Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

The 100-years-war over real estate commissions

HousingWire plunges down the rabbit hole of residential real estate commissions, uncovering the past, present and future of this wholly unique part of the economy.

How borrower education can make housing more attainable

The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.

Real EstateCoronavirusMortgage

What effect is the pandemic having on California real estate and lending?

It was the first state to stay home, now California has to figure out how to move forward

This is the first in a new HW+ series examining the distinctive challenges faced in state-level housing markets.

On March 19, California became the first state to issue a stay-at-home edict to halt the spread of COVID-19. While this resulted in shutting down much of the local economy, California’s housing and mortgage markets continued to operate, albeit within tighter parameters.

The most recent statewide housing statistics were issued on April 16 by the California Association of Realtors, covering the previous month just as the new COVID-19 era began to take root. CAR reported existing single-family home sales in March totaled 373,070, an 11.5% drop from February – the first double-digit month-over-month decline in nine years and the largest in nearly 13 years. The year-over-year 6.1% decline in sales was the first in nine months and the largest since March 2019.

CAR Senior Vice President and Chief Economist Leslie Appleton-Young observed that the majority of closed sales were negotiated during January and February, before the pandemic rolled in.

“I think we’re going to see another significant drop in sales in April,” she said, noting the March data did not include the historic job losses and economic mayhem that kicked off last month.

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