Asia’s property markets are starting to recover from the economic shutdowns due to the COVID-19 pandemic. Singapore is a perfect example.
News in covid 19
Southern California Home Sales Experience 7- Consecutive Week of Growth – U.S. Markets Heating Up
A sure sign that the housing market is moving closer to pre-pandemic levels, is that Southern California home buying rose for the seventh straight week, as house hunters put 10.3% more homes into escrow.
Housing Market Continues to Heat Up in June
According to a report from Redfin CEO Glenn Kelman, demand for houses continues to skyrocket. Seasonally adjusted demand for houses during the week ending Sunday, June 7th was 25% above pandemic levels.
Fewer Homes For Sale is Creating Fierce Competition Between Buyers
The housing market is quickly recovering from the ‘shelter in place’ orders brought about by the efforts to reduce the spread of the coronavirus.
Federal Housing Agency Director Reports to U.S. Senators that Mortgage Forbearance Rate is Manageable
In testimony before the Senate Banking Committee on Tuesday June 9th, Mark Calabria, the director of the Federal Housing Agency, said that forbearance rates for the GSEs, have plateaued at ~6.6%, which he told senators was ‘manageable’.
Homebuilding and Residential Real Estate Will Recover Faster Than Other Sectors of the Economy
The May 2020 LegalShield Law Index, which is a suite of leading indicators of the economic and financial status of U.S. households and small businesses is reporting its Housing Activity Index (HAI) reached an all-time high in May.
FEA’s Weekly Orders Survey shows Uptick in Sales Activity
After a quiet start to June, dealers are reporting an uptick in this week’s sales activity. As new projects start up, some dealers are reporting experiencing a 6% – 10% improvement over last week.
U.S. Bureau of Labor Statistics Reports Construction Sector Layoffs Surged in April
According to the Bureau of Labor Statistics (BLS) Job Openings Labor Turnover Survey (JOLTS), there was a clear and sudden stop associated with the COVID-19 pandemic and its impact on the construction labor market.
Total U.S. Consumer Credit Declines Further in April
According to the latest Federal Reserve’s G.19 Consumer Credit Report, consumer credit, excluding loads secured by real estate, decreased at a seasonally adjusted annual rate of 19.6%, through April of 2020.
British Columbia Exports Decline 15% in First Quarter of 2020 – Lumber Industry Hit Hard
British Columbia’s exports in the first quarter of 2020 fell by almost -15% when compared to the first quarter of 2019.