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In the News

Apr 2020

Will Surging Unemployment Crush Home Sales?

Ten million Americans lost their jobs over the last two weeks. The next announced unemployment rate on May 8th is expected to be in the double digits. Because the health crisis brought the economy to a screeching halt, many are feeling a personal financial crisis. James Bullard, President of the Federal Reserve Bank of St. …

Apr 2020

NAR Calls for Servicing Relief as Banks Tighten Mortgages

The real estate industry is growing alarmed over recent moves to tighten credit standards for new loans to home buyers as banks try to fend off disruption and losses during the COVID-19 pandemic. The National Association of REALTORS® warns that lending standards could grow even more stringent if federal regulators don’t step in soon to …

Apr 2020

Why the Stock Market Correction Probably Won’t Impact Home Values

With the housing crash of 2006-2008 still visible in the rear-view mirror, many are concerned the current correction in the stock market is a sign that home values are also about to tumble. What’s taking place today, however, is nothing like what happened the last time. The S&P 500 did fall by over fifty percent …

Apr 2020

New York essential business list is evolving

Chiropractors, you may now report for work in New York. The same goes for landscapers, lawyers and telecommunications workers — in some circumstances. Non-essential businesses in New York have remained closed since March 22 as Gov. Andrew Cuomo’s administration continues trying to slow the spread of the novel coronavirus, which has contributed to the death …

Apr 2020

What Will America’s Housing Market Look Like After The Coronavirus Pandemic Ends? Here’s What 5 Top Producing Real Estate Agents Had To Say

It’s never easy to buy or sell a home—even in the best market conditions. During the Covid-19 pandemic, it’s become nearly impossible. I know this firsthand. My wife and I listed our house for sale in late February, shortly before Washington state reported its first Covid-19 related deaths. We went under contract in less than …

Apr 2020

Update to Empire State Development’s Guidance to New York Governor’s Executive Order No. 202.6 as It Relates to the Real Estate Industry: What Real Estate Services Are Considered Essential Businesses?

On Tuesday, April 7, we issued an alert in connection with New York Governor Andrew M. Cuomo’s Executive Order No. 202.6 – Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency (EO 202.6), which, among other things, promulgated limitations on nonessential businesses and not-for-profit entities located in the state. April 9, the …

Apr 2020

Salina: Too late to halt Liverpool’s property-tax reassessments

Salina Town Supervisor Colleen Gunnip said she favors continuing property-tax reassessments in the village of Liverpool despite protests from the village’s board of trustees. “We’ve already done the rest of the town,” Gunnip said on April 9. “We have to fairly and equitably oversee the distribution of the tax levy.” For instance, she said, it …

Apr 2020

April 14, 2020 Federal banking agencies to defer appraisals and evaluations for real estate transactions affected by COVID-19

The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to …

Apr 2020

A Quarter of Realtors® This Week Report Homes Coming Under Contract Without Buyers First Visiting the Property

A quarter of Realtors® with clients putting contracts on homes this week had at least one do so without physically seeing the property, according to a new survey from the National Association of Realtors®. For those clients, the median amount of homes toured – either virtually or in person – before putting a contract on …

Apr 2020

Cook County Will Review All Property Values Because Of The Coronavirus Pandemic

Cook County Assessor Fritz Kaegi is planning to reevaluate every single property in the county in the wake of the coronavirus pandemic. It’s a momentous endeavor that has never been done before and could have significant ripple effects in years to come, both for local governments that rely heavily on property tax revenue to fund …

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