Silver Linings and The Real Estate Market
Amidst the dreadful impact of this virus especially to our health care and support workers, victims and their families, there are a few silver linings to Sheltering-in-Place. Most notably in Menlo Park is air quality where, if I am reading the Bay Area Air Quality chart correctly is excellent, https://www.baaqmd.gov/about-air-quality/current-air-quality/air-monitoring-data/#/aqi?id=59&date=2020-04-16&view=hourly. No wonder so many of us are enjoying daily walks!
The looming question is what about the real estate market? After a Zoom conference Tuesday with Rick Sharga, CEO of CJ Patrick and Company and one of the foremost experts on real estate trends, we at Ovation Real Estate are optimistic that the housing market will recover well. As an example, the housing market is much better than the 2008 and previous recessions going into this crisis with requirements of minimum FICO scores of 700 and maximum of 80% LTV (loan to value) loans. Going into the crisis, the national average of loans in default was only 1/2% and delinquencies 3%. The Coronavirus Aid, Relief and Economic Security Act puts in place protections for homeowners with federally backed mortgages which puts a moratorium on foreclosures and offers forbearance.
Lastly would you please consider any amount of a dollar donation to St. Anthony’s Padua Dining Room, see link below? They are located in Redwood City and serve hot, nutritious meals fifty-two weeks a year. As a result of the current quarantine, many jobs have been lost or put on hold and the Dining Room as a result is serving more meals every day (take out), along with hundred of bags of food being distributed to families in need. Thank you in advance for your support.
http://paduadiningroom.com/ and press the “Donate Now” link.