Wednesday, November 11, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Will we be facing a wave of foreclosures in the coming months that will drive down home prices and send the real estate market into another 2009 crash? At first glance, the numbers don't look good for real estate. In August, CoreLogic reported that 6.6 percent of mortgages were in some state of delinquency — a 2.9 percent rise from the same time last year.
This paints a disturbing picture of our current economic situation amid the corona virus outbreak. Pandemic-related unemployment still hobbles the unemployment rate. Many homeowners are not bringing in the income necessary to make up missed payments. Others who may be current are also one or two payments away from disaster.
Government forbearance programs can help those in late stage keep their homes for now, the end of those programs may throw many more into foreclosure.
But the numbers deserve a second look. According to Black Knight Inc. ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, housing sales, pandemic, the economy, health crisis, the future of real estate, unemployment, forbearance, forclosure
Tuesday, July 28, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As politicians in our legislatures grind on trying to agree on how much less out-of-work Americans can receive in unemployment payments, the clock is ticking for home-owners trying to figure out a way to make the mortgage payment next month. For those of you who have never been in this situation, this is a reminder that you do have options to get help.
Temporary Mortgage Relief Due to Coronavirus Pandemic
In response to the Coronavirus pandemic, under the CARES Act, the owners of single-family homes with federally-backed mortgages can get two types of financial help.
Eviction and Foreclosure Moratorium
An eviction and foreclosure moratorium that went into effect on March 18, 2020, has been extended again. It now continues until August 31, 2020. During that time, homeowners:
-Will not be charged late fees
-Will not be evicted from their homes
Lenders:
-Will not initiate foreclosure proceedings
. ...
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hudson valley real estate, hudson valley home owners, 'urb to 'burb, financing, pandemic, mortgage, fha, unemployment, veterans, rent moratorium
Monday, June 1, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Finally when you thought you couldn't bear another blog about Corona Virus, social distancing and PPDs, here's a good one. It's from T3-Sixty, a monthly brief providing analysis on the most important trends and developments in real estate, as well as a quick digest of the most notable news in the industry.
In this case, it's about real estate recovery, and the opinions of four prominent economists (you may even have heard of some of them) about when and how the real estate market will return to pre-crash levels. This blog is a summary of the full article.
Interviewed are Lawrence Yun, NAR chief economist; Skylar Olsen, Zillow senior principal economist; Michael Fratantoni, Mortgage Bankers Association chief economist; and Danielle Hale, realtor.com chief economist. Each is asked the same three questions:
1. What key stats are you watching in assessing a recovery?
2. When will the market turn bac ...
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hudson valley real estate, hudson valley property, hudson valley home, hudson valley home sellers, 'urb to 'burb, orange county ny, housing sales, westchester county, rockland county, ulster county, sullivan county, selling your home, hudson valley house, dutchess, housing sales inventory, pandemic, health crisis, unemployment
Friday, April 10, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
The financial crisis coming out of the COVID-19 pandemic is causing a great deal of pain for many home owners unable to afford their monthly mortgage payments. Many lenders and financial institutions are offering forbearance programs to relieve some of the pressure.
Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. Forbearance does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments.
It is possible to defer a payment during your mortgage term, but you'll need your lender's cooperation. If you are dealing with a temporary financial hardship, ask your lender for forbearance. To help you avoid foreclosure, a lender may let you defer a payment or two.
Under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the E ...
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hudson valley real estate, hudson valley property, hudson valley home, hudson valley home owners, 'urb to 'burb, hudson valley house, mortgage, pandemic, the economy, unemployment
Monday, April 6, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Ten million Americans lost their jobs over the last two weeks. The next announced unemployment rate on May 8th is expected to be in the double digits. Because the health crisis brought the economy to a screeching halt, many are feeling a personal financial crisis. James Bullard, President of the Federal Reserve Bank of St. Louis, explained that the government is trying to find ways to assist those who have lost their jobs and the companies which were forced to close (think: your neighborhood restaurant). In a recent interview he said:
“This is a planned, organized partial shutdown of the U.S. economy in the second quarter. The overall goal is to keep everyone, households and businesses, whole.”
That’s promising, but we’re still uncertain as to when the recently unemployed will be able to return to work.
Another concern: how badly will the U.S. economy be damaged if people can’t . ...
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hudson valley real estate, hudson valley property, buying a home, home investment, 'urb to 'burb, pandemic, unemployment
