The SchifferLine

Timely Real Estate……………………………………………1 May, 2020

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Fed to take aggressive action to  support recovery Fed Chairman Jerome Powell sounded the alarm bells recently, announcing that while the U.S. economy has deteriorated due to this global health crisis and pledged to take aggressive action to support an eventual recovery.  With the GDP falling to an annual pace of 4.8%, which is the fastest decline any time since the Great Recession, economists quickly pointed out that the first quarter included January and February months of modest ‘calm’. The central bank “is committed to using its full range of tools to support the U.S. economy in this challenging time,” officials said in a statement released after the conclusion of their monetary policy meeting on April 29. “The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and could pose some risk to the economic outlook over the medium term,” the statement said.  Powell referred to the latest data as an “extraordinary shock” to our economic system. With the varied opinions on the speed and type of the economic rebound due to the novel coronavirus pandemic, Powell walked a line between shoring up confidence in policy makers’ response to the crisis.  After several frenzied weeks creating emergency lending programs, the Fed has turned its focus to getting them up and running making sure that the money gets to the appropriate recipients, leaving aside for now difficult questions about how to stimulate the economy once more commercial activity is allowed to resume. The Fed cut interest rates to near zero at two unscheduled meetings in mid-March. More about this later in the Schiffer Line. ******************** As expected, housing sales fell on Westside One thing we do like in real estate – we love data. As data driven as we are, we are not always reflecting what is going on “now” in our industry. For example, the high-end sales for LA’s Westside showed that from January 1 through April 15, we were spot-on even with total sales for the same period last year. However, if one counted sales from the start of our lockdown on March 18 through April 20, housing sales fell markedly behind a year ago. There were 33 closed sales in 2020, versus 50 during that time last year, (down 34%). During that same period, there were 10 closed sales of $10 plus million in 2020, versus 14 during that period last year, (down 28%). Of these, there were for closed sales of $20 plus million in 2019, versus one during that period this year, (down 75%). What that tells us is that the robust sales we had during the first three months of 2020, really doesn’t reflect what is going on now. Since January 1, 2020, there have been 151 sales of $5 plus million through April 15, 2020, and there were 151 sales of $5 plus million at this time last year, alluding to a strong start for 2020, but not so. Some of these sales were/are in the pipeline – with 53 pending sales of $5 plus million at the moment, 15 of these are $10 plus million and three over $20 million. While it is clear that total sales are down, sales are being obviously being made as I write this…I have four active buyers looking for properties now. Low mortgage rates, which may go even lower, are attracting buyers into our own, attractive market. Before you start wringing your hands in despair, the other side of the coin is that prices are holding! So, while, the number of sales is lower, the discounts for sale prices are not happening. ******************** How Covid-19 will change our housing preferences, lives Are we in for a paradigm shift in the way we live?  Ever since COVID-19 hit, most of us have been in a “qurantinathon” in our respective places of shelter. By now, we have likely used every nook and cranny of our homes to the max…. the dining room table has quickly turned into the home office, the conference room and possibly even the home-schooling hub. The living room is the new “Zoom” center for video meetings. Sometimes, the corner of a bedroom is the only place to find some quiet time to take that phone call. The kitchen is now the work and school cafeteria, stocked with a coffee pot that’s always on and full and a food-serving counter that’s open 24/7. There are four potential changes coming…#1 Less dense living.  After going through the pandemic, people may opt for single-family homes vs. condos, high-rise apartment buildings, congested lobbies and elevators…people want immediate access to their living quarters…#2 Functional spaces.  People may want two master bedrooms or an expanded one to include a home office. #3 Amenities.  Larger entertainment centers, expanded backyards with larger decks, home movie theaters, computer and game rooms.  #4 Location. Moving out of the urban core, working remotely more often than not, even going off grid or buying a tiny home for primary or second residence.  And so on.  Our lives are in for changes for sure, the big questions are: How, when, where, and what? When will we finally exit this ‘lockdown”?

