Real Estate Market Update - Seattle & Bellevue - May and June 2020
As your real estate professional, it is my pleasure to provide to you, as much relevant real estate information as possible. This article contains numerous links to more information, videos with quick infographic statistic updates, and updates from local lenders from the mortgage & financing prospective. Contact me anytime to discuss this info and what it means to you. Let me know if you would like specific information for your neighborhood and share with me any information you come across to help me make this info the best it can be.
According to the Northwest Multiple Listing Service (NWMLS):
Housing activity in Western Washington shows resiliency as buyers, sellers and brokers adjust to COVID-19 restrictions "The market has proved to be very resilient," remarked Northwest Multiple Listing Service director Mike Larson upon reviewing the statistical report for May. "Buyers in Pierce County stepped on the gas last month after a brief, but significant, tap of the brakes in April," added Larson, the president and designated broker at ALLEN Realtors in Lakewood.… To read the complete NWMLS June Press Release click here
Lender updates from Tina, Eric, & Mark
If you want to know what is happening with the money-side of things in real estate, ask a mortgage lender. Below is info from Tina, Eric & Mark. I hope you find this info helpful. These lenders are available for you and can provide information to you regarding your plans to purchase or refinance a home. Let me know if you talk with them and how I can assist you as your Realtor. Thanks! Jen 206-550-1676
Click on the video image above for the latest Mortgage Minutes posted May 5, 2020 with Tina Mitchell for an explanation of:
The Feds & Banking Liquidity Issue
Tina Mitchell with Highlands Residential Mortgage is a fabulous lender. She has been in the mortgage industry for over 2 decades and has been recognized in the top 1% Nationwide. She is a numbers gal and can talk with you about possible loan options. I also really like her communication style. You can schedule a time with Tina now (for a video zoom conference call) using this link. She is available by cellular phone and even works nights & weekends! Tina promptly follows up your no obligation consultation with informative emails showing your different loan options, estimations of costs, and other important info in writing and throughout the process has the best communications of any lender I have ever seen. The first step is to schedule a meeting to review loan options, cash needed and payment breakdown. There is no cost or commitment to move forward, it’s just education. Call Tina now or if it’s more convenient you can use the following online calendar to Schedule a Consultation at https://calendly.com/tinamitchell/. Tina Mitchell, Highlands Residential Mortgage • Loan Originator, NMLS 145420 • Cellular: (425) 647-0205 • “Live Your Dream Now!” Read more about Tinawww.TinaMitchellTeam.com
These thorough market updates from lender, Eric Aasness, Branch Sales Manager, Homebridge Financial are full of great charts and economic information. At the end of each article, Eric has included the links to more than 10 additional articles related to home loans and the real estate market.
May 1, 2020 - Mortgage Rates Are Super Low, But Not For Everyone
May 8, 2020 - The Truth About Skipping Mortgage Payments (And The Consequences)
May 15, 2020 - All-Time Low Mortgage Rates!
May 22, 2020 - The Sun Also Rises For Housing and Mortgage Markets
May 29, 2020 - Mixed Signals About Housing and Economic Recovery
June 5, 2020 - Are All-Time Low Mortgage Rates Behind Us Now?
June 12, 2020 - Just When You Thought They Were Gone, All-Time Low Rates Are Back
June 19, 2020 - The Great Debate for Rates, Housing, and Markets
June 26, 2020 - Rates Are Headed Higher... Eventually
Here are some additional market updates provided by Mark Williams at Fairway Independent Mortgage Corporation:
May 1, 2020 - Fed Will Provide Maximum Support
May 8, 2020 - Unemployment Rises
May 15, 2020 - Retail Sales Plunge
May 22, 2020 - Housing Activity Slowed
May 29, 2020 - Inflation Drops
June 5, 2020 - Stunning Job Growth
June 12, 2020 - Fed Helps Bonds
June 19, 2020 - Retail Sales Surge
June 26, 2020 - Improving Housing Market
Here are some links to more articles & videos.
