped personal funds to stay afloat, survey finds

More than a third of small-business owners said they've needed to rely on their own funds - i.e., their personal credit card and/or savings - to help keep their business running over the last several months amid slower economic activity....(read more)

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U.S. second-quarter GDP plunged by a record 32.9%, vs 34.7% expected

U.S. gross domestic product for the second quarter was expected to drop 34.7%, according to economists surveyed by Dow Jones....(read more)

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U.S. weekly jobless claims total 1.434 million, vs 1.45 million expected

U.S. weekly jobless claims total 1.434 million, vs 1.45 million expected<br/>https://ift.tt/30ZT6Apread more)

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Treasury yields move lower after Fed keeps interest rates near zero

The U.S. central bank voted to keep its benchmark overnight lending rate anchored near zero, where it has been since March 15....(read more)

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3 Months Of Hell: U.S. Economy's Worst Quarter Ever

The coronavirus triggered the sharpest economic contraction in modern history. The Commerce Department documents that damage on Thursday, when it releases its first estimate of second-quarter GDP....(read more)

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Dollar will weaken further while bond yields strengthen, Wells Fargo predicts

Wells Fargo Securities' Michael Schumacher explains how the latest Fed decision on interest rates will likely influence two key areas....(read more)

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How the Coronavirus Pandemic Pushed Home Prices to a Record High

Home prices hit a record high in July-even as the number of COVID-19 cases surged in many parts of the country, resulting in new rounds of restrictions. The post How the Coronavirus Pandemic Pushed Home Prices to a Record High appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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2 Underreported Risks: Homeowners Extending & Re-Entering Mortgage Forbearances

Forbearances dropped last 6 weeks but forbearance extensions spiked sharply. And now homeowners who ended forbearances are re-entering. Here's a briefing....(read more)

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Fed holds rates steady, says economic growth is 'well below' pre-pandemic level

The Federal Open Market Committee released a statement following its two-day meeting that concluded Wednesday....(read more)

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Mnuchin says Republicans and Democrats are 'far apart' on coronavirus relief bill as talks continue

The GOP and Democrats are far apart on a coronavirus relief bill as the White House suggests a short-term unemployment insurance extension....(read more)

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'We're running out of homes for sale,' Lake Tahoe brokers say as tech workers flee Bay Area

A new wave of urban flight is reshaping real estate markets from New York to Chicago and Los Angeles to San Francisco As part of this shift, Lake Tahoe is seeing unprecedented bidding wars, buying activity and price increases....(read more)

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Census: Household Pulse Survey shows 26.5% Missed or Expect to Miss Rent or Mortgage Payment

Note on the question below on lost income is always since March 13, 2020 - so this percentage will not decline - but might increase. From the Census Bureau: Measuring Household Experiences during the Coronavirus (COVID-19) Pandemic The U.S. Census Bureau, in collaboration with five federal agencies, is in a unique position to produce data on the social and economic effects of COVID-19 on American households. The Household Pulse Survey is designed to deploy quickly and efficiently, collecting data to measure household experiences during the Coronavirus (COVID-19) pandemic. Data will be......(read more)

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Pending home sales surge for the second consecutive month as the Realtors raise their forecast for 2020

Pending home sales continued to climb in June, rising 16.6% monthly since May, and rising 6.3% since June 2019, according to the National Association of Realtors....(read more)

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GOP senator urges Congress to pass unemployment benefit replacement by Friday

"We cannot allow us to go through a period where there is no employment insurance going out to people. $600 to zero is not a good option," Ohio Sen. Rob Portman told CNBC....(read more)

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Make over $55,000? Unemployment benefits may replace less than 70% of your wages under HEALS Act

The HEALS Act, proposed Monday by Senate Republicans, would reduce a federal unemployment subsidy so it replaces 70% of workers' lost wages. But that's not true for everyone....(read more)

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Powell is expected to say the Fed will keep doing whatever it can while it considers its next move

The Fed is expected to again promise to do whatever it takes to fix the economy, at the same time it is working on what more it can do....(read more)

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Treasury yields edge higher ahead of Fed interest rate decision

