In this 11 minute video, Lydia Wietsma and I discuss the latest news in forbearance and emerging trends. The bottom line is that people have options but they have to take action NOW as the COVID forbearance options are expiring in 5 weeks. Watch the full video for details.
Affordability dropped from Q2 2020 to Q3 2020. Nationally, it decreased from 59.6 to 58.3. Greater Phoenix remains more affordable than the national average but our quarter to quarter decrease was much more significant. We dropped from 64.8 in Q2 2020 to 61.9 in Q3 2020, which means Arizona households earning the median income of $72,300 can afford 61.9% of what is on the market. The median income did not change from Q2 to Q3. (NAHB/Wells Fargo)
To say that these are times are weird would be an understatement we have confusing elections, a worldwide pandemic, high unemployment, and the residential real estate sector is supporting the US economy.
The way we look at information matters. The big picture or 35,000-foot view is very different from the more focused picture or 15,000-foot view which is very different from the detailed picture or 1,000-foot view. Each view is important and together they illustrate a complete story. For example, in 2008, when the subprime mortgage-backed securities failed, it took down the stock market, which then caused your neighbor to ask you whether they should do a short sale or let the bank foreclose on their property. Real estate is national and hyper-local at the same time. National influences what happens locally.
In this 12 minute video, Lydia Wietsma and I discuss the latest news in forbearance and emerging trends and improvements in the situation and options. The bottom line is that people have options but they have to take action, watch the full video for details. We do these updates to help real estate professionals andContinue reading “AZ Forbearance Update (Video) 11/4/2020”
In this 8 minute video, Amber Kovarik and I discuss the latest in real estate and lending. 2020 is outselling the past few years with far less inventory! The numbers are incredible! And as always, be wary of misleading headlines!
Over 68 million Americans have already voted and we will see that number grow exponentially in the next few days as we approach what seems to be the most contentious election yet. I researched how Republican and Democratic administrations impact housing and the economy and was somewhat surprised by my findings; the President’s political party influences housing and the economy even less than I initially thought. And real estate’s relationship with the President and Congress is based almost entirely on policy created by both sides of the aisle.
One reason given for the 400,000 borrowers exiting forbearance plans over the past three weeks is because borrowers do not know they can stay on or further negotiate their plans. If borrowers do not contact their lenders or servicers they are automatically removed from their forbearance plan. This is a big deal.
In this 14 minute video, Amber Kovarik and I discuss the latest on housing, lending, and the economy. We go into detail on 2020 numbers, supply & demand, future projections in lending, forbearance, delinquencies, and some cool Arizona news!
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