If you find great articles that you would like to share with me, please email those to me at jen@jensrealty.com. I am always working hard to be your source for real estate information! Thanks, Jen
Fannie Profit Plummets; Forbearance Fears Confirmed Mortgage News Daily - May 1, 2020
Fannie Profit Plummets; Forbearance Fears Confirmed Mortgage News Daily
Home Seller Profits Still Significant Despite Coronavirus Impact Mortgage News Daily
Construction Spending Increased in March Calculated Risk Blog
Forbearance Count Nears Four Million, 7.3% of all Mortgages Mortgage News Daily
How the Fed's fighting to keep Covid-19 from causing an extended financial crisis CNBC
NMHC: Rent Payment Tracker Finds 80.2 Percent of Apartment Households Paid Rent as of May 6 Calculated Risk Blog
How the Coronavirus Is Transforming the Housing Market: A Tale of Four Metros Redfin
Servicers on the Hook as 4.1 Million Loans Now in Forbearance Mortgage News Daily
'There is no point' in the Fed going to negative interest rates, argues JPMorgan CNBC
Fannie Mae Sentiment Index Plunges to Nine-Year Low MND's Daily Newsletter
Seattle Real Estate in April: Sales down 25% YoY, Inventory down 31% YoY Calculated Risk Blog
FHFA Extends Emergency Loan Processing Changes Mortgage News Daily
Las Vegas Real Estate in April: Sales down 33% YoY, Inventory down 16% YoY Calculated Risk Blog
Time Spent Searching for a Home Continues to Rise Around The Web
Purchase Volume on Three-Week Winning Streak Mortgage News Daily
Fed's Bullard: Drop in U.S. payrolls 'not a surprise' given shutdowns - CNBC Reuters
Fed policymakers see slow, uneven U.S. recovery after coronavirus downturn Reuters
Agencies are Cutting Access to Mortgage Data for Low-Income Borrowers Mortgage News Daily
Home Price Growth Slows, Mostly Unchanged in April Mortgage News Daily
Cost of Imperfection Remains High in The Mortgage World Mortgage News Daily
Forbearance Problem Remains Huge, But The Pace is Slowing Mortgage News Daily
Dirt-Cheap U.S. Mortgages Thwarted by $5 Billion in Margin Calls Yahoo News
Update: Framing Lumber Future Prices Mostly Unchanged Year-over-year Calculated Risk Blog
Healthcare and Public Safety Expenditures Boost Construction in April Mortgage News Daily
MBS Week Ahead: Behold The Fed's Giant Tranquilizer Gatling Gun Mortgage News Daily
Here's How The Pandemic Affected Housing/Mortgage Markets in March Mortgage News Daily
Q2 GDP Forecasts: Probably Around 30% Annual Rate Decline Calculated Risk Blog
Fannie Says Q2 Will be Tough, but Housing, Healthcare Should Bolster Recovery Mortgage News Daily
MBA Says Buyers Will Return by Summer as Lockdown Ends Mortgage News Daily
Forbearance Volume Continues, but at a Slower Pace Mortgage News Daily
Retail sales plunge a record 16.4% in April, vs 12.3% drop expected CNBC
Despite Record Unemployment, Delinquencies are Still Down From Last Year Mortgage News Daily
Home-Buying Demand Passes Pre-Coronavirus Levels; Inventory Down 24% Redfin
FHA Borrowers Offered New Option for Catching Up on Loans Mortgage News Daily
Refi Boom Remains Steady as Purchase Demand Continues to Heal Mortgage News Daily
Freddie Mac Announces COVID-19 Payment Deferral Around The Web
Some homeowners are getting mortgage bailouts by mistake, and it's keeping them from refinancing CNBC
Pre-Lockdown Home Prices Increase by Double-Digits in Some Metros Mortgage News Daily
Calm Before the Storm: Delinquency Rates Hit New Lows in February Mortgage News Daily
Homebuilders Are Now Offering Deals, Incentives on New Construction to Lure Buyers Around The Web
CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19 Around The Web
Local Governments are Preparing for Forbearance Fallout Mortgage News Daily
First Wave of Forbearances Almost Doubles Delinquency Rates Mortgage News Daily
NMHC: Rent Payment Tracker Finds 90.8 Percent Paid Rent as of May 20th Calculated Risk Blog
More Evidence That Forbearance is Widely Being Taken as a Precaution Mortgage News Daily
Dr. Fauci is still confident U.S. could have a coronavirus vaccine by December CNBC
Newly Built Homes Make Up Largest Share of Market Since at Least 2012 Redfin
Comments on April Existing Home Sales Calculated Risk Blog
Multifamily Builder and Developer Confidence Falls in First Quarter on COVID-19 Pandemic Around The Web
Existing Sales hit 10-Year Low, But Low Rates are a Silver Lining Mortgage News Daily
Refis Dominated April Closings as Lenders Tackle Constant Changes Mortgage News Daily
