Market News COVID-19 Updates

Fresno 'shelter in place' lifts Tuesday, restaurants can open immediately

05/22/2020
The order, which goes into effect Tuesday, also eliminates the COVID-19 enforcement duties for the city, unless there are flagrant violations by a business that present an immediate danger.

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Current market rates

05/22/2020
The average 30-year fixed rate mortgage (FRM) rate remained roughly level in the week ending May 22, 2020, now at 3.24%. The 15-year FRM rate also remained about the same, at 2.70%.

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Banks have the biggest share of mortgages in forbearance

05/04/2020
The overall share of home loans in forbearance rose to 7.54% in the last full week of April, from 6.99% in the prior week, with bank-based servicers holding the biggest slice.

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Newsom: California could reach phase two of economic reopening as early as Friday

05/04/2020
Gov. Gavin Newsom announced California businesses considered low-risk for spreading COVID-19 could begin opening across the state as early as Friday.

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HOMEBUYERS WANT LOWER PRICES. SELLERS DISAGREE.

04/29/2020
"In today's market, with everything changing and ongoing questions about when the economy will bounce back, it's interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Clearly, there are two different perspectives at play.
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California's definition of "essential service" has shifted for real estate professionals

04/29/2020
Even as millions of residents continue to shelter in place across California, a few industries have been identified as critical to keeping life going during the coronavirus (COVID-19) pandemic.

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Healthy ways to cope with stress

04/20/2020
FRESNO, Calif. (KSEE) - During this COVID-19 pandemic, it's not just the virus that could impact your health directly.

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Average mortgage rate is 3 basis points from all-time low

04/20/2020
The average U.S. rate for a 30-year fixed mortgage fell to 3.31% this week, putting it three basis points away from setting a new all-time low.

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2020 Sales

04/17/2020
To help put this into perspective, let's look at a report from JP Morgan.
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Opening Up America Again: Breaking down new guidelines on how to reopen US economy amid coronavirus outbreak

04/17/2020
WASHINGTON -- When will everyday life go back to normal? As the number of confirmed coronavirus cases in America continues to rise, the short answer is: no one knows. Still, President Donald Trump is determined to restart the U.S. economy, and his administration introduced a road map for recovering from the economic pain, laying out a phased approach to restoring normal activity.

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Blood center takes first plasma donation for COVID-19 treatment

04/17/2020
The Central California Blood Center announced Friday it has collected blood plasma from its first donor who has recovered from COVID-19.

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State Farm and other car insurance companies are giving refunds because of coronavirus — here's how you can get your discount

04/14/2020
As some auto insurance companies start giving refunds and credits to commuters stuck at home during the coronavirus outbreak, there's an easy way drivers with other carriers can catch the same break — just pick up the phone and ask.

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ALERT: IRS ISSUES DEADLINE EXTENSIONS FOR LIKE-KIND EXCHANGES

04/13/2020
Notice 2020-23 which is an update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic basically says that a taxpayer will get an extension to July 15th whose 45th day identification period or 180th day completion falls between April 1st and July 14th. Here are some examples:

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FICO® SCORE DISTRIBUTION

04/10/2020
The biggest hurdle in real estate since March 19, has been the availability of funds and buyer qualification parameters in the mortgage market. In simple terms, few to no mortgage products are available to buyers who have a less than 650 FICO® score. We have temporarily sidelined nearly 10% of the buyer pool. Lenders are once again strongly weighing a borrowers FICO® score and debt to income ratio, however, buyers should consult with a loan professional to be fully advised of their options.
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Fresno 'shelter-in-place' order extended, now mandatory; violators could face fines

04/10/2020
FRESNO, Calif. (KFSN) -- The City of Fresno has extended its shelter-in-place order until May 6th and has now declared the order mandatory for all residents and businesses within city limits.

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MAJOR FINANCIAL INSTITUTIONS CALLING FOR A RAPID 'V' TYPE RECOVERY

04/10/2020
Seattle-based real estate giant Redfin announced Tuesday that it's laying off 7 percent of its staff and furloughing hundreds of its agents due to decreased housing demand amid the coronavirus pandemic.
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Redfin Lays Off 7 Percent of Staff, Furloughs 41 Percent of Its Real Estate Agents

04/08/2020
Seattle-based real estate giant Redfin announced Tuesday that it's laying off 7 percent of its staff and furloughing hundreds of its agents due to decreased housing demand amid the coronavirus pandemic.

