U.S. Real Estate Market Crisis: 4.3 Million Mortgage Delinquencies, Commercial Properties Fall
https://www.laloftblog.com/2020/06/28/u-s-real-estate-market-crisis-4-3-million-mortgage-delinquencies-commercial-properties-fall/
Stock market crashes, virus panic, social unrest, explosive unemployment, plunging GDP
The U.S. economy continues to look bleak as consumers and small businesses struggle to keep up with changing guidelines related to Covid-19. In just 13 weeks, more than 45 million Americans filed for unemployment benefits. Meanwhile, 4.3 million Americans are unable to pay their mortgages. #realestate #market #news
While precious metals like gold and silver have done well, and crypto assets have held decently, real estate and property statistics have tumbled. Corona panic and virus hysteria have ravaged the U.S. economy by inducing a number of lockdown rules, shutting down businesses of all kinds, especially small businesses.
The current unemployment rate is on par with The Great Depression, as 45.7 million are out of work. The loss of income has placed the U.S. real estate industry in jeopardy, as residential home sales and commercial property values have plummeted.
Barry Sternlicht from Starwood Capital explains that the virus, along with social unrest, leads him to predict that office buildings shall lose 40% of value, with rents dropping extremely low, and a third of hotels going bankrupt in New York City.
The National Association of Realtors explained on Monday that “existing-home sales occurred at a seasonally adjusted annual pace of 3.91 million,” which is the lowest in over a decade. Sales that stem from pre-owned houses dipped by 9.7% in May.
Some real estate professionals expect that the re-opening economy shall allow for rapid growth, but their projections do not account for repercussions from social unrest, continuing virus hysteria, historic stock market volatility, historic job loss and historic drop in GDP.
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House on the Oregon Coast $139k with 3% down
As more home buyers and investors stop looking in big cities, in favor of suburbs, the readers of the LA Loft Blog have shown more interest in lower priced investments, and more spread out digs.
Place a back up offer on this $139,000 two bedroom, one bath 1,230 sqft
at 1708 NW Westward St, Waldport, OR 97394. Near the beach in Bayshore! This home is a short walk to the clubhouse, pool and beach access so while it needs some attention the effort would be worth it for this location. There is a big yard with room for a great garden and an upper floor deck with a bit of ocean view too. This could be a good opportunity to get that place at the beach! Property was built prior to 1978 and lead based paint may potentially exist. This property may qualify for Seller Financing (Vendee).
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