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August 10, 2020

What’s Happening in the Market? (Aug. 2-Aug. 8)

Fam! Are you ready for our weekly recap?!
Unemployment rates for end of July and beginning of august has decreased by more than 10% !!!!! You heard that right fam! Payroll increased by 1.8 million and with those numbers the unemployment shock of April has nearly halved.
Forbearance rates for the second week on a row have decreased by another 7% making the two week mark effectively around 15% of a decrease in forbearance options. This shows that homeowners are getting back on their feet and gaining confidence in their employment situation with the improving economic conditions.
Mortgage applications did fall 2% over the last week but compared to last year are up 16%!!! Even in the midst of this pandemic the economic growth we’ve seen has been sustainable and shown that our economy is very strong.
An interesting twist we have seen though is the permits in SoCal for new builds are at an 8 year low. This is in direct repose to citywide and builder concerns over building too much and causing a mini housing recession. However as we’ve seen this lack of confidence the cities and builders have shown, the response from actual homebuyers has been full confidence. Homeowners and homebuyers have continued to drive the housing economy forward without listening to the fear of city officials.
Thanks to you, my viewers and prospective homebuyers, you have been sustaining our housing economy and making your American dream come true.

Mirjam Meili

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