Holy cow, Los Angeles. The economy is gradually opening up. But the exodus has started hard and heavy. And the influx has stopped.
“Insured unemployment rate” in California spiked to 27.7%, “continued claims” hit 4.8 million. In terms of “initial claims,” Georgia & Florida move into 1st and 2nd, ahead of California.
“The next big shoe to drop will be when appraisers call a declining market in early August.”
CMBS get to eat it all: Amid overvalued vacant collateral, there is a new thingy: Tenants delaying rent payments and landlords asking for forbearance.
Demand is a lot weaker in some places than in others. Here are the 20 cities with the largest drops.
This type of sudden, previously unimaginable fall-off-the-cliff data about the lockdown-economy is gut-wrenching.
“Nobody has any taste for risk anymore. All of those exotic loan programs have ceased. All investors buying that paper are gone”: mortgage broker.
Madrid area hospitals were forced into wartime-triage, denying care to the elderly in order to give the young a better chance.
And it’s just the first inkling of what’s in store for home sales.
“Our Retail Marshall Plan.”