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Existing Home Sales Soar By Record To Highest In 14 Years; Median Price Breaches $300K For First Time Ever
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Early stage mortgage delinquencies improved in July but serious delinquencies are another matter.
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"The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,"
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Squeezing a 350-pound sofa down four flights of a narrow prewar staircase isn't easy on the best of days. Doing so in a heat wave while wearing a mask is a lot harder.
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Among the chaos, the chorus to cancel rent in particular has stuck out for its sheer insolence and the ease with which it has entered the discourse as a sensible policy solution.
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If our economic numbers were going to improve substantially, now would be the time for it to happen.
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Apartment building is down 12% in 2020. 13 of 20 top metro area are in decline.
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In all of U.S. history, we have never seen anything like "the mass exodus of 2020". Hundreds of thousands of people are leaving the major cities on both coasts in search of a better life.
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Apartment building is down 12% in 2020. 13 of 20 top metro area are in decline.
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New York City and San Francisco have seen housing prices fall and homes linger on the market for longer amid the COVID-19 pandemic as demand for rental properties in US cities has dropped nationally.
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And that, some might argue, sums up the amazing surge in homebuilder sentiment in August, spiking from 72 to 78 (74 exp) - equalling its highest level in history (in Dec 1998)...
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Readers may recall as early as April we outlined how mortgage lenders were preparing for the most significant wave of delinquencies in history as tens of millions of people lost their jobs because of the virus-induced recession.
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The province of British Columbia extended the temporary moratorium on evictions in June until the end of August to support distressed tenants impacted by the COVID-19 pandemic.
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The virus-induced recession has abruptly upended younger millennials (ages 24 to 29) from living on their own, have now moved back home, according to a new survey.
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Lake Tahoe sees record property sales and rocketing prices amid the pandemic as Silicon Valley tech employees work remotely and families flee big cities for refuge in the mountains
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Gov. Cuomo extends NY's eviction moratorium by 30 DAYS - one day after protesters stormed NYC offices of landlord attorneys demanding rent be canceled in the Big Apple
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Life on the road....
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Bank lending standards tightened so much in the second quarter, it is virtually impossible to get a loan. But since demand is also tumbling, who will notice?
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Readers may recall the eviction moratorium expired a little more than a week ago nearly four months after the US economy effectively shut down due to the covid pandemic. 33% of renters have yet to make their full payment in July, a recent survey show
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Listed for $1.25 million, the mostly defunct 40-acre town of Cleator, AZ, includes a functioning bar, general store, and 20 other structures--namely, the town's original homes.
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Building and construction
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It is a war not against a geographical location or a type of housing or community, but an attack on a way of life.
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Josh Sigurdson talks with Tim Picciott, The Liberty Advisor about the imminent collapse of the housing market alongside the global economy as eviction moratoriums are extended according to Kudlow.
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After rebounds in new- and existing-home sales, pending home sales in June were expected to continue to surge (after screaming 44% higher MoM in May) and they did, rising 16.6% MoM (beating the 15.0% expectations) and sending the YoY sales number UP
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The eviction moratorium expired last Friday nearly four months after the US economy effectively shutdown due to the covid pandemic, and more than 12 million renters - all behind on rent payments because of the virus-induced recession - are now at imm
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More than three years ago, we explained why "the fate of the world economy is in the hands of China's housing bubble."
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The Federal Housing Administration (FHA) was able to stop evictions of renters during the coronavirus pandemic.
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'There is no point living in New York': Big Apple residents are snapping up properties upstate and driving up prices in the Hamptons by 21% to escape the city that has felt like a 'prison' during lockdown
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"This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue."
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There is a lot of discussion about the low levels of inventory for sale, as potential sellers have pulled their homes off the market or are not wanting to list their homes at the moment, waiting for the Pandemic to blow over...
