Good morning! Today is Tuesday, March 31. Wall Street has rallied for four of the past five sessions, but stocks are expected to record their steepest first quarter losses since 1987. China sees sharp March rebound in economic activity, but analysts caution that recovery faces serious challenges. Ford says it will build 50,000 ventilators in 100 days.
And in mortgage and housing news …
ON THE BRINK: Mortgage industry advocates warn that without a federal intervention, an extended downturn could set off a chain of economic and financial crises akin to the 2008 panic and recession.
MORTGAGE CRUNCH: Banks are about to face a severe mortgage problem, and analysts report Wells Fargo appears particularly exposed.
LONGER LEASH: New Jersey realtors can conduct limited business – but they still can’t pump their own gas.
ESSENTIAL BUILDERS: The Feds deem housing construction an essential business.
BEFORE CORONA: Pending home sales were strong across the U.S. in February, according to report that feels like it came from a different age.
AFTER CORONA: While home sales were strong before the coronavirus outbreak, analysts expect home purchases and real-estate activity to slow for months to come.
HIRING: Mortgage lenders expand operations during COVID-19 pandemic. At least three lenders are hiring new employees.
NOT ENOUGH: For much of the real estate industry, the $2 trillion economic stimulus package won’t do enough.
CRE FALLOUT: The economic paralysis from the coronavirus outbreak could upend commercial real estate and accelerate loan losses for banks. The fallout will cause near-term credit issues and long-term adjustments in the CRE business.