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RECESSION DOES NOT EQUAL HOUSING CRISIS

04/08/2020
More often than not, home prices have increased during a financial recession. The 2008 housing crash and recession were unprecedented in that unscrupulous lending practices, where it was practically impossible to not get a loan, lead to a complete mortgage market meltdown.
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Treasury yields go negative: what it means for real estate

04/08/2020
Interest rates have shown volatile and unprecedented movement in recent weeks. What this means for your and your clients' wallets is complicated. To fully understand how current and potential interest rate movement will influence homebuyers, sellers and the housing market in 2020, a brief overview of interest rate basics is needed.

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How to prevent bringing COVID-19 home after a trip to the grocery store

04/08/2020
A question on a lot of people's minds as we try to stop the spread of COVID-19 is, if you have to go out, how do you safely re-enter your home and lower the risk of bringing the virus with you?

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City of Fresno announces program to help small businesses during COVID-19 pandemic

04/08/2020
FRESNO, Calif. (KFSN) -- Fresno business, which has been struggling due to restrictions brought on by COVID-19, can now tap into city funds through the Save Our Small Business Act.

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Using the yield spread to forecast recessions and recoveries

04/03/2020
The yield spread indicates the likelihood of a recession or recovery one year forward. The spread equals the difference between the short-term borrowing rate set by the Federal Reserve (the Fed) and the interest rate on the 10-year Treasury Note, determined by bond market activity.

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US sheds most jobs in a decade, ending record hiring streak

04/03/2020
A record-long streak of U.S. job growth ended suddenly in March after nearly a decade, as employers slashed hundreds of thousands of jobs because of the viral outbreak that has all but shut down the U.S. economy. The unemployment rate jumped to 4.4% from a 50-year low of 3.5%.

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Fresno Convention Center to be turned into site to treat non-COVID-19 patients

04/03/2020
FRESNO, Calif. (KFSN) -- A 250-bed "alternate care site" will be set up at the Fresno Convention Center in the next few days to treat non-COVID-19 patients during the coronavirus outbreak.

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Fresno Unified School District extends school closures for remainder of 2019-2020 school year

04/02/2020
All schools in the district will continue online education. The original story follows below. As the state readies itself for a dramatic spike in COVID-19 cases, measures are being taken to combat the spread.

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What you need to know today about the virus outbreak

04/02/2020
More than 6.6 million Americans applied for unemployment benefits last week - doubling a record high set just one week earlier - in a sign that layoffs are accelerating in the midst of the new coronavirus, which has now infected more than 1 million people worldwide.

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Clovis waives rules on RV parking for COVID-19 isolation

04/02/2020
The City of Clovis has issued an emergency order waiving restrictions on recreational vehicle parking to allow essential workers and others to isolate themselves during the ongoing health emergency.

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[PULSE] A federal liquidity solution for the mortgage servicing industry

04/01/2020
Policymakers are considering ways to ensure the mortgage servicing industry -- the central plumbing of the U.S. housing financial system -- remains functional during the COVID-19 crisis.

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Fannie Mae, Freddie Mac tighten some standards, loosen others amid coronavirus crisis

04/01/2020
With the coronavirus continuing to wreak havoc across the country, the nation's two largest sources of mortgage funding are taking additional steps to address issues that currently exist within the lending process.

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Are we heading toward a foreclosure crisis in 2020?

03/30/2020
The global conflagration of pandemic, market crash and recession is shaking California's economy to its core. No sector is left untouched, and residential and commercial real estate markets are already feeling the repercussions.

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Mortgage Crisis and Fed Unintended Consequences

03/30/2020
The current Coronavirus crisis is having a critical impact on the Mortgage Industry, which could potentially make the 2008 financial crisis pale in comparison. The pressing issue centers around capital that's required by Mortgage Lenders to be able to function and meet covenants that are required for them to continue to lend.

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What you should know about coronavirus (COVID-19)

03/27/2020
Community Medical Centers is closely monitoring this season of high-volume influenza and are on high alert for the threat of the coronavirus. This is an emerging, rapidly evolving situation. The risk may change daily. But as home to the Valley's only Level 1 trauma center, our staff and physicians are highly trained and routinely prepare for situations like these.

