The last few months have meant a shift for many of us, working remotely, relying on virtual platforms to communicate with others and complete tasks we may have done face-to-face in the past. Not only have we shifted, but so have cyber thieves, who were ready to jump at the chaos a global pandemic brings.
According to a recent Redfin survey report, almost half of American homebuyers have placed official bids on houses without first seeing the properties in-person. With housing supply remaining tight and demand intensifying by the day, the competition in the housing market is really heating up, right along with the summer temperatures.
Mortgage applications for suburban homes are surging as buyers try to escape the coronavirus pandemic
The spreading coronavirus pandemic is having a considerable impact on the U.S. housing market by shaping consumer sentiment and behavior. The public health crisis has made many consumers reassess their priorities regarding what they’re looking for when buying a home. Home buyers increasingly are looking to less densely populated areas like the suburbs, according to loan consultants at Caliber Home Loans, the mortgage-lending firm I lead. Here are three reasons why:
Ernest Rutherford, the father of nuclear physics is attributed to saying, “All science is either physics or stamp collecting.”
To paraphrase Rutherford for economics models, if models don’t include demographics and productivity, they might as well be stamp collecting. As it turns out, we have a lot of philatelists in housing economics – I call them the housing bubble boys.
The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to potential indicators of imposter scams and money mule schemes, which are two forms of consumer fraud observed during the COVID-19 pandemic. The advisory contains descriptions of these scams and schemes, financial red flag indicators for both, and information on reporting suspicious activity.
When the nation’s top central bankers spoke in public this week, they didn’t sugarcoat their outlook for the U.S. economy: What could have been a V-shape recovery if the nation managed to get the COVID-19 virus under control is probably not going to happen now.