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Real Estate News 8/3/20

 Rates on home loans have fallen to new all-time lows so many times this year that it's almost getting routine. "Really? Again?" But if you're a homeowner, don't let me catch you yawning, or shrugging off these milestones. Because a new record low means there are more old loans out there that are worth refinancing at lower interest — maybe including your current loan. Thanks to the latest new floor for rates, more than 16 million homeowners with financing are now good refi candidates and are missing out on hundreds of dollars in savings per month, according to a report released by the mortgage data firm Black Knight. Rates on home loans have been falling steadily amid the financial turmoil touched off by the coronavirus, and they've now hit new record lows several times since early March. But the latest levels have expanded the field of potential refinancers like never before, Black Knight says. A record 16.3 million homeowners now have an incentive to refinance and could cut their payments by an average $283 a month. And, you might do even better than the average: 4.6 million could save at least $300 per month by refinancing, and 2.6 million would save $400 or more each month, the research says. You're considered a good candidate for a refi if you can shave at least three-quarters of a point — 0.75 — off your current rate. Source: MSN/Money

When the coronavirus pandemic began its rapid spread from country to country and eventually state to state, what once felt like home was no longer a safe haven for millions of people. Around one-in-five adults in the US have either moved or know someone who did because of the Covid-19 outbreak, according to a new study published by the Pew Research Center. While many of those who moved were students who lived on campus and were forced to leave when their campus shut down, 28% of US adults who relocated said they moved to reduce their risk of contracting the virus. Other reasons include financial, such as job loss, or to be with family. Some needed a bigger space to quarantine, especially those who were now working from home, while one person said they were traveling and were blocked from returning home, according to the study. "We certainly found that young adults are the most likely to have moved because of the pandemic," D'Vera Cohn, the author of the study, told CNN. "The impact Covid-19 has had on young adults was the most striking thing to me. The fact that so many of them had to move, had someone move into their homes, or know someone else who moved just shows the phenomenon of people having to leave their homes because of the pandemic." More than 60% of the adults who moved said they relocated to a family member's home, while the rest moved into a vacation home, with a friend, or temporary housing. About 9% moved into a new permanent home. Source: CNN/Money

More consumers are shopping for properties online. Realtor.com®’s monthly traffic surged to an all-time high of 86 million unique users in June, which topped May’s record of 85 million unique users. Also, on June 25, realtor.com®’s traffic reported a record high of 7 million unique users on a single day. But home shoppers have fewer homes to view online. Total listings remain 31% below a year ago. “The consistent, record-level home buyer interest we’ve detected on realtor.com® over the last five weeks is setting up the tightest summer homebuying season on record,” says Javier Vivas, director of economic research for realtor.com®. “All-time low mortgage rates and easing job losses have boosted buyer confidence back to pre-pandemic levels. With supply at record lows, the backlog of demand portends increased competition and a seller’s market in the weeks ahead.” Still, Vivas cautions that “while buyers are back, growth in home sales this summer will be constrained by the slow return of sellers and the limited amount of homes hitting the market.” Source: realtor.com® 

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