The housing market is bouncing back, and more news that could affect your money in the week ahead
Economists project housing slowdown was temporary
https://grow.acorns.com/housing-industry-bouncing-back-money-news-week-may-18/
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Remote work may trigger a 'suburban boom' in real estate
With large tech companies like Amazon and Microsoft extending their work-from-home policies until the fall due to the COVID-19 pandemic, economists are predicting that real estate trends might shift and cause a "suburban boom" in the housing market.
https://komonews.com/news/local/remote-work-may-trigger-a-suburban-boom-in-real-estate
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Existing-Home Sales Wane 17.8% in April
Sales of existing homes plunged 17.8% in April with the real estate market still in the grips of the coronavirus pandemic.
https://www.nar.realtor/newsroom/existing-home-sales-wane-17-8-in-april
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Housing market will bounce back this year, but the rebound will be short-lived
Prospective buyers will turn to secondary markets
https://www.housingwire.com/articles/realtor-com-housing-market-will-bounce-back-this-year-but-the-rebound-will-be-short-lived/
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New Single-Family Home Size Declines Ending?
New single-family home size has trended lower over the last four years as builders sought to add additional entry-level supply to an inventory-starved housing market. However, the coronavirus and the recession of 2020 potentially reset those trends, as evidence grows that households will seek more space for home offices, home gyms, and other purposes.
http://eyeonhousing.org/2020/05/new-single-family-home-size-declines-ending/
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Zillow economist says housing crash like Great Recession unlikely
Skylar Olsen, senior principal economist at Zillow, expects home prices to fall gradually by 2% to 3% by October
https://katu.com/news/after-the-outbreak/zillow-economist-says-housing-crash-like-great-recession-unlikely
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COVID-19: State approves 3 more counties to advance to phase 2 in effort to reopen
Gov. Jay Inslee's office announced Thursday that three more counties are now eligible to apply to advance to the next phase of the state's effort to restart its stalled economy.
https://komonews.com/news/coronavirus/covid-19-state-approves-3-more-counties-to-advance-to-phase-2-in-effort-to-reopen
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West Seattle homeowners worry bridge closure will hurt property values
A real estate broker said he’s already seeing changes. Homeowners want to know how the closure will impact their property values.
https://www.king5.com/article/news/local/seattle/west-seattle-bridge-closure-impacting-home-buying/281-42fcaf3d-e16b-4200-842c-0b9dc088be2e
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Zillow Resumes Home Buying in Four Markets and Launches Real Estate Health Safety Initiative
Former U.S. Surgeon General Dr. Regina Benjamin named Zillow Health Advisor to counsel the company's Move Forward. Stay Safe. initiative to help people to shop, sell, and move safely
https://www.chinookobserver.com/news/state/zillow-resumes-home-buying-in-four-markets-and-launches-real-estate-health-safety-initiative/article_ab1ca198-d219-56be-a90d-fe275eb529e3.html
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Seattle-based digital real estate firms Porch.com, Redfin are each hit with lawsuits
Two local digital real estate firms are under legal fire.
https://www.seattletimes.com/business/real-estate/seattle-based-digital-real-estate-firms-porch-com-redfin-are-each-hit-with-lawsuits/
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Curbio Resumes Pre-Sale Renovation in Seattle to Help Realtors Thrive During COVID-19
Curbio's no-contact renovations safely maximize listing prices and seller profit while deferring all costs until the home is sold.
https://www.benzinga.com/pressreleases/20/05/p16047034/curbio-resumes-pre-sale-renovation-in-seattle-to-help-realtors-thrive-during-covid-19
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Remote Work Policies Likely To Propel Post-Pandemic Migration From Expensive Cities
Redfin survey shows more than 50% of people in New York, Seattle, San Francisco and Boston would move if work-from-home became permanent
https://www.dailyrecordnews.com/news/state/remote-work-policies-likely-to-propel-post-pandemic-migration-from-expensive-cities/article_99511590-493b-57cf-ada1-9cb9d2e49ac3.html
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Covid-19 is squeezing the US housing supply
Coronavirus has significantly constrained the construction of new homes, according to the most recent housing data from the US government, even while city dwellers rattled by the pandemic are increasingly interested in buying new houses in the suburbs.