U.S. government debt prices were lower on Wednesday morning, with the Federal Reserve poised to announce its latest interest rate decision later in the session....(read more)

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The Surprising Reason Why the Homeownership Rate Surged in the Middle of a Pandemic

In the middle of a recession and the worst public health crisis in a century, the U.S. homeownership rate surged to its highest point since the Great Recession. The post The Surprising Reason Why the Homeownership Rate Surged in the Middle of a Pandemic appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Senate HEALS Act does not extend federal eviction moratorium—here's what to know

The Health, Economic Assistance, Liability Protection and Schools, or HEALS, Act doesn't include an extension of the federal eviction moratorium or adequate housing relief, according to housing advocates, just as eviction bans across the country expire....(read more)

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HVS: Q2 2020 Homeownership and Vacancy Rates

The Census Bureau released the Residential Vacancies and Homeownership report for Q2 2020. It is likely the results of this survey were significantly distorted by the pandemic.  See note from Census below. 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......(read more)

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Richmond Fed: "Manufacturing in the Fifth District showed signs of recovery in July"

From the Richmond Fed: Manufacturing in the Fifth District showed signs of recovery in July Manufacturing in the Fifth District showed signs of recovery in July, according to the most recent survey from the Richmond Fed. The composite index rose from 0 in June to 10 in July, its first positive reading since March , buoyed by increases in all three components. The indexes for shipments and new orders suggested expansion, while the third component index-employment- remained slightly negative. The local business conditions index rose further, suggesting some improvement in sentiment. Survey......(read more)

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Case-Shiller: National House Price Index increased 4.5% year-over-year in May

S&P/Case-Shiller released the monthly Home Price Indices for May ("May" is a 3 month average of March, April and May prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P: S&P CoreLogic Case-Shiller Index Reports 4.5% Annual Home Price Gain in May The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 4.5% annual gain in May , down from 4.6% in the previous month. The 10-City Composite annual......(read more)

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20% of Winning Home Offers Waived the Inspection Contingency in June, Up From 13% Last Year

1 in 5 successful offers waived the inspection contingency in June as bidding wars intensified amid a deepening housing shortage and record-low interest rates The post 20% of Winning Home Offers Waived the Inspection Contingency in June, Up From 13% Last Year appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More ....(read more)

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Millions of Americans Could Soon Become Homeless as Protections Expire

A federal CARES Act moratorium on evictions that protected about 1 in 4 renters expired last week, prompting fears that a tsunami of evictions may not be far behind. The post Millions of Americans Could Soon Become Homeless as Protections Expire appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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U.S. Treasury yields higher ahead of Fed meeting

U.S. government debt prices moved lower on Tuesday morning ahead of a new Federal Reserve meeting....(read more)

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Freddie Mac: Mortgage Serious Delinquency Rate increased sharply in June, Highest in 7 Years

Freddie Mac reported that the Single-Family serious delinquency rate in June was 2.48%, up from 0.81% in May. Freddie's rate is up from 0.63% in June 2019. This is the highest serious delinquency rate since October 2013. Freddie's serious delinquency rate peaked in February 2010 at 4.20%. These are mortgage loans that are "three monthly payments or more past due or in foreclosure". Click on graph for larger image With COVID-19, this rate will increase significantly again in July (it takes time since these are mortgages three months or more past due). Mortgages in forbearance are being counted ......(read more)

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MBA Survey: "Share of Mortgage Loans in Forbearance Decreases for Sixth Straight Week to 7.74%" of Portfolio Volume

Note: To put these numbers in perspective, the MBA notes "For the week of March 2, only 0.25% of all loans were in forbearance." From the MBA: Share of Mortgage Loans in Forbearance Decreases for Sixth Straight Week to 7.74% The Mortgage Bankers Association's (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 6 basis points from 7.80% of servicers' portfolio volume in the prior week to 7.74% as of July 19, 2020. According to MBA's estimate, 3.9 million homeowners are in forbearance plans . ... "The share of loans in......(read more)

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Coronavirus outbreak show signs of slowing in Arizona, Texas and Florida

Coronavirus outbreaks in Arizona, Florida and Texas appear to be slowing down as more people practice social distancing and states halt reopening plans....(read more)

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