All Eyes on a Post-Pandemic Housing Market

first_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Daryl Fairweather Elena Cox George Ratiu Realtor.com Redfin Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Realtor.com’s latest analysis “How the U.S. Housing Market Was Rocked by COVID-19—and Where We Go From Here,” takes a closer look at exactly how the pandemic rocked America’s real estate market over the past year.A nation kept virtually isolated and “locked-in” has created a housing market where home seekers are looking for larger suburban homes and even remote locales with the ability to work remotely.”The very nature of the pandemic, through the health implications, social distancing, and need to isolate, has really brought a central focus on the importance of home for most Americans,” said George Ratiu, Senior Economist at realtor.com. “In a sense, it has elevated real estate markets as a centerpiece of our lives.”Financial factors, combined with restricted inventory, will also come into play as the spring season begins and buyers “warm up” to again as more people are vaccinated and can socialize again, more sellers will feel comfortable listing their homes.As said recently by Redfin Chief Economist Daryl Fairweather, “This is the strongest seller’s market since at least 2006. Buyers outnumber sellers by such a huge margin that many homeowners are staying put because they know how hard it would be to find a place to move to. It seems like the only move-up buyers who are confident enough to list their homes are those who are relocating to a more affordable area where they’ll have an edge on the local competition.”And as the rollout of vaccinations continues, many are not primed to dip their toe into the housing market. Despite record-low rates, all-time-high prices are shutting out many as first-time buyers are still not on stable enough financial footing to make a home purchase.“This could all lead to an increase in home sales. Sales dipped in the early months of the crisis as stay-at-home orders were issued across the nation, but began picking up again in May,” said Elena Cox, Data Journalist for realtor.com. “From May to July, the number of completed home sales jumped from a little more than 307,000 to nearly 500,000. They dipped in the fall heading into the holidays as buyers paused their searches and whatever inventory was left on the market seemed to shrivel up. As more homes come onto the market, sales will likely rise. But buyers shouldn’t get their hopes up too high.”Key findings of the report include:Mortgage are rates expected to remain low in 2021Homebuilders will struggle to keep up with demandHome prices will continue to rise, but just not too fastClick here for more information on realtor.com’s latest analysis. in Daily Dose, Featured, Journal, News Sign up for DS News Daily Daryl Fairweather Elena Cox George Ratiu Realtor.com Redfin 2021-03-22 Eric C. Peck March 22, 2021 2,829 Views Home / Daily Dose / All Eyes on a Post-Pandemic Housing Market About Author: Eric C. Peck Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago All Eyes on a Post-Pandemic Housing Market Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: The No. 1 Way to Win a Bidding War Next: The Big Difference Between Fair and Good Credit Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. last_img read more

State banks to disburse $6.32b in loans to help businesses recover from COVID-19 hit

first_imgThe State-Owned Banks Association (Himbara) has expressed optimism that its bank members can disburse up to Rp 90 trillion (US$6.32 billion) in loans to help small businesses to recover from the severe economic impact of the COVID-19 pandemic.Himbara chairman and Bank Rakyat Indonesia (BRI) president director Sunarso said on Wednesday the banks were ready and committed to expand their loan disbursements to three times the amount of funding placed by the government as part of its national economic recovery program.The four Himbara members comprise BRI, Bank Negara Indonesia (BNI), Bank Tabungan Negara (BTN) and Bank Mandiri. “We will prioritize the disbursement to the micro, small and medium enterprises [MSMEs] segment in several sectors like food and distribution, tourism, transportation, housing and construction,” Sunarso said during a livestreamed press briefing in Jakarta.The banks deem these sectors as having potential demand amid the easing of the large-scale social restrictions (PSBB) as the government strives to keep the economy running.Finance Minister Sri Mulyani Indrawati announced last week that the government would place Rp 30 trillion in state-owned banks to be disbursed as loans to businesses to help support economic recovery. The government has also allocated Rp 12 trillion to guarantee working capital loans for small businesses.The fund placement and the working capital loan guarantee are part of the government’s Rp 695.2 trillion budget to mitigate the impact of the COVID-19 pandemic, which has battered Indonesia’s healthcare system and the social and economy sectors. The government now expects the country’s economy to contract by 0.4 percent this year under the worst-case scenario or grow 1 percent under the baseline scenario as the pandemic ravages the economy.Sunarso also said the banks were open to disbursing the loans to segments other than MSMEs as long as the borrowers’ activity could boost the country’s economic growth and maintain their business sustainability amid the pandemic.Bank Mandiri, for instance, has committed to focusing on disbursing the loans to MSMEs and selected companies in the trade and services sectors, including hotels.“We will help fund those businesses as long as they have expansion potential in this economic situation, especially those in green zones that have relaxed their PSBB measures,” Bank Mandiri president director Royke Tumilaar said during the same briefing.Similarly, BNI president director Herry Sidharta said the bank would disburse the loans to businesses in the COVID-19 green zones to help the economy recover.The bank, he said, would also focus on channeling the funding to the transportation sector, as well as labor-intensive businesses to help bolster economic growth.Although the property sector has yet to recover from the impact of the COVID-19 pandemic, BTN president director Pahala N. Mansury said it would remain focused on disbursing loans to the housing sector as he believed that the gradual lifting of restrictions created a positive environment for mortgages.“We saw around a 30 to 40 percent increase in subsidized housing loan demand in June compared with May,” he said.Herry of BNI added that the bank would conduct digital analysis of the loans, as well as creating assistance programs to help MSMEs to expand their markets and find the right vendors for their businesses.“We will adjust the amount of disbursement to the demand to ensure the loan quality,” Sunarso said.Given the tight liquidity risks that banks are facing in the pandemic, he gave an assurance that the banks would seek more third-party funding to cover the remaining Rp 60 trillion of the loan-expansion plans.Third-party funding grew strongly by 8.08 percent year-on-year (yoy) in April compared with loan growth, which slowed to 5.7 percent annually from 7.9 percent in March, Bank Indonesia (BI) data show.Topics :last_img read more

Black Stars have what it takes to beat any country – Stephen Appiah

first_imgThe much awaited 2015 African Cup of Nations draw was held Wednesday night with the Black Stars of Ghana being drawn in arguably the ‘Group of Death’ of the competition that takes place in January.Former Black Stars captain Stephen Appiah has admitted the challenge ahead of the senior national team in Equatorial Guinea with respect to their group adversaries but claims the Black Stars can qualify.The former player of the senior national team told Ghanasoccernet.com:“Let’s not kid ourselves this is a very tough group, Can we make it? Yes. We have to be prepared for it from the first game against Senegal.“We have three finals already at the group stage. Ghana have what it takes to beat any country in the world on our day but we all have to start serious work now.“Time is against us but let’s dig deep and we will qualify.” The Black Stars of Ghana will play Senegal, South Africa and Algeria in the group stages of the 2015 African Cup of Nations in Equatorial Guinea.last_img read more