FHFA Pushes Forward With Fannie/Freddie Conservatorship Exit Mortgage News Daily
Federal Reserve releases meeting minutes from April meeting CNBC
About Half Of U.S. Homes Lost Wages During Pandemic, Census Bureau Finds NPR
Vast Majority of Forbearances Going to Those Who Don't Need Them Mortgage News Daily
A Silver Lining in Mortgage Apps? Purchases Continue to Grow; Forbearance Requests Slow Mortgage News Daily
Borrowers in Forbearance Can Still Get a Mortgage, Probably... Mortgage News Daily
April's Harsh Residential Construction Numbers Meet Expectations Mortgage News Daily
Fannie/Freddie Seek Financial Advisor to Help Them Exit Conservatorship Mortgage News Daily
Fannie Mae's Update on Eligibility For Those Affected by Coronavirus Fannie Mae
Freddie Update on Eligibility for Homeowners in Forbearance Freddie Mac
FHFA Announces Refinance and Home Purchase Eligibility for Borrowers in Forbearance FHFA
Redfin CEO Says Vacation Market is "Toast" Mortgage News Daily
CAR on California April Housing: Sales down 30% YoY, Listing down 25% YoY Calculated Risk Blog
Signs of Recovery? Builder Confidence Regains Footing in May Mortgage News Daily
Powell says the Fed is 'days away' from making the first loans in the Main Street lending facility CNBC
April's Forbearance Requests Slow to a Relative Trickle Mortgage News Daily
Most Vulnerable Housing Markets Around The Web
Mortgage Rates Have Already Risen From All-Time Lows (But Only Slightly) MND's Daily Rate Market Update
Miami Real Estate: What it's like Buying a Home During COVID-19 Redfin
NY Fed President Williams says U.S. is not 'anywhere near' its limits to run up debt CNBC
Pending Sales Rout May Signal a Bounce for Housing - Realtors Mortgage News Daily
Weekly jobless claims total 2.123 million, vs 2.05 million estimate CNBC
Forget About Recessionary Real Estate Bargains: Home Prices Are Still Rising Around The Web
New Home Prices Calculated Risk Blog
Freddie's Loan Portfolio on Pace to Increase by 14.3 Percent This Year Mortgage News Daily
Home Purchase Apps Highest Since January Mortgage News Daily
Mortgage Rates Moving Higher to Start New Week Mortgage News Daily
A few Comments on April New Home Sales Calculated Risk Blog
April New Home Sales Crush Forecasts Mortgage News Daily
Home Prices Still Moved Higher in March Mortgage News Daily
Here's why the real unemployment rate may be higher than reported CNBC
Multifamily Construction Gaining Market Share in Low Density Markets Around The Web
Forbearance Numbers Appear to Shrink, but There's a Catch Mortgage News Daily
'It's going to be ugly,' analyst says as mortgage rates suddenly spike on shocking jobs report CNBC
Mortgage Rates Not Panicking Yet, But That Could Always Change Mortgage News Daily
Pandemic's Disproportionate Effects on Housing Supply, Affordability Mortgage News Daily
European Central Bank ramps up its pandemic bond buying to 1.35 trillion euros CNBC
Census: Household Pulse Survey shows 48.1% of Households lost Income Calculated Risk Blog
The bond market appears to be signaling the worst is over for the economy CNBC
New York City's signed real estate contracts decrease by 87 percent in May 2020 CNBC
Rough Day For Mortgage Rates Mortgage News Daily
This is the greatest 50-day rally in the history of the S&P 500 CNBC
Manhattan real estate deals plunge 84% in May amid coronavirus, protests CNBC
Falling Mortgage Rates Boost Purchase Apps 18% YoY Mortgage News Daily
Redfin CEO: People are refiguring where they want to live CNBC
CoreLogic Expects 2021 to see First Home Price Decline in 9 Years Mortgage News Daily
April Construction Spending Still Besting 2019 Numbers Mortgage News Daily
Zillow Case-Shiller April Forecast: Still Showing Increasing YoY Price Gains Calculated Risk Blog
Builder Incentives Kept April Home Sales Strong Mortgage News Daily
UI Takes a Deep Dive Into May's Mortgage Market Mortgage News Daily
Six High Frequency Indicators for the Eventual Recovery Calculated Risk Blog
Forbearances Drift Lower for Second Week in a Row Mortgage News Daily
Quicken Loans, the largest U.S. mortgage lender, is planning an IPO, sources say CNBC
What Recession? Summer Home-Buying Season Heats Up as Prices Surge Around The Web
Houston Real Estate in May: Sales Down 20.7% YoY, Inventory Down 8.3% YoY Calculated Risk Blog
Building Materials Prices Move Higher in May Around The Web
Mortgage rates set new record low, falling below 3% as concerns rise about coronavirus second wave CNBC
