The coronavirus pandemic may have brought most of the global property market to a standstill but in Sweden, which never fully went into lockdown, a village has gone up for sale for 70 million Swedish krona ($7.3 million).
The coronavirus pandemic has made us all a lot more familiar with our homes. But it has also thrown up a great number of questions over the future of the property market.
While global markets were thrown into turmoil in the early days of the outbreak, the property market, broadly speaking, has remained resilient. As of April, the median U.S. house price rose 8% year on year to hit $280,600.
Some hosts are building their own booking services. Others are banding together to form new, host-friendly services in an effort to wrest power away from Airbnb, Vrbo, HomeAway and Booking.com in the short-term rental market.
In the first two weeks of March, new listings were up 5% annually on average. By the second week of April, they were down 47%, according to realtor.com.
In early March, median list prices were up 4.4% annually on average. In the first half of April they were up just under 1%. That’s the slowest growth in seven years.
Just over 3.4 million borrowers, representing 6.4% of all mortgages outstanding, are now in forbearance plans.
That’s an increase of 477,000 loans in just one week, or a nearly 9% jump, according to Black Knight, a mortgage data and analytics firm, which is running weekly tallies.
These forbearances represent $754 billion in unpaid principal and include 5.6% of all Fannie Mae and Freddie Mac loans and 8.9% of all FHA/VA loans.
Spencer Rascoff, the co-founder and former CEO of Zillow, has put his Brentwood Park estate on the market for $24 million, according to Redfin. The asking price is $7 million over the “Zestimate,” or Zillow’s appraisal of what the home is worth.
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We have been saying that the world is heading towards a recession since 2015, as the symptoms the caused the last financial crash back in 2008 have never really gone away, and we could see a lot of sticky plasters that were used to prop up housing markets as short-term solutions as opposed to properly addressing the source of the issues to prevent it from happening in the future.
