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Tuesday, May 5th, 2020

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Posted by: | Posted on: May 5, 2020

Number of Home Listings Plummeted in April as Coronavirus Took Its Toll

April is usually one of the busiest months for the housing market, as the spring home-buying season is well underway. Not this year. The novel coronavirus has dealt the real estate market a series of blows, starting with sidelining both buyers and sellers and worsening the already severe housing shortage.

The number of homes that went on the market plummeted in April compared with the previous year. New listings were down 44.1% nationally, according to realtor.com®’s Monthly Housing Trends Report. That affected the overall number of homes for sale, which was down by about 189,000 listings, representing about a 15.3% drop in housing inventory in April compared with the prior year.

“The good momentum we saw at the start of the year has helped to somewhat insulate the housing market from the coronavirus’ negative impact on buyer and seller confidence,” realtor.com Chief Economist Danielle Hale said in a statement. “Although

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Posted by: | Posted on: May 5, 2020

As Markets Wobble, Will We See a Wave of Reverse Mortgages?

Over the past three months, the stock market has been on a roller coaster. Investment portfolios have followed suit, which could be particularly concerning for those who are counting on those funds for retirement.

For those close to retirement, a lack of savings may mean monthly expenses go unpaid. As a result, retirees may be considering a reverse mortgage to bring in much-needed cash.

“Retirement accounts have been suffering under the macroeconomic conditions that we see out there today. People are looking at the use of home equity to absorb some of those shocks in their retirement plans,” says Steve Irwin, president of the National Reverse Mortgage Lenders Association.

Because there’s a long lead time for a reverse mortgage, Irwin says it’s too early to tell if the

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