Equity Cushion May Prevent Another Housing Crisis Mortgage News Daily
Treasury Secretary Mnuchin says 'we can't shut down the economy again' CNBC
Mortgage Rates Surge Lower After Fed Announcement Mortgage News Daily
Credit Access Retreats Back to Six-Year Lows Mortgage News Daily
Quarantines Lift, Mortgage Volume Explodes Mortgage News Daily
NMHC: Rent Payment Tracker Finds Most People Paying Rent in June Calculated Risk Blog
Backward-Looking April Construction Data: Layoffs Surged Around The Web
May Homebuying Sentiment Shows Signs of Recovery Mortgage News Daily
Loan Performance Showed Only Minimal Stress in March Mortgage News Daily
Black Knight Takes a Close Look at April's Historic Delinquency Rate Mortgage News Daily
Six High Frequency Indicators for the Eventual Recovery Calculated Risk Blog
Sacramento Housing in May: Sales decline 37% YoY, Active Inventory down 23% YoY Calculated Risk Blog
Forbearance Numbers Continue to Retreat Mortgage News Daily
BLS: May Unemployment rates down in 38 states; 4 States at New Record Highs Calculated Risk Blog
Fed's Rosengren reports 'tremendous interest' from businesses for loan program CNBC
China to Accelerate U.S. Farm Purchases After Hawaii Talks Bloomberg
Lawler: Early Read on Existing Home Sales in May Calculated Risk Blog
The economy is snapping back, but still has a long way to go, alternative data shows CNBC
Conventional Loans Stealing Market Share Mortgage News Daily
Freddie Says Economic Stimulus Softened Pandemic's Impact Mortgage News Daily
Philly Fed Manufacturing firms reported "signs of improvement" in June Calculated Risk Blog
CFPB Attempts to Clarify Servicer Credit Reporting Requirements Mortgage News Daily
Quarterly Housing Starts by Purpose and Design Calculated Risk Blog
New Home Construction is Officially Picking Back Up Mortgage News Daily
Purchase Applications Hit 11yr High, Refi Boom Continues Mortgage News Daily
CFPB Issues Credit Reporting FAQs Relating to COVID and The CARES Act CFPB
Regulator Seeks Authority to Charter Fannie/Freddie Competitors Mortgage News Daily
Builder Confidence Crushes Expectations Mortgage News Daily
Multifamily Construction Shines Brighter in EHS Markets Around The Web
Bidding Wars Climb in May as Coronavirus Intensifies Housing Shortage Redfin
Refi Surge Boosts Lender Sentiment Mortgage News Daily
Fragile economic recovery faces first big test with June jobs report in the week ahead CNBC
Prices of Affordable Homes Have Jumped 5.5% During the Pandemic Redfin
Surge in Forbearances This Week Mortgage News Daily
Mortgage Rates Reflecting Market Concerns Mortgage News Daily
Forbearance is Major Cause of Lender Overlays Mortgage News Daily
Record Low Rates For Some; Frustration and Confusion For Others Mortgage News Daily
Home Price Gains Defied The Odds in April Mortgage News Daily
Amazing Winning Streak For Home Purchase Applications Finally Levels Off Mortgage News Daily
AIA: "Architecture billings downward trajectory moderates" Calculated Risk Blog
Share of Builders Cutting Home Prices Drops from 22% to 15% Around The Web
NMHC: Rent Payment Tracker Finds 92 Percent Paid Rent as of June 20th, Same Pace as in June 2019 Calculated Risk Blog
A few Comments on May New Home Sales Calculated Risk Blog
April New Home Sales Surge, Rising Over 16% Mortgage News Daily
CFPB Looks at Changing Qualified Mortgage Rule, Lifting DTI Limits Mortgage News Daily
Mortgage Programs Drying Up Like 2008, But For Completely Different Reasons Mortgage News Daily
Comments on May Existing Home Sales Calculated Risk Blog
Get A Comfortable Chair: Permanent Work From Home Is Coming NPR
May's Poor Existing Sales Show the Effects of Lockdown Mortgage News Daily
Mortgage Delinquencies at Nine-Year High Mortgage News Daily
If you have any thoughts or questions about this information or would like to talk, please call or text me at 206-550-1676. If you find great articles that you would like to share with me, please email those to me at jen@jensrealty.com. I am always working hard to be your source for real estate information!
Check back for more updates throughout the year. Let’s talk about the market now in your neighborhood, your real estate goals, and whether or not this is a good time for you to list and sell your home. Call, text, or email anytime. I’m always here to help! Thank you,
Jennifer Suemnicht, Broker/Realtor - Jen's Realty - RE/MAX Metro Realty, Inc.
www.JensRealty.com / 206-550-1676 / jen@jensrealty.com