In this segment of our weekly Outlook Webinar: COVID-19 Update, Senior Managing Principal, Tim Sullivan, and Chief Economist, Ali Wolf, provide real-time updates on how the coronavirus pandemic impacts the housing industry.
Key economic and industry changes discussed in the presentation include:
The Federal Reserve said on Wednesday, manufacturing production plummeted 6.3% last month, the biggest decrease since February 1946
Additional $310B for Paycheck Protection Payment (PPP) fundswill be assignedfrom the Fed to states, cities, and businesses; Noteworthily, the Construction sector leads the way for PPP loan approvals
The multifamily market is seeing three key themes during the pandemic including, construction delays (more than half of all developers), online leasing is helping bridge the gap, and tenants are largely paying their rent (nearly 89%)
Predicting, at best case scenario, 7 months until the start of recovery for New Home Pending Sales and 12 months until fully back; assuming the U.S. starts to open in May