Warren Buffett said Saturday he is optimistic that the U.S. economy will re-emerge even after being dealt a body blow by the coronavirus pandemic.
“Nothing can basically stop America,” said Buffett, chairman and CEO of Berkshire Hathaway, from the conglomerate’s first virtual shareholder’s meeting from Omaha, Nebraska. “The American miracle, the American magic has always prevailed and it will do so again.”
“In World War II, I was convinced of this,” he said. “I was convinced of this during the Cuban Missile Crisis, 9/11, the financial crisis.”
A new survey from Bankrate found that 34% of mortgage borrowers didn’t know communication financial hardship was an option and 60% have not contacted their lender.
However, nearly half of all borrowers are not worried about their next payment. The results found 45% of those polled said they are not concerned about making their next payment, while 55% have some level of concern.
Low rates will drive refi demand from homeowners who still have jobs
In what should be peak homebuying season, there was a 44.1% decline in the West…
Home prices actually rose in March
Despite the spread of COVID-19, homebuyer demand remains strong, and U.S. home prices aren’t expected to drop more than 2-3% through the end of the year, according to a forecast released by Zillow on Monday.
Some are worried about the job market, others want more space
Despite the uncertainties of the current pandemic, some people are still shopping around for homes.
A new study from OJO Labs surveyed 200 homebuyers who had planned to purchase a house within six months before the outbreak of COVID-19 and found that “the virus has amplified many of the existing difficulties along the home-buying journey and made apparent the value of both technology and human expertise.”
From the survey, 45.6% of shoppers said they are motivated to expedite their moving timeline because they think they’ll get a good deal on a home, while low-interest rates are a major factor for 56.5%. But social distancing and the ability to bounce back in the job market was a huge factor for these potential homebuyers.
Eighty percent of those surveyed said their moving timeline has been delayed or stopped altogether, while 60% of first-time homebuyers say they are concerned about future employment prospects and 54% said the inability to see homes in person is a factor.
-There may be some reductions in home prices
-More homes will come onto the market
-Interest rates are likely to stay low
-Keep in touch with your mortgage lender
Jay Bray: Forbearance could rise when May mortgage payments come due
Despite having nearly 200,000 of its customers in forbearance, the nation’s largest nonbank mortgage servicer is no longer concerned about having enough money to front the principal and interest payments it is required to send investors on loans in forbearance.
Mr. Cooper, the nonbank formerly known as Nationstar Mortgage, revealed Thursday that it currently has 194,118 customers in forbearance, which represents 5.6% of its total portfolio. That’s an increase of more than 100,000 customers from earlier this month.
Despite that increase, Mr. Cooper CEO Jay Bray told HousingWire Thursday that the company is prepared to cover servicing advances even if the number of borrowers in forbearance quadruples.
The average 30-year fixed-rate mortgage came in at 3.23% on Thursday and is the lowest rate in the 49-year history of Freddie Mac’s Primary Mortgage Market Survey.
Ginnie Mae loans most likely to be in forbearance, MBA says
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.
Wells Fargo said Monday that it decided to stop accepting applications for all new home equity lines of credit (HELOC) due to current market conditions… the bank made the decision to temporarily stop accepting HELOCs temporarily due to “uncertainty around the timing and scope of the anticipated economic recovery.”
The first set of the PBJ’s Hottest ‘Hoods data for 2020, and it’s nothing if not revealing.
Primarily, there were 7,276 homes sold in the Portland metro-area’s 98 ZIP codes between Jan. 1 and March 31. That’s an increase of 8.5 percent over 2019’s first quarter.
Optimism is high among workers that they can return to their pre-pandemic jobs, but economists warn over 40 percent of job losses could become permanent.
Tryon Creek is open now; Limited day-use will slowly return to other state parks starting the week of May 11
Thanks for reading, and be well out there!