******************** Wastewater reveals critical Covid-19 data From Stanford to the University of Arizona, and from universities around the world, researches have been ramping up wastewater analyses to track the spread of SARS-CoV-2, the virus that causes COVID-19. Initial studies show that sewage monitoring, or “wastewater-based” epidemiology,” could not only tell us how much the virus might be spreading in a community – but also when the virus has finally gone away. Understanding the true scale of COVID-19 has been a major stumbling block across the country, as officials struggle with testing shortages, false negatives, and people who are infected but have no symptoms. Sewage data could potentially help fill these gaps by capturing critical information in the aggregate. Americans might find the idea gross, but wastewater early warning systems have helped catch norovirus, Hepatitis A and other diseases around the world for decades. In Israel in 2013, a polio epidemic was detected in the sewage before any clinics had reported cases. This heads-up gave the government enough time to launch a vaccination campaign and contain the virus. ******************** Numbers …. COVID-19 hurting real estate The coronavirus has already had a massive impact on our personal and professional lives. And there is no question that the real estate industry has been hit hard by the pandemic. For example, new home construction starts in March marked the biggest drop since 1984, with multifamily construction slowed by 32% and single-family by 17.5%, and along with job losses in the construction industry, plus depending on the part of the country and market,  rising debt could spell trouble for the housing market. Major banks are not taking any more risks than necessary – Chase was among the first to raise its credit score and down payment requirements for new borrowers, reflecting the lender’s desire to offset increased risk presented by COVID-19-related job losses and anticipated post-quarantine foreclosures.. Many buyers are delaying home purchases, and sellers are also delaying listing their homes.  Buyers are expecting at least a 10% decline in prices, but sellers, not so much.  We are seeing a much lower drop in prices if the property is priced properly in the first place. If not, it will as has been the case in the past, sit on the market. *******************  Covid-19 is changing our environment, common-day life If you haven’t noticed, there are few if any cars on the roads these days.  Downtowns are deserted, restaurants and cafes closed, shopping malls are ghost towns, and in Los Angeles County, on a 100-degree weekend, our beaches were deserted, too.We know what gives: It’s the damn coronavirus.  And the drumbeat for re-opening gets louder and louder as over 40 million are out of work, and cabin fever has set in, regardless if you have Netflix or not.  Climbing walls has become a new sport. On the other side of the coin, we have seen an extraordinary turnaround in places we have rarely ever witnessed – deer, bears, and coyotes are roaming Yosemite’s Valley floor at will.  Deer are meandering through neighborhoods and canyons in the San Monica and Gabriel Mountains. Wildlife has become the best ‘new attraction’ in Southern California. ********************  Debunking the expectation of large numbers of foreclosures In talking to a number of buyers and potential buyers, a good number of you are telling me you want to wait as “you know we will be seeing a lot of foreclosed properties in the next few months”.  I am here to tell you, that.. you are not correct. Here is why……. First, the downturn in today’s market, is markedly different from the one in 2007 and 2008.  A good majority of the homeowners today have a healthy equity in their homes, vs. very little the last time.  This gives them the ability to draw from the equity. Secondly, with the government forbearance programs in place, it will be a good 6 months or more before any properties show up as foreclosures, or short sales.  Third  – , because of buyers understandable hesitation and  the “safe at home” policies in place now,  the pool of active buyers is small now, but the desire is there and once the restrictions are gone, that pent up demand is most likely going to create a large pool of buyers and the competition for properties will be strong. Fourth   – Look at the current interest rates.  Why not take advantage of them?  Most likely they will not stay as low as they are today This is not Carole Schiffer talking, but this is what I am hearing from other top agents that I have been speaking with all over the country.  We all basically think the same thing. ********************  What is the story with the banks and City of Los Angeles regulations today? We all need to know and understand that the situation changes on a daily basis, sometimes multiple times in the same day so that makes it difficult to tell you definitely what is the policy/program today will be the same tomorrow. City of Los Angeles regulations have different requirements for showing property as to its occupancy.  Generally it is much easier to show property that is un-occupied, but as of 29th of April, we can once again show owner occupied properties (we need to have written permission from the tenant to show a tenant occupied property).  In all cases, there are forms that need to signed before gaining access to a property, masks, gloves and shoe covers must be worn, and only 2 people plus an agent can be in the property at one time. These same regulations pertain to appraisals and any inspections that take place while the property is in escrow. In addition to the disclosures that need to be signed by all parties, we need to have proof of funds dated no later than a few days before the showing, and a pre-approval letter from the lender dated that day. Regulations for the County of Los Angeles as well as others are different from the City of Los Angeles. With regard to the banks, purchase loans are being made as well as refinance loans for owner occupied properties. It is more difficult to get jumbo loans today, but they too are being made.  It is highly recommended that buyers go to a mortgage broker rather than a bank directly as the broker has more lenders to draw from, and it is also recommended that buyers double apply to assure they have broadened their options in not only getting a loan, but a good rate as well. Banks have been known recently to change their rates at the 11th hour, so strong, consistent communication not only with your agent (me), but your lender a number of times a week is highly recommended. ********************  My update Like all of you, while I love my house, I am ready to be sprung.  I am reading more than I have had time to do in the past, working on small projects in the house, but I can tell you that unlike a lot of folks, I am not cooking or baking more. I don’t want extra food in the house! Because I am on Mom duty, I am also spending more time with her, making sure that she and her caregivers have everything they need including meds and food. I am also making those phone calls and checking in with past clients and friends, so please don’t be surprised when I give you a call. Also, with the numbers of ZOOM calls from my office and those wonderful webinars, my days are full. Everyone in my family continues to do well and stay safe. We are all working hard to keep it that way. I did a fun thing for my sister’s birthday a week or so ago, I organized with my niece’s help a video of her friends calling to wish my sister a happy birthday, and am at work on doing something for Mom for Mother’s Day and Mom’s 98th birthday the end of May.  Doing these things has enabled me to learn new tech trips, including ZOOM. Mother’s Day is coming up next week.. How are you celebrating, particularly in this day of “social separation”?  I would love to hear how creatively you are planning on celebrating. What are you doing to keep yourself busy, safe and sane?  I would love to hear from you. Also, the Teddy Bear in the window campaign is still going on, please don’t forget to see my little stuff animal in the window of my house. Please let me know if you need anything or just want to chat.  I am home most of the time and love talking to people. Carole 310 471-2007 ceschiffer@gmail.com Carole@caroleschiffer.com

Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com  www.caroleschiffer.com

CalBRE  00677619

©2020 Coldwell Banker Real Estate LLC.  Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC 234567An Equal Opportunity Company.  Equal Housing Opportunity.  Owned and Operated by NRT LLC

The SchifferLine

Timely Real Estate……………………………………………15 April, 2020

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Reminder:  IRS Tax deadline moved to July 15, 2020

As a result of the coronavirus pandemic, your 2019 IRS tax deadline has been moved up to July 15, 2020.  There will be no penalty filing by this date, although penalties will be enforced after this date.  Happy filing!

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Property Tax Deadline
I am sure you know that the deadline for the 2^nd half of your property taxes were not extended, and passed for the 10^th of April, however they are working on how to handle any penalties for late payments if you were not able to make your payment by the deadline.

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1031 Tax Exchange Update
The IRS has also issued a change in tax deadline for those individuals involved in a 1031 Tax Exchange. Consequently, if either the 45-day deadline or the 180-day deadline of your exchange falls between April 1 and July 15, the deadline has been extended to July 15. The notice extends the deadlines for “time sensitive actions” which are due to be performed on or after April 1, 2020 and before July 15, 2020. Such deadlines include the 45-day identification and 180-day exchange period in a 1031 exchange. However, the IRS Notice is confusing because it is not written like previous Disaster Relief Notices. As a result, the Government Affairs Committee of the FEA is seeking clarification and further guidance from the IRS on various issues.

What we do know is this: If you have a 45-day identification period deadline or 180-day exchange period deadline that falls between April 1 and July 15, 2020, you will have an automatic extension to July 15th. Thus, a taxpayer with a 45th day falling on May 16 would receive an extension of the identification deadline to July 15. However, that same taxpayer would apparently not receive an extension of the 180-day deadline because it falls after July 15 (this is one of the major issues on which clarification is being sought). In addition, it also appears that under the current notice, if a relevant exchange deadline fell before April 1, there will not be an extension of such deadline. Please check with a 1031 tax exchange specialist for your specific situation. If you need a referral, please let me know.

