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Real Estate Roundup 3.23.20

Brick and Mortar Retail (Credit: Tegna)

Real Estate Roundup:

  • Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product. (Bloomberg) 
  • As bricks-and-mortar retailers shut their doors because of the coronavirus pandemic, those already in bankruptcy are finding out their inventory isn’t worth much to creditors when shoppers are huddled in their homes. Failing to liquidate inventory could have far-reaching consequences for both lenders and retailers, especially weaker ones, the longer the social-distancing recommendations drag on. (WSJ)

Governor Andrew Cuomo’s foreclosure and mortgage moratorium is simply a suggestion to lenders. At a recent press conference, Cuomo touted the suspension on residential properties, saying, “if you are not working, or working only part-time, we will have banks and financial institutions waive mortgage payments for 90 days.”

  • Worth Noting: Guidance issued by the Department of Financial Services reveals that the department would only “urge” lenders to “do their part” by suspending mortgage payments and foreclosures. (TRD)
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