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Weekly News (August 26, 2020)

This week’s Interest Rate (35th  Week)

(By Fairway Asset )

   30 yr fx(%)  15 yr fx(%) FHA(%) 10 yr Tr Y (%)
A year ago      3.875       3.375    
A month ago      2.875       2.375     2.625          0.595
Last week      2.875       2.490     2.625          0.667
This week      2.875       2.490     2.625          0.682

(The rate based on 25% down payment with 740 above credit score)

                     Prime Rate:3.0% / Ref IR: 0.00- 0.25%

Covid-19 Overlays

Potential home buyer — Do not apply deferred payment or forbearance program.  If applied, they need to complete the program as soon as possible, and make sure credit record is restored.

New York State obtained approval of additional $300 from FEMA

(The Korea Times  8/25)

  • FEMA approved New York State for $300 payment in addition to the regular UI payment on 23rd.  The preparation will take about 3 weeks and an individual can receive the fund from September possibly.  This money will be paid retroactively, calculating from 8/1/2020.

 

New York, commercial tenant eviction ban is extended till 9/20

(The Korea Daily/Times   8/23)

  • Governor Cuomo signed the executive order on 20th of banning commercial tenant eviction to extend till 9/20.  Residential tenant eviction ban was extended till 10/1.
  • Eviction ban was issued from 3/20 and extended twice so far.

 

New Jersey will provide Baby Bond for low-middle class households

(Korea Times 8/26)

  • In order reduce the income gap, New Jersey State includes the budget for $1000 of baby bond for low-middle class households who will have a new born baby from 2021.
  • The bond will be applied to children born into families earning less than about $131,000 a year, or 500% percent of the federal poverty level – about 70% percent of all New Jersey residents.  It is expected that about 72,000 babies in 2021 will receive the bonds.

 

Amazon is preparing the expansion nationwide

(TRD / Jason Shim   8/20)

  • While other companies are moving toward more online remote operation, Amazon is planning to hire 3500 off line workers in NYC, Phoenix, San Diego (40,000 sf), Denver, Detroit (25,000 sf), Dallas (200,000 sf), reported WSJ on 18th.
  • Among 3500 workers, 2000 workers will be hired in NYC.  Amazon purchased the former Lord and Taylor building (660,000 sf) on 5th Ave from WeWork at more than $1.1B.

 

Amazon’s new offices, 1.8M sf in Hyderabad, India: Symbol of growth

  (NYT   8/26)

  • The company’s biggest development in the world faces challenges from local businesses and politicians.  Hyderabad, India is a known software tech talent center with 10M population.  Total 15,000 workers are expected to work at Amazon’s new offices.
  • The building features prayer rooms, a small synthetic cricket pitch, 49 elevators, a helipad and cafeteria open 24 hours a day, and is made of 2.5 times more steel than the Eiffel Tower.

 

Home sales in US increased 24.7% in July    

(The Korea Daily  8/25)

  • For two consecutive months, home sales broke the records in June and July: 20.7% in June and 24.7% in July.
  • July home sales was increased to 5.86M (annually adjusted) which was 24.7% up, compare to the last month.
  • July increase of 24.7% is the highest one since 1968 when NAR started collecting home sales statistics.
  • Last Feb home sales was 5.76M (annually adjusted) which was the highest since Dec 2006.

 

COVID-19 Change: 157 companies filed bankruptcy this year    

(The Korea Times  8/25)

  • Up until August, 45 companies with more than $1B assets has filed bankruptcy Chapter 11.  This number is exceeding the number(38)  of bankruptcy at the financial crises in 2009.
  • If smaller companies are in count, then the numbers becomes bigger: total 157 companies with more than $50M debt have filed bankruptcy so far this year, and more bankruptcy filing is expected this year.  New Generation Research COO said that this is the beginning of bankruptcy cycle and it will spread to all area of industries.
  • The main reason is slow sales of gasoline & refinery and retail industries.  24 companies in distribution industry alone have filed bankruptcy and it is 3 times more than last year.

 

5 M Laptops shortage for school online classes

(Korea Daily   8/26)

  • According to AP, three major laptop manufacturers, Lenovo, HP, Dell cannot provide enough laptops for school online classes and currently there are about 5M computer shortage nationwide.  One of reasons is that some parts from China were hindered by import control.
  • Most school districts were expecting face-to-face classes form Fall semester, but from July they have changed to online classes and it was too late to order large numbers of laptops.

 

COVID-19 Changes: Bank profits slump 70% as virus rakes businesses, households

(Record   8/26)

  • US Banking industry’s second Qt profits fell by 70% from a year ago, The FDIC said Tuesday, as low interest rates and economic turmoil of the COVID-19 pandemic weighed heavily on big and small banks alike.
  • Total bank profits across 5,066 insured institutions were $18.8B, compared with profits of $62.5B in the same period of a year ago.
  • Bank profits were bolstered slightly by the PPP, the $480B stimulus program for small businesses in the first months of the pandemic.

 

Others/Tech News : SamSung Galaxy Note20 hit the market on 8/21/2020

   (The Korea Time  8/25)

                          -S pen’s response time improved 80% faster

-64M pixels resolution (Note20 Ultra: 180M pixels)

-Game features with Microsoft were improved

 


 

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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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