 

Also, please note:

With everything changing as quickly as it has, I will be posting updates on all important real estate and financial developments on my Facebook and LinkedIn pages.  Please be sure to visit these between the SchifferLine editions, which are published the 1st and 15th of each month.

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Sales volume up for March…but it is”too early to tell”

I am always encouraged to see the sales volume up in the five communicates I report on regularly, and this has been the case since the start of the year, jumping to a high for March of  $797 million total sales volume for the first three months of the year.  This is a 30% increase over $612 million compared to 2019 at this time. Yes, there’s a “but” coming:  The reality is that March sales means these sales closed escrow in March, some of which started in December, January or February, so these sales #s do not necessarily reflect the reality we’re in today with the coronavirus situation. I do expect sales will drop significantly for April, but it is too early to tell, as again, many of the sales currently in escrow were entered into in the first quarter prior to the coronavirus shutdown. Every day I do still run a “hot sheet” from the multiple listing service and I am seeing that there have been some closed escrows when the entire transaction was about 30 days or so meaning the property came on the market during the covid-19 environment and has already closed escrow..  And so on.  We really won’t know the severity of the coronavirus on sales volume until we have filtered out sales after March 15, the official shutdown date in California. However, as I do each for each month, I do want to review the sales for the five communities through the first quarter for Beverly Hills, Beverly Hills Post Office, Bel-Air/Holmby, Westwood/Century City, and Brentwood.  As always, some areas are up in volume, some down, and median prices seem to reflect the same differences as well.  The big sales volume leaders for March were Beverly Hills, up $100 million for the year; BHPO was up $98 million through 2020; Bel-Air/Holmby Hills was up $12 million, and Westwood/Century City was up $14 million;  Only Brentwood was down, some $33 million through March compared to last year.  Pacific Palisades, one of the communities I also work in, was up $26 million in sales volume. ******************** Median sales prices strong year over year for March When comparing March median sales prices to a year ago, all of these five communities were up substantially over March 2019.  For example, Brentwood’s median sales prices were up 81% for 2020 compared to same period in 2019 at $3.200 million; Bel-Air/Holmby Hills was up 53% at $2.137 million for 2020; Westwood/Century City was up 43% at $2.655 million; BPHO was up 13% at $4.984 million and Beverly Hills was up to $6.475 million.  Pacific Palisades was down 6% at $3.750 million. ******************** Year-to-date median sales prices mixed  While these areas had strong price performance in March compared to a year ago, these markets continue to experience modulations from month to month…even though sales volume has been robust since April 2019.  Beverly Hills median sales prices through the first three months of 2020 is down 7% at $6.302 million, BHPO was down 9% at $2.831 million; and Brentwood was down 3% thru March at $2.040 million.  Palisades was up 8% at $2.325 million. Another observation is how long a home sits on the market.  Days on Market tells us just how long that is. One of the changes is the suspension of the counting of the Days on Market by the Multiple Listing Service. Any properties that have been listed since the 15th of April now show 0 Days on the Market. Not sure exactly when this policy will change. Sales are being made…buyers are out looking, and while inventory is down, there are still excellent deals out there.  It’s a good time to buy…There are a number of disclosures that need to be signed before can a property can be shown. For example, on Monday the prohibition for us to show vacant houses was lifted. We still need to follow specific guidelines and disclosures signed by all, but none the less there was a small change. Speaking of sales being made, a number of those with a good amount of equity in their homes are taking advantage of the softer market and purchasing income property by pulling some cash from their homes to make those purchases. Might you be interested in joining that trend? If so, please let me know and I can assist you in locating and purchasing income property, ceschiffer@gmail.com. ******************** Market watch…. volatility continues with some hope    According to Market Watch, a leading real estate newsletter, the volatility in the markets continue with some glimmer of hope as we hear of potential peaks in the coronavirus battle that may be reached soon so we can start “flattening the curve”.  Last week’s headlines were a disaster with Nonfarm Payrolls falling by 701,000, Private Payrolls falling by 713,000, and the Unemployment Rate rising to 4.4%. Initial Jobless Claims continue to shatter expectations, rising to an unthinkable 6.6 million from 3.3 million the week before. The key takeaways from the Fed action were that the Fed is lending, not spending…loans are secured and have an expectation of repayment.  