Holy cow, Los Angeles. The economy is gradually opening up. But the exodus has started hard and heavy. And the influx has stopped.
Turmoil in the housing market and its impact on the “median price.”
“The next big shoe to drop will be when appraisers call a declining market in early August.”
In addition to logistical difficulties of selling a home in the era of social distancing, there is the explosion of a historic unemployment crisis.
Demand is a lot weaker in some places than in others. Here are the 20 cities with the largest drops.
“In May, what market? I don’t see no market”: Realtor.
Availability of Jumbo Mortgages Plunges.
“The mortgage market has more risk than previously acknowledged.”
Expensive markets face a new reality: lenders get skittish about jumbo loans.
“Nobody has any taste for risk anymore. All of those exotic loan programs have ceased. All investors buying that paper are gone”: mortgage broker.