Housing is bouncing back: Forbearance pace slows, purchase apps increase
In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses the impact Airbnb properties could have on a housing market that is already short of supply.
For some background on the story, here’s a summary of the HW+ article:
While the real estate market has lots of challenges during the COVID-19 pandemic, a tsunami of houses being sold by Airbnb hosts isn’t one of them.
Airbnb’s tally of 850,000 whole-house listings is just 0.8% of the nation’s stock of single-family homes. Even if a big chunk of them came on the market – and there’s no evidence that will happen – it would be a welcome relief to the severe shortage of housing inventory.
Some property owners who bought or leased real estate with the aim of maximizing profits through Airbnb rentals are finding they’re in a jam. Airbnb hosts saw $1.5 billion in bookings canceled in mid-March when the COVID-19 pandemic arrived in the U.S. While guests got full refunds, per an Airbnb decision, hosts still had to pay mortgages on the properties.
The company has provided grants to a selection of hosts to offset the cancellations, but for some it may not be enough to make their monthly home loan payment.
Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly applications survey, a housing market rebound in Washington D.C. and data from the MBA that claims the mortgage forbearance pace is slowing.
The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode: