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✅Latest Real Estate & Mortgage News – Rates, Stimulus Checks, & more!

To Our Friends, Clients, and Colleagues:

We are another week into the pandemic and shelter in place. Please let us know if there is ANY way we can assist you and your family at this time.

We have put together resources for you including a real estate and mortgage market update, current rates update and a list of other resources that could be of help during this unprecedented time. We remain committed to keeping you informed about today’s market but please know, we are here for you however we can be.

Click on the video above for this week’s market update discussion with Michael Gordon!

  • Many forbearance plans are being offered to homeowners regardless of financial hardship during this time, many of which don’t understand that they will owe the amount of months they skipped at the end of the forbearance period. Experts are expecting the balloon of missed payments to put pressure on the taxpayers and the private sector (servicers still have to pay the bondholders even if the homeowner doesn’t make their payment).
  • With talks of the stimulus check looming, ABC News says the payments will go out based on your 2018 and 2019 tax filings and the IRS having your direct deposit information. Taxpayers who did not elect for direct deposit, or did not file taxes could see months before receiving their stimulus payment by mail. We are hoping to see these checks assist homeowners through this difficult time. Read more HERE

  • According to FreddieMac’s Economic & Housing Research Group, Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment. While the market has stabilized relative to prior weeks, homebuyer demand has declined in response to current economic conditions. Read more HERE

  • Many feel there is a direct correlation between the unemployment rate and home sales. Over the past 30 years, the trends haven’t exactly impacted one other like you may have thought. See the graph below. However, our country has never seen job losses this quickly and with 6.6 million unemployment filings just last week, experts predict it will have an affect on the home sales. Fortunately, experts also predict that this affect will be manageable. Read more HERE 

  • Most residential construction projects have been moved to the non-essential business list not only creating a contribution to the upward surge of unemployment, but could also have an effect on the completion of new construction home building.
  • Given this situation, if you’re thinking about buying a home this year, the best thing you can do right now is use this time to get pre-approved for a mortgage, which you can do from the comfort of your home. Pre-approval will help you better understand how much you can afford. Then, when you are ready to buy you will have more knowledge about the process, a competitive advantage, and the ability to expedite the process. Read more HERE


  • The California Association of REALTORS® is quickly putting together forms to protect those currently going through or planning to go through the sale process during this time. This includes forms on assumption of risk if viewing properties, discussion of unforeseen circumstances affecting the process, changes in pre-discussed listing activities for sellers, and contract deadline postponements.

  • When looking at GDP (the measure of our country’s economic health), a survey of three leading financial institutions shows a projected sharp decline followed by a steep rebound in the second half of this year. See chart below. Read more HERE

  • The financial impact we’re all feeling as a result of COVID-19 is real! The government has rolled out a variety of resources to help during this difficult time. Grants, loans, unemployment, relaxed retirement withdrawal rules, etc., are all avenues to access relief. We encourage you to read through the information contained in the links below along with anything else you may find that could potentially help.
  • Retirement Account Withdrawals: You can use your retirement accounts to help if you’ve been negatively affected by COVID-19.  401(k)’s, IRA’s and similar retirement accounts will allow early withdrawals of up to $100,000 until December 31st, 2020 without being charged the traditional 10% early withdrawal fee. The law also doubles the amount 401(k) participants can take in loans from an account for the next six months to the lower of $100,000 or 100% of the account balance. IRAs don’t permit loans. Please consult with a tax professional to review options and to gain a clear understanding of potential tax consequences. We’re not CPA’s!!! 🙂 

  • The safety and health of our clients, team and their families is always at the forefront of what we do. In our best efforts to keep everyone in our community safe, we are standing by the shelter in place initiative during this time and will not be holding open any of our listings or showing any properties.

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