No need to dig into specific numbers, but by looking at the chart of single family dwelling newly opened sales in the San Fernando Valley, you can see how the sales dropped off after the “Safer at Home” order was initiated. The order was only put in place March 24th, so the April sales numbers will ... » Learn More about San Fernando Valley Property Sales Drop Off During “Stay at Home” Order
Regulations and Laws
Latest Update on COVID-19 Affect on Real Estate Sales and Mortgages
Real estate transactions, mortgage underwriting and loan program availability has been affected substantially by a combination of the local health orders attempting to fight the populations exposure to COVID-19, and the economic fallout caused by the “Stay in Place” lockdown. This a moving target, ... » Learn More about Latest Update on COVID-19 Affect on Real Estate Sales and Mortgages
Mortgage System Issues Created by the COVID-19 Crisis and the Fed Response
The gov’t actions to force interest rates down to help the consumer, are having major unintended consequences in the mortgage origination and servicing systems. I’m attaching below an article from MBS Highway on how the mortgage system works (that 99% of the real estate professionals and ... » Learn More about Mortgage System Issues Created by the COVID-19 Crisis and the Fed Response
COVID-19 Real Estate Sales and Temporary Loan Guideline Changes From Freddie and Fannie
The local multiple listing service has eliminated the ability to note an open house in the system. This is in reaction to guidance from the California Association of Realtors to meet the "Stay at Home" order. Property showings should be done using technology, avoiding personal physical ... » Learn More about COVID-19 Real Estate Sales and Temporary Loan Guideline Changes From Freddie and Fannie
Potential Issues Funding Home Purchase and Refinance Loans Due to COVID-19 & the Stay at Home Order
I’ve heard “I didn’t think of that” from several real estate professionals lately. Time to wake up. The COVID-19 virus scenario is going to put purchase loans and refinances at risk in several ways. The Ability to Repay Act portion of the Dodd Frank Regulations requires that the lender of a ... » Learn More about Potential Issues Funding Home Purchase and Refinance Loans Due to COVID-19 & the Stay at Home Order