Category Archives: Real Estate

Homeowners stopped paying mortgage in record numbers in April

Record unemployment caused by the coronavirus pandemic led to the largest one-month increase in mortgage delinquencies ever recorded. The number of borrowers who stopped paying their home loans spiked by 1.6 million last month, new data show.

Not even during the Great Recession did delinquencies rise this fast. During that time, it took 18 months before there was a single-month increase as large.

The national delinquency rate soared to 6.45 percent in April, up from 3.06 percent in March and three times the previous single-month record set in 2008, according to data released this week by Black Knight, a real estate data and analytics company. The 3.6 million borrowers who are now past due is the most since 2015.

The data represents homeowners who didn’t make a mortgage payment in April, including those who are in forbearance plans. It comes from the company’s loan-level database representing a majority of the national mortgage market.

You only need to look at the job market to understand why so many people aren’t paying their mortgages these days. The U.S. economy shed 20 million jobs in April and the unemployment rate soared to its highest level since the Great Depression as many businesses nationwide shuttered. The impact has been swift and severe: An additional 2.4 million Americans filed jobless claims last week, the Labor Department announced, pushing the nation’s nine-week total past 38 million.

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New Canadian study reportedly says CBD may prevent COVID-19

Do you have clients that lease to Cannabis shops; read below:

According to a study being conducted at Canada’s University of Lethbridge, scientists are now theorizing that certain marijuana strains could possibly prevent COVID-19 infection.

Researchers at the Calgary college have studied over 400 strains of weed and have concluded that at least a dozen strains aided in preventing the Coronavirus from finding a host in the mouth, intestines, and lungs.

The study’s head researcher Dr. Igor Kovalchuk said, “A number of them have reduced the number of these (virus) receptors by 73 percent, the chance of it getting in is much lower. If they can reduce the number of receptors, there’s much less chance of getting infected.”

Researchers were able to identify 13 CBD extracts that are able to change ACE2 levels, an enzyme previously linked to COVID-19 infection. The data also suggested that some strains were also able to control serine protease TMPRSS2, which is another protein necessary for COVID-19 to enter host cells and spread throughout the body.

An Israel-based CBD company believes it may have a potential treatment for COVID-19.

Stero Biotechs announced this past weekend that it will start a clinical trial this month with the hope of mitigating the effects of those infected with the coronavirus. The study will begin immediately at Rabin Medical Center Golda HaSharon Campus in Petah Tikva, Israel. The company will test a steroid-CBD treatment on patients hospitalized due to the virus.

“Steroid treatment is usually the first or second line of treatment for hospitalized patients. CBD enhances the therapeutic effect of steroid treatment and treats the bio-mechanism affected by the virus,” Stero said in a press release. “The initial study will evaluate the tolerability, safety, and efficacy of the CBD treatment, for hospitalized patients with COVID-19 Infections.”

Stero Biotechs, which was founded about three years ago and has a headquarters in Israel, describes itself as “a clinical-stage company committed to the research and development of novel Cannabidiol (CBD) based treatment solutions that will potentially benefit millions of patients.”

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San Diego home sales fall, price mostly unchanged

San Diego home sales had their biggest annual drop since the Great Recession in April as the effect of COVID-19 hit the housing market.

There were 2,499 home sales in April, down 30 percent from the same time last year, according to CoreLogic data released Tuesday by DQNews. The last time there was a year-over-year drop of that magnitude was March 2008.

Unlike the Great Recession, there was not a corresponding drop in home prices in April. The median home price reached $594,500, around 50,000 less than the record high reached in November.

The data is the first sign of what the housing market could look like in the age of the virus. Sales in April reflect purchases that began in March as stay-at-home orders swept the nation. While fear of economic insecurity stopped some potential buyers, another major factor in the slowdown was likely many sellers taking homes off the market to wait out the virus.

In March, when most of the sales reflected in April data took place, there were about 5,160 homes listed for sale, said the Redfin Data Center, a drop of 27 percent from the same time last year. It said that around the same time, de-listings, or homes being taken off the market, made up 8 percent of the market.

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