National News as of 5/12/2020

National News as of 5/12/2020

Is it possible the housing market is already recovering?

CURBED| 05.07.20

As the United States enters its third month under the COVID-19 pandemic, glimmers of hope have emerged in the housing market that suggest that after the pandemic passes, a housing market recovery won’t be too far behind.Listings platforms like Redfin and Zillow highlight normalizing web traffic to their sites as hints that buyers are ready to shop once again. A jump in weekly mortgage applications goes even further, suggesting shoppers are already prepared to buy. Read more

Sidewalk Labs’ ‘smart’ city was destined to fail

CURBED | 05.07.2020

Less than a year ago, the Alphabet company Sidewalk Labs unveiled plans to test fantastical urban innovations across a 12-acre swath of Toronto’s waterfront—high-rise timber towers, a pneumatic trash collection system, and heated streets that melted snow. Now, the most ambitious project from Google’s urban-planning arm has been called off. Sidewalk Toronto is the latest megaproject spearheaded by a tech giant that’s been quashed by a faltering economy, second thoughts from local officials, or dogged opposition from advocates. Read More

CBH HOMES DISRUPTS TRADITIONAL HOME BUYING WITH NEW VIRTUAL CAPABILITIES

Builder | 05.06.2020

With the rise of Amazon, Airbnb, and Carvana, today’s consumers expect to purchase products—large and small—on their own time, at their own pace, and with extreme convenience. Some home builders have struggled to keep up, concerned that home purchases are too large and complicated to complete online, but others have broken into the e-commerce market and are beginning to sell their homes directly from their websites. Shortly before the COVID-19 crisis hit, Idaho-based builder CBH Homes launched its Tour Now and Buy Online features, which allow potential home buyers to tour a home on their own time with a specialized lock and code and then buy it from the comfort of wherever, whenever. Read More

What Will 15 Percent Unemployment Mean for the Housing Market?

Realtor | 05.08.2020

The country is experiencing its worst bout of unemployment since the Great Depression. The coronavirus pandemic has roiled the financial markets, disrupted the global supply chain, and resulted in an unemployment rate of 14.7% in April, according to the U.S. Bureau of Labor Statistics. As nonessential businesses have been forced to temporarily close to stem the spread of COVID-19, about 23.1 million Americans have found themselves furloughed or out of a job. As dire as those numbers sound, the unemployment rate is likely much higher, in the range of 20% or more. That's because the BLS looked at unemployment only for the week ending April 18. Read More

Low Interest Rates Push Refinance Activity By Millennials To A Record High

FORBES | 05.08.2020

Near rock-bottom interest rates in March spurred a record wave of refinance applications by Millennial borrowers, according to the latest Ellie Mae Millennial Tracker. The surge sent the refinance share – the percentage of all loans closed during the month that were refinances – for Millennials up to 38%, while the average interest rate for all 30-year loans closed by Millennials in March fell to 3.66%, the lowest average rate since May 2016 and down from 3.86% in February.The refinance share increased for the third consecutive month and reached the highest mark since mortgage software giant Ellie Mae began tracking this data in 2016. Read More

Is This What The Housing Market Will Look Like In Three Weeks?

FORBES | 05.07.2020

Back in mid-April an independent report from GlaxoSmithKline Chairman Sir Jonathan Symonds and Conservative Peer Lord Gadhia suggested that estate agents, along with cafes and restaurants, should be among the first to reopen – with business leaders adding that property is a key economic ‘multiplier’.The report was released just before the government extended lockdown for another three weeks until May 7. Within that time the U.K. has slowly managed to suppress its curve, as the government reported on May 4 the lowest daily rise in deaths since March 30, raising hope that we’ve ‘passed the peak’. Read More

Housing industry bands together to navigate COVID-19

HousingWire | 05.06.2020

Whether it’s your loan officer who is also your sibling’s best friend or your title agent who happens to attend the same gym as you, these industry workers are part of your local tribe and care about the betterment of your hometown as much as you do.  Read More

Local News

Denver Post: As Property Showings Resume, Builders and Agents See a Quick Resumption of Spring Interest from Buyers, Sellers

CAR | 05.05.2020

In the few days since statewide restrictions were lifted on the showing of properties, Colorado builders and real estate agents were already seeing a quick upswing in buyer interest that’s being heralded as a sign of a possible early market recovery. “We’ve already seen plenty of showings; there’s pent-up demand,” says Matt Leprino, spokesperson for the Colorado Association of Realtors who tracks data for the association. “How long that will last is hard to tell, but showings are back up after dropping off,” he adds. Read More

How the CARES Act impacts multifamily real estate

CREJ | 05.04.2020.

It has been approximately one month since the “COVID-19 emergency” was declared by President Donald Trump. It still is too early to fully understand the impacts the COVID-19 emergency will have on multifamily real estate, but matters should become clearer once May rents come due. Asset types and classes are expected to be affected differently, and much will depend on the scope and type of governmental aid offered to tenants. Read More 

Impacts from previous macroeconomic downturns

CREJ | 05.04.2020

We are living through historic and unprecedented times. Never before have we experienced the level of economic uncertainty that exists today due to the impacts of the novel coronavirus. While our economy is naturally cyclical, and there have been numerous downturns in the past, we have never experienced the massive and immediate spike in unemployment, both nationally and here in Colorado, that we have experienced in the past several weeks. This is because we have never before voluntarily “turned off” large sectors of the economy. Read More

What Colorado farmers markets will look like during COVID-19 pandemic

Gazette | 05.07.2020

The great news is, outdoor farmers markets will be starting up soon. But it might be a while before they return to having that festival feel.That’s because the markets will look and feel different amid precautions during the COVID-19 pandemic.In years past, for example, vendors at the Colorado Farm and Art Market (CFAM) would set up their tents in a space behind the Margarita at Pine Creek to sell their goods. The restaurant patio, nestled under the trees around the eatery, provided a welcome respite for market shoppers to relax with a bloody mary and enjoy one of the chef’s famous puffed egg dishes.  Read More