https://qz.com/1858759/covid-19-is-squeezing-the-us-housing-supply/
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Refinancing Surge Hung on Need for Cash and Appeal of Low Rates
Americans are refinancing their homes at a furious clip as they take advantage of interest rates at a 50-year low and, for many, access much-needed cash in households financially strapped by the coronavirus pandemic.
https://www.fool.com/millionacres/real-estate-financing/articles/refinancing-surge-hung-need-cash-and-appeal-low-rates/
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Updated 2020 Housing Forecast From Realtor.com
Here’s the updated 2020 Housing forecast from realtor.com. In mid-December realtor.com released the annual 2020 housing forecast. Fast forward five months and it’s no surprise the numbers have changed. “We got derailed on the forecast as we expected,” realtor.com Senior Economist George Raitu explains.
https://www.forbes.com/sites/ellenparis/2020/05/15/updated-2020-housing-forecast-from-realtorcom/#621b44a229f2
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Existing Home Sales See Largest Drop in Nearly 10 Years
Existing home sales, as reported by the National Association of Realtors (NAR), fell for the second straight month in April as the coronavirus pandemic shut down much of the country’s economic activity and hit the labor market.
http://eyeonhousing.org/2020/05/existing-home-sales-see-largest-drop-in-nearly-10-years/
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Weekly Housing Market Monitor
NAR Research compiles the latest housing market data in this weekly monitor, based on what REALTORS® are seeing in their market, mortgage data, jobless claims, foot traffic, and the latest home sales numbers.
https://www.nar.realtor/sites/default/files/documents/2020-05-18-and-19-weekly-housing-market-monitor-05-22-2020.pdf
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It All Comes Down to Happiness
“Generally speaking, everyone wants things to be more casual these days, even in the city.” Even in more formal homes, “they want extremely relaxed, flexible, comfortable,”
https://blog.coldwellbankerluxury.com/it-all-comes-down-to-happiness/
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Weekly Housing Market Monitor
NAR Research compiles the latest housing market data in this weekly monitor, based on what REALTORS® are seeing in their market, mortgage data, jobless claims, foot traffic, and the latest home sales numbers.
https://www.nar.realtor/research-and-statistics/research-reports/weekly-housing-market-monitor
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Market Hotness Index
Metro Hotness - Zip Code and County Hotness
https://www.realtor.com/research/reports/hottest-markets/
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HOUSING STATISTICS
Housing Statistics offers 43 different sets of data, downloadable either as Excel or PDF files (updated weekly). Housing data and primary indicators of the industry are housed in one easy-to navigate location containing historical and current sets of statistics such as: Housing Starts (by Region & Structure Type), Homes Sold by Region, Producer Price Indexes (for Building Materials), Manufactured Homes, New Home Characteristics, Residential Vacancy & Absorption Rates, Units Under Construction, Value of New Construction, and many more.
http://www.nahbclassic.org/reference_list.aspx?sectionID=819&channelID=311
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Economic Indicators
U.S. Census Bureau Economic Indicators
https://www.census.gov/economic-indicators/
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Local Market Reports
All real estate is local and every market is unique. To help REALTORS® and other housing market analysts get the most out of the plethora of data that is available, NAR Research produces a series of Local Market Reports (LMRs) which provide insights into the fundamentals and direction of the nation's largest metropolitan housing markets. Each report evaluates a number of factors affecting home prices, including:
https://www.nar.realtor/research-and-statistics/research-reports/local-market-reports
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CoreLogic Home Price Insights
The most geographically comprehensive and current home price index.
http://www.corelogic.com/about-us/researchtrends/corelogic-home-price-insights.aspx?WT.mc_id=crlg_151103_aHqc0&elq=d6379903117d41bcbe7b9f6a82f2189a&elqCampaignId=2692&elqaid=7659&elqat=1&elqTrackId=097f671c98fc48249757d8ddbd229326#.Vj1WlvnnuUl
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Bureau of Economic Analysis
U.S. Economy at a Glance
http://www.bea.gov/index.htm
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Mortgage Market Survey Archive
Compilation of Weekly Survey Data for 2015
http://www.freddiemac.com/pmms/archive.html
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Housing Economics
NAHB produces in-depth economic analyses of the home building industry based on private and government data. Our economics group surveys builders, home buyers, and renters to gain insight into the issues and trends driving the industry.
https://www.nahb.org/en/research/housing-economics.aspx