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Weekly News (April 8, 2020)

This week’s Interest Rate (15th Week)

(Fairway Asset Corp.)

  30 Y Rate: 3.490%/ 15 Year Rate:2.99%/ 10 Y Treasury: 0.687%/  FHA:3.490%
Prime Rate:3.0% / Ref IR: 0.00- 0.25%

 

The U/W guidelines getting tighten during the COVID-19.
Some of lenders cap the DTI lower than normal time and require 3 month reserves.
( See below)

Jersey City councilman, Michael Yun died of the complication due to COVID-19

(The Korea Times  4/7)

  • The councilman of Jersey City, Micahel (YeoTae) Yun passed away on 4/6(Mon) around 12:45pm at the hospital.  He was hospitalized since 24th last month due to high fever and breathing difficulty and he was diagnosed as positive of COVID-19 on 29th. He was under ventilator treatment at the hospital.
  • He has immigrated and settled in Jersey City from 1981.  He has involved with Jersey City Development Agency, Jersey City CCTV project, and many other community development projects and programs. Once he was a mayor candidate.

 

US economic loss due to COVID-19 is 3 times of that of 911 Terror

(The Korea Times  4/7)

  • For about 3 weeks of lockdown in US, daily output was reduced 29%, according to WSJ.
  • Due to the 911 terror, $111.1B was lost, but daily output loss due to COVID-19 reaches to $350B, according to John Dee economist.

 

NY Governor Cuomo announced COVID-19 damage might hit the pinnacle

(The  Korea Times  4/7)

  • He mentioned COVID-19 might be close to it pinnacle. Even though death roll is being increased, he said, we can see some hope.
  • As of 4/6 morning briefing, positives cases are 130,689 while US total is 347,003.  New York State takes about close to 40% of US total positives.
  • NY death roll is 4,758 while US death is 10,335.  NY State takes about 46% of total death.
  • Daily death roll was 630 on 4/4 and it was 594 on 4/5.
  • HHS mentioned this week (the week of 4/6) might be a peak for positives and death roll in NY and NJ.

 

Some mortgage lenders and banks are tightening some loan program conditions

( Fairway Asset Corp. 4/7)

  • According to Fairway Asset, Sean Yio, about 20 % of mortgage lenders or banks started tightening their mortgage guidelines by lowering DTI than normal time and/or requiring more reserve funds of 3 month for primary homes and 6 months for investment properties.
  • This move shows that lenders and banks become cautious for lending money due to lock down businesses out of COVID-19 situation.
  • It appears that government fund is moving toward other areas such as EIDL, PPP, Emergency Unemployment Insurance, etc.

 

Return of the Milkman : Delivery business is coming back 

(The Record   4/8)

  • Home milk delivery is smooth more in demand these days.  Typical milk delivery business is doubled due to COVID-19 situation.
  • In addition to delivering milk in bottle and plastic bottles, they offer meat and seafood items, vacuum-sealed in individual portion – groceries directly to consumers.

 

Other/Tech News :  

Dow Stock index rose sharply because of anticipation of curtail COVID-19 damage on 4/6

– DOW: 1,627.46p up (7.73%) to 22,679
– S&P: 175.03p up (7.03%) to 2,663.68
– Nasdaq: 540.16p up (7.44%) to 7,913.24

 


 

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Stephen Lee

He has been in Real Estate industry in about 20 years and has been Broker of Record for 9 years. His experience includes residential, commercial, and property management. Prior to involving with Real Estate business, he has been involved in the digital communication equipment industry utilizing his engineering background and education, including running own company. He has established C Land Realty in 2011 which has grown to staffing over 100 Real Estate agents and the annual transaction amount of over $110,000,000 today.

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