-May 15,2020-
Mortgage applications fell 12 Percent– The Mortgage Bankers Association says for April 2020 – mortgage applications for new home purchases decreased 12 percent compared from a year ago. Compared to March 2020, applications decreased by 25 percent..
“New home purchase applications severely weakened in April, which coincided with the peak of the social distancing efforts and restrictions on non-essential activities to help slow the spread of COVID-19. Home sales are the slowest since December 2016. Representative Joel Kan adds “There’s evidence now that unrealized, pent-up demand is being released as states start to reopen. We expect that heading into the summer, more prospective homebuyers will gradually return to the market.”
OVID-19 pushes consumer confidence in housing to lowest level since November 2011: After falling 11.7 points last in March, Fannie Mae’s HPSI dropped an additional 17.8 points in April to 63, which marked the lowest reading since late 2011. The index is down 25.3 points from a year ago.
Fuel demand typically increases throughout the months of March and April as more drivers hit the road with the warmer weather. Year-over-year benchmarked fuel demand shows that COVID-19 influenced a peak drop of 41% the week of March 29 compared to the same week last year. Even as April fuel demand was down significantly compared to pre-coronavirus levels, gallons purchased in the last three weeks of the month saw benchmarked demand inch closer towards 2019’s seasonal rise, with fuel demand down only 31% from last year.
JCPenney may be planning to file for Chapter 11 bankruptcy protection soon but would likely continue to operate say sources.