Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Previous: DS5: The Assistance Servicers Need Next: Mortgage Servicers to Advance $3.6B to Mortgage-Backed Securities Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HOUSING Investment Rental 2020-05-28 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / SFR’s Place in the Housing Market Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: HOUSING Investment Rental Print This Post May 28, 2020 1,267 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News In a new update from CoreLogic, industry experts dive into the key issues affecting the mortgage and housing industry, from rents to interest rates and price growth.First, Molly Boesel, Principal, Economist, at CoreLogic noted that U.S. single-family rents increased 3% year over year in March 2020, the same rate of increase as March 2019, according to the CoreLogic Single-Family Rent Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. Single-family rents were on the rise in early 2020 prior to the COVID-19 outbreak, having increased by an average of 3.1% year over year for the first three months of the year. Impacts from state and local shutdowns on the rental market will be apparent in the coming months.On the homeowner side, CoreLogic found that in February 2020, before the COVID-19 pandemic, annual home price growth was 4.2%.Looking forward, COVID-19 is likely to have varying impacts in housing markets across the country. In metros where job losses are higher than average, housing markets may see a larger impact from the economic shutdown, particularly if home price growth was already slowing coming into the pandemic. For example, states with the largest number of unemployment claims and slowing home-price trends include some markets in Nevada, Florida, and Illinois.While data released over the coming months will provide a clearer picture of coronavirus’s impact on home prices, economists say buyers shouldn’t expect widespread dramatic price drops similar to those seen in the Great Recession. “Buyers have been, a lot of times, referring back to 2008,” says Selma Hepp, Deputy Chief Economist at CoreLogic. “It’s part of the expectations because of the prior cycle.” About Author: Seth Welborn SFR’s Place in the Housing Market Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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