User:AdvancedWritingProjectDU/sandbox

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I plan on having Covid-19 as my main wiki article. For this article, I will add information gathered from my literature review topic. See Research question and the Purpose below.

Research Question:What is the relationship between today’s pandemic (Covid-19) and Real Estate, and how is it affecting this market.

Purpose:To understand the vulnerabilities in the real estate market, specifically in commercial and residential properties during the Covid-19 pandemic.

Covid-19 and its affects on Real Estate (My desired header under the Covid-19 article)

(AFTER DISCUSSION WITH PROFESSOR CARLETON, HAVE SUB-HEADER BE "ECONOMIC IMPACTS")

(Bulleted notes) gathered from Literature Review that I will be using in my article (See below)

Economic Impacts (Covid-19)

Covid-19 is having a major impact on global financial markets and is impacting the U.S Real Estate market. The coronavirus impact is widespread in the real estate sector; specifically on U.S. mortgage rates, which hit an all-time low in early March, “with the average rate of the 30 year fixed-rate mortgage dropping a staggering 3.29%.” These rates are plummeting, and according to CNBC, they could fall below zero percent. (Sanfilippo, 2020)

• Along with declining mortgage rates, the real estate market has slowed down exponentially due to a lack of international buyers. Chinese buyers in specific have been the most important source of foreign demand for real estate in the United States. However, due to COVID-19, and its travel restrictions, flight cancellations and required quarantines and self-isolations, has caused the United States real estate economy to drop 56% in spending for Chinese buyers. (Gapen, 2020)
• The small positive in the real estate mortgage sector is that some people are using these record low interest rates to refinance their mortgages and pay down their loans even faster. Refinancing mortgages is expected to increase in 2020 by roughly $400 billion to $1.4 trillion. (Monte, 2020)
• The coronavirus has created uncertainty, which in a real estate market, forms volatility, thus impacting interest rates. Another issue regarding China and real estate is its worldwide supply chain dominance. Due to the coronavirus, builders are experiencing longer than usual waits to get the supplies they need from China to start building. (Gapen, 2020)
• According to Bloomberg, new lease agreements in New York “fell an astounding 38% year over year in March, the second biggest downward swing in 11 years.” (Nelson, 2020)Brooklyn alone saw a dip of 46%. Due to inactive lease signings, realtors have had no choice but to increase rent prices. March leases that were signed “saw a 9% increase in studio apartments, and a 4.4% increase in one-bedrooms”. (Nelson, 2020)
• Nationwide data from apartment list confirms this upward trend, with year over year rents increasing 1.9%. (Nelson, 2020)In the aftermath of the first month following Covid-19, it was revealed that Americans were having significant trouble affording their current rents. A recent survey, which consisted of 13.4 million housing units, indicated that 31% of these renters couldn’t pay their rent on time, an increase in 20% before this pandemic hit the country. (Nelson, 2020)

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