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Is the coronavirus about to wipe out FHA lending?

03/27/2020
It looks like borrowers who don't fit neatly into Fannie Mae and Freddie Mac's lending criteria could soon be running out of options if they want to buy a house.

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California governor, big banks agree to 90-day mortgage grace period

03/26/2020
California Gov. Gavin Newsom (D) announced Wednesday that major banks have agreed to a 90-day grace period for mortgage payments in the state.

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Real estate companies report spike of demand for virtual home showings

03/26/2020
As more people are urged to stay home due to the coronavirus, many are still proving that they are interested in purchasing a home. Although many real estate companies have paused home showings, the desire for digital home showings have risen rapidly.

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3.3 million seek US jobless aid, nearly 5 times earlier high

03/26/2020
Nearly 3.3 million Americans applied for unemployment benefits last week — almost five times the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus.

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Washington agrees on unrivaled $2 trillion virus rescue bill

03/25/2020
WASHINGTON (AP) - The White House and Senate leaders announced agreement Wednesday on an unparalleled, $2 trillion emergency bill to rush aid to businesses, workers and a health care system slammed by the coronavirus pandemic.

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Mortgage industry lays out its case for widespread coronavirus emergency relief

03/25/2020
The mortgage industry's biggest trade and lobbying groups are banding together to push the federal government for widespread relief for all borrowers affected by the coronavirus outbreak in the U.S.

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What Kills Coronavirus

03/25/2020
By now, we've all heard about the latest human coronavirus strain that is claiming lives in China, making its way through Europe and reaching North America, officially named: Covid-19. And whether you're dealing with a mild coronavirus infection, or you want to be prepared in the event the Wuhan strain Covid-19 becomes a serious threat, this article will focus on the burning question: What Kills Human Coronavirus

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COVID-19 Relief: Industry Collaborates on Advocacy Efforts, Regulatory Changes

03/24/2020
In the midst of the COVID-19 pandemic, states across the U.S. are implementing restrictions on which businesses can remain open and who must work remotely. Several industry groups, including the National Association of REALTORS® (NAR), have taken steps to advocate for the housing industry and ensure that lawmakers are taking independent contractors and small business owners into consideration when drafting legislation.

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Fannie Mae And Freddie Mac Adopt "Alternative" Home Appraisals Due To Coronavirus

03/24/2020
Jonathan Miller felt a sense of relief when the Federal Housing Finance Agency announced this morning that it is instructing Freddie Mac and Fannie Mae, the government-backed mortgage enterprises it regulates, to adopt alternative home appraisal methods.

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Pre-Coronavirus, U.S. Home Sales Jumped 6.5 Percent in February

03/24/2020
According to the National Association of Realtors, U.S. existing-home sales climbed substantially in February 2020 after a slight decline in January. Of the four major regions, only the Northeast reported a drop in sales, while other areas saw increases, including sizable sales gains in the West.

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Bank of America will allow borrowers to pause their mortgage payments

03/24/2020
Mortgage relief options are coming fast and furious as the entire country struggles to deal with the spread of the coronavirus. This week, the Department of Housing and Urban Development, Fannie Mae and Freddie Mac announced that they are suspending foreclosures and evictions for at least 60 days. That was followed by the state of New York declaring that certain borrowers in the state could forgo their mortgage payments for up to 90 days.

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A Snapshot Of US Consumers' Attitudes And Behavior During COVID-19

03/24/2020
As we all navigate the fluidity and uncertainty of COVID-19, here at Forrester we are using our multimodal data to keep our finger on the pulse of rapidly changing consumer attitudes and behaviors. Stay tuned into our blog as we publish a series of posts highlighting the latest consumer trends that are shaping the cultural and economic climate.

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America's Best Investment Markets for Single Family Rentals Revealed

03/24/2020
Based on ATTOM Data Solutions' Q1 2020 Single-Family Rental Market report, which ranks the best U.S. markets for buying single-family rental properties in 2020, the average annual gross rental yield (annualized gross rent income divided by median purchase price of single-family homes) among the 389 counties is 8.4 percent for 2020, down slightly from an average of 8.6 percent in 2019.

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