A new report from LendingTree finds that the majority of homeowners approved for a mortgage forbearance may not have needed one. According to their research, of the homeowners surveyed, 25% applied for forbearance due to a coronavirus-related hardship and 80% were approved. But here’s where it gets interesting; While the majority of people who applied were approved, only 5% said they wouldn’t have been able to pay their mortgage without forbearance and 72% of those who received forbearance reported feeling at least a little guilty about it. In other words, the vast majority of respondents claimed they could’ve made payments…
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The National Association of Realtors are reporting that with nearly all states under stay-at-home orders pending home sales dropped 21.8% in April. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dropped to 69.0 with every major region experiencing a drop in month-over-month contract activity. In addition, they reported that year-over-year contract signings were down 33.8%. However, the NAR remains optimistic in their outlook. Indeed…. “With nearly all states under stay-at-home orders in April, it is no surprise to see the markedly reduced activity in signing contracts for home purchases…While coronavirus mitigation efforts have disrupted contract…
Last Fall, our quarterly online survey told us that over 60% of REI2Day readers listen to podcasts – we even feature some on our site! Today’s infographic from Statista reminds us that podcasts are becoming a pretty big deal. In fact, they point out that the format’s rise in popularity clearly coincides with a general increase in digital media consumption, specifically on mobile devices. Indeed….their chart today clearly shows a steady increase in listeners over the last 14 years. Stay safe and Happy Friday!!! Hat tip to Statista.
According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 4.4% annual gain in March. Their 10-City Composite annual increase came in at 3.4% and the 20-City Composite posted a 3.9% year-over-year gain. The S&P CoreLogic Case-Shiller Home Price Indices are one of the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. “March’s data witnessed the first impact of the COVID-19 pandemic on the S&P CoreLogic Case-Shiller Indices,” says Craig…
With interest rates at all-time lows, CNBC’s Diana Olick is reporting that mortgage application numbers have risen 54% since early April, which she also says marks the first annual increase since the Coronavirus pandemic. The cited data is from the Mortgage Bankers Association Market Composite Index, which measures mortgage loan application volume. “The housing numbers just keep outdoing themselves.” Diana Olick Click here to watch on CNBC.com.
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 1.7% in Q1, 2020. In addition, they report that home prices were up 5.7% from the first quarter of 2019 to the first quarter of 2020. The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s. The FHFA’s HPIs are built on tens of millions of home sales and offer insights about home…
The U.S. Government is reporting that sales of new single-family houses in April, 2020 were at a seasonally adjusted annual rate of 623k, which is 0.6% higher than March’s revised rate, but is 6.2% lower than one year ago. The median sales price of new houses sold in April was $309,900 with an average sales price of $364,500. There were an estimated 325k new houses for sale at the end of April representing a 6.3 month supply at the current sales rate. Click here to read the full release at the U.S. Census Bureau.
The Wall Street Journal (reposted on Realtor.com) recently highlighted the plight of beach towns reopening for tourists in what they’re calling a “make or break” summer season. In particular, they looked at areas along the east coast from Ocean City to Cape Cod. Some owners beg the question of whether the crowds will return or even if their respective governments will let them reopen in a way that allows them to make a profit. One owner stated it rather bluntly: “I have 110 days to make my money for 365.” Indeed… “From Ocean City to the Jersey Shore to Cape…
Airbnb CEO Brian Chesky recently spoke with NBC’s Today Show about the future of travel and what steps Airbnb has been taking. Chesky predicted that there will be big changes in the travel industry and that it will become more intimate and local in a post-pandemic world. He also emphasized Airbnb’s recent efforts to ensure travelers that properties are safe through their new enhanced cleaning protocol for hosts. “cleanliness is our top priority…[we will be held] to a higher standard of quality…” Click here to watch the interview at NBC’s today.com.
According to Black Knight’s “first look” report for April, past-due mortgages increased by 1.6 Million, which was the largest single-month increase ever recorded. There were 3.6 million homeowners past due on their mortgages as of the end of April, the largest number since January 2015. In addition, they reported that both foreclosure starts and foreclosure sales hit record lows in April as moratoriums halted foreclosure activity across the country. Interestingly, prepayment speeds jumped 23% and hit the highest monthly prepayment rate in 16 years. Click here to read the full report at Black Knight.
