The Department of Veteran Affairs has again extended its ban on foreclosures and evictions for properties secured by VA-guaranteed loans until June 30. The timeline has also been extended for requests from veterans for mortgage forbearance, which would allow veterans to pause their mortgage payments or pay those mortgages at a lower rate
Hampton Roads had a great start in the new year despite challenges due to the pandemic in 2020. Residential settled sales were strong in January 2021 with 2,293 homes sold compared to 1,723 homes sold in January 2020. That’s a significant increase of 33.08% year-over-year. Pending (or under contract) sales also continued to see increases moving into the new year rising 22.87%, from 2,147 in January 2020 to 2,638 in January 2021.
January’s residential active listings dropped 44.89% year-over-year with only 3,664 homes on the market, as compared to 6,648 back in January of 2020. With homes selling faster than new listings added to the market, the trend of record low inventory continues.
3.9 million is the total number of nonfarm jobs in Virginia at the end of 2020. The state has added back jobs steadily for seven consecutive months.
57% is the share of total jobs that were lost in March and April 2020 but have been regained as of the end of the year. The economic sectors with the largest continued employment losses include the Leisure & Hospitality, Health Care & Social Assistance, and Local Government sectors.
5.6% is the statewide unemployment rate at the end of 2020. The state’s unemployment rate is lower than the U.S. rate (6.7% in December 2020).
3.02% is the average 30-year fixed-rate mortgage (FRM) rate for the week ending March 4th, according to Freddie Mac. This is the first time the average 30-year FRM has been above 3% since the end of July.
4.1% is the fourth quarter 2020 growth in Gross Domestic Product (GDP). Overall, the U.S. economy shrank 3.5% in 2020, which is the worst economic contraction since World War II.
For more information on the economic recovery in Virginia, check out the Virginia REALTORS® Monthly Economic Snapshot.
|The latest COVID-19 relief legislation passed by Congress includes $350 billion in aid for state and local governments, helping to protect real estate interests in small and struggling communities. Other NAR priorities contained within the bill include $21.55 billion for rental assistance (on top of the $25 billion allocated in December).|