Real Estate News

      30-year mortgage money is at 3.01%, 15- year 2.56%, FHA 30 year is 2.50, Jumbo 3.95%, and 5/1 ARM 3.07.

      Sales of new single-family houses in April 2020 were at a seasonally adjusted annual rate of 623,000. This is 0.6 percent above the revised March rate of 619,000 but is 6.2 percent below the April 2019 estimate of 664,000.  Existing home sales were down by 17.8% from March and down 17.2% from March 2019. This drop was primarily due to the shutdown due to the coronavirus.
     Residential construction numbers increased in May after the coronavirus pandemic collapse in April. The Census Bureau and the Department of Housing and Urban Development report that both permitting and starts rose during the month.
56% of new single-family housing starts are in the south. Homeowners are likely to spend more time at home than ever before due to 1) the health risks of travel and public events, 2) social distancing, and 3) companies adjusting to employees working from home. This will create more repair and remodeling spending on the home.
The number of homeowners with mortgages in forbearance has fallen for the second consecutive week. Black Knight reports that, as of June 9, there were 4.66 million active COVID-19 related forbearance plans. This is 77,000 fewer than the previous week and down by 112,000 at the May 22 peak.
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