Wondering where the housing market is headed after COVID-19? Some people are predicting a quick overnight recovery, while others are expecting a deep, dark depression for years. How would real estate, and rental properties specifically, hold up in either scenario? Join Kathy Fettke for a panel discussion with Rick Sharga and Daren Blomquist.
Rick Sharga is the former Executive VP for Carrington Mortgage Holdings, former Chief Marketing Officer of Ten-X (of Auction.com), and spent 8 years at RealtyTrac. He is a frequent guest expert on CNBC, the CBS Evening News, NBC Nightly News, CNN, ABC World News, FOX, Bloomberg and NPR.
Daren Blomquist is VP of Market Economics at Auction.com, and formerly at ATTOM Data Solutions. Daren’s reports and analysis have been cited by thousands of media outlets — including The Wall Street Journal, The New York Times and USA TODAY and interviewed on CBS, ABC, CNN, CNBC, FOX Business and Bloomberg.
How many people are current on their mortgages versus last year? According to Darren Blomquist, 96% of borrowers are still current. (Starts at :30)
The government is coming in really strong to help tenants and homeowners in the 1-4 units area. Will they come to the aid of commercial real estate investors? According to Rick Sharga, commercial lenders are on their own. There are limited protection for landlords at the smaller level but there doesn’t appear to be any bailouts or protections for commercial or retail investors. (4:40)
Auction.com has seen an increase in interest in online foreclosure auctions from investors. Investors might have been nervous initially but they’ve bounced back and are buying aggressively. It’s a good time for sellers as inventory is low. (9:20)
As job losses have been disproportionately among the renter community, Rick Sharga believes this will lead to a lot of rental opportunities. (14:30)
Auction.com found that buy and rent investors are more confident about this downturn than “fix and flip” investors. (16:30)
Watch the other videos in this series:
Part 4: 4