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In order to avoid the W-shape curve we need to continually see positive signs. Most experts want to see: 
(a) Purchase applications increasing. Sustaining  the level of growth may not be possible, but we do need to see positive signs compared to last year.
(b) Flowing credit. Underwriter's need to be flexible since credit must flow despite economic chaos.
(c) Stable bond yields. Mortgage rates must stay below 4.5% and bond 10 year yield rates need to be above 0.62%. This will show confidence in the future.
(d) Control of the COVID-19 infection rate. A decrease in COVID-19 cases will require more testing and common sense.
We all hope you enjoyed the holiday. Please remember an appraisal can save you $$$.

Posted by Richard Wayne Abatelli on July 6th, 2020 1:33 PMLeave a Comment

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Home buying and selling activity has increased as states reopen. Mortgage applications have now increased for 5 consecutive weeks. Purchase activity was only 1.5% lower then this time last year(2019). Amazing, when you realize that May is usually the 2nd most active month in the year. 
This is certainly the OPPOSITE of many real estate pundits aka experts have predicted. Although to be fair, some have indicated a relatively hot 3rd quarter followed by a downward trend in real estate values.
Only time will tell but its GOOD NEWS!

Posted by Richard Wayne Abatelli on May 20th, 2020 8:09 PMLeave a Comment

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