In Houston, we like positive news! The HAR press release may rain on our parade since they only look at numbers from year to year, but on a month to month basis, things are a bit more cheery! Total property sales, pending sales and home sales in all prices ranges except $750,000 and above saw gains in May. The number of active listings and months of inventory have decreased. That may be good news for sellers. The average days on the market remained at 58,
On a personal note, I have seen a great amount of activity in the marketplace lately. It definitely gives us a sense of hope that we will bounce back quickly from the downturn of the past few months.
Per HAR / MLS:
|Category||Jan. 2020||Feb. 2020||Mar. 2020||Apr. 2020||May 2020||June 2020|
|Total Property Sales||5,800||7,393||8,965||7,192||7,917||11,153|
|Total Active Listings||39,699||40,091||40,932||41,151||39,516||36,901|
|Single-Family Home Sales||4,699||6,044||7,566||6,199||6,671||9,328|
|Single-Family Months of Inventory||3.5||3.5||3.5||3.6||3.5||3.2|
|Single-Family Pending Sales||7,212||8,547||7,885||7,125||10,559||11,610|
|Days on Market||68||68||65||58||58||56|
|Price Range||Jan. 2020||Feb. 2020||Mar. 2020||Apr. 2020||May 2020||June 2020|
|$1 - $99,999||109||107||97||82||98||92|
|$100,000 - $149,999||277||328||361||258||301||346|
|$150,000 - $249,999||1,757||2,131||2,688||2,180||2,309||2,927|
|$250,000 - $499,999||1,461||2,056||2,547||2,200||2,278||3,403|
|$500,000 - $749,999||226||277||402||324||342||548|
|$750,000 and above||124||161||258||191||157||282|
If you have been financially impacted by the coronavirus pandemic, you might be worried about paying your mortgage or rent. Federal and state governments, as well as banks and loan servicers, have announced plans to help those that are struggling.
If you can pay your mortgage, pay your mortgage. If you can’t pay your mortgage, or can only pay a portion, contact your mortgage loan servicer immediately.
CARES Act Relief Options for all federally backed mortgages
A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages:
Depending on the kind of loan you have, there may be different forbearance options.
At the end of the forbearance, your options can include paying all of your missed payments at one time, spread out over a period of months, or added as additional payments or a lump sum at the end of your mortgage.
Moratoriums suspend or stop foreclosure
Foreclosure is when the lender takes back the property after the homeowner fails to make required payments on a mortgage.
Foreclosure processes differ by state. Under federal law, a servicer generally cannot start the state foreclosure process until your loan is more than 120 days past due. There can be exceptions depending on your forbearance or loss mitigation program.
What mortgage relief options do I qualify for?
Your mortgage relief options depend on who owns or backs your mortgage.
To be eligible for protections under the CARES Act your mortgage must be federally owned / backed by a federal agency or entity (HUD, Fannie Mae, Freddie Mac, FHA, VA, or USDA). Most mortgages are federally backed.
If you don’t know who owns or backs your mortgage, you can call your servicer. The servicer has an obligation to provide you, to the best of its knowledge, the name, address, and telephone number of who owns your loan. Your mortgage documents and note may also tell you, especially if you have a VA or FHA loan.
Borrowers with a mortgage not backed by the federal government
If you have a mortgage loan that is not backed by one of the federal agencies or entities listed above, so the loan is not covered by the CARES Act, contact your loan servicer. You can find your servicer’s name on your mortgage statement or by searching the website.
How do I request forbearance or mortgage relief?
To request mortgage relief, you’ll need to reach out to your servicer. To ensure that you are ready for that conversation we’ve got some information to help you prepare. Servicers may have scripts that they use when they talk to you. You can review scripts from and , to help you get a sense of what to expect.
What do I do once I’m receiving a mortgage relief option?
While you’re in the forbearance period, or working under another mortgage relief option, there are a number of things to do to continue to protect yourself. This advice applies to both a CARES Act forbearance and other mortgage relief that you might receive.
How do I repay my forbearance?
After your forbearance period ends, you will have to make arrangements with your servicer to repay any amount suspended or paused.
Under the CARES Act, if you have a federally backed mortgage, you also can request an extension of the forbearance for up to an additional 180 days.
The method of repayment varies depending on your loan and the options offered. Not all borrowers will be eligible for all options. You should take steps to be aware of how these programs work and what you can expect in terms of repaying these amounts.
Generally, repayment of forbearance occurs by the amount being repaid:
Just as forbearance may differ between the federally backed agencies or entities, so does the repayment of the forbearances.
Do renters have protections?
If you are renting from an owner who has a federally backed mortgage, the CARES Act provides for a suspension or moratorium on evictions. If your landlord has a federally backed mortgage or multi-family mortgage, you cannot be evicted for nonpayment of rent for 120 days beginning on March 27, 2020, the effective date of the CARES Act. After the 120-day period is up, the landlord cannot require you, the tenant, to vacate until providing you with a thirty-day notice to vacate.