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.
In this 8 minute video, Amber Kovarik and I discuss the 5 things you need to know about that happened this week in real estate.
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!
During recessions housing always does well, except when the recession is caused by housing. Despite external pressure, real estate continues to amaze economists and industry experts alike. Stay mindful of the misleading headlines and continue sharing current information with your clients. Logan Mohtashami wrote, “Stay positive, healthy and safe – and try not to create problems for yourselves by buying into boy-band folklore and fairytales.”
In this 13 minute video, Lydia Wietsma and I discuss the latest news in forbearance and emerging trends and where borrowers can go for help. We have some suggestions for conversations with clients and borrowers. The bottom line is that people have options but they have to take action, watch the full video for details.
Residential real estate is outperforming the rest of the economy. The strong market going into the pandemic combined with historic low interest rates enabled to us to get here. We learned that these low rates trump COVID and our home is our castle. Despite the unexpected growth we are experiencing today, many experts are seeing warning signs around future affordability.