The Fed also dictated that some entities will need direct fiscal support, and some market conditions have generally improved since the Fed intervention in March. But the newsletter points out, too, that as a result of the current climate every bank is moved into a “defensive position to minimize risk and exposure from defaults.  So, bottom line, it is time to be cautious and when negotiating with a bank, do not assume anything until the transaction is signed and closed!   The situation with loans, interest rates and banks also change every day. Again, please check with me for specific information. *******************  What’s happening in the real estate trenches…. In our weekly virtual Monday-morning meeting, the MLS revealed that in the past 24 hours (Sunday am to Monday am.) a total of six new listings were filed, there were three price adjustments (decreases), and three homes were back on the market.  Two homes were sold, and there were five expired listings, and five listings were cancelled.  Not unexpected, given the current state of the Covid-19 situation.  Still, new listings were brought to market, that’s good news. On the leasing front, there were six new leases listed, one lease was sold, one was put on hold, four expired, and two were cancelled. Leasing homes in today’s market is gaining traction because of the uncertainties we’re facing with, well, everything.  I have clients who are considering either leasing or buying, and clients who are considering putting their home on the market for sale or up for lease.  Buyers and sellers are facing some challenges as we move forward in how we are handling our shutdown.  My advice – let’s talk through all of the options based on the current economic data. That’s key! ******************** Working at home and being creative With my office having been closed for the last month, I have been working here at home, trying not always successfully to follow the same time schedule as I had when I was going to the office, but also finding projects that I had been putting off such as cleaning out my closets (up to 4 full bags and still going strong), cleaning cupboards, reading more. To assure that we don’t get bored, Coldwell Banker is wonderful in offering us classes every day, meetings to make sure we are up to speed on all of the new forms that seem to come up every day. I hardly have the time to do some of my other projects. My mentee also keeps me on my toes in helping him launch his career in this difficult time. We cannot forget the weekly virtual wine tasting parties with my fellow agents (one week we had a pet parade, and last week, an pajama party, and this week sharing baby pictures!). I have also enjoyed making my own mask following examples online. Have the official ones but enjoyed being a little colorful with the scarfs made into masks. The trips to the market and errands have also filled some time, but I long to be back in my office. One of the other, and probably the most enjoyable things I have done is to reach out an speak with a lot of former clients and old friends that I have not spoken to in a while. If I haven’t called you yet, please know that I will be doing so in the next week or two. ********************  How is my family & I faring with all of this?  I have been spending more time with my Mom than I usually do and we make it fun. It is difficult when she asks to see me every day. One of my favorite Easter things to do is to watch Easter Parade. This year I wore my Easter bonnet, when I went there. We had some good laughs.. My daughter Melanie & son-in law Lawrence are hunkered down in their home in Bend, working from there. My niece, Morgan & Ben, have been doing the marketing and other errands for my sister & brother in law so they can spend their time gardening and planting fruits and veggies while working at home also. I am working on planning a surprise virtual birthday party for my sister next week. Connor is busy working out of his apartment in Montreal dispensing financial advice. We are all healthy, and safe! Please don’t forget I am here for you… If you need anything, please let me know. If any of your friends, relatives, neighbors want to receive the Schiffer Line electronically at this time while I am not sending it out via the post office, please have them contact me at ceschiffer@gmail.com  . Also, PLEASE BE SAFE, CAREFUL AND SANE!

Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com  www.caroleschiffer.com

CalBRE  00677619

©2020 Coldwell Banker Real Estate LLC.  Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC 234567An Equal Opportunity Company.  Equal Housing Opportunity.  Owned and Operated by NRT LLC

The SchifferLine

Timely Real Estate……………………………………………1 April, 2020

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Checking In
First and foremost, I hope this finds you and your loved ones, healthy, safe, and sane. We are all undergoing stressful times with the “stay at home” orders and social distancing. It is easy for us to panic particularly as there are “tons of experts out there”, all with different views and information. My advice to you is to listen and read to the official reports from the responsible media to garner your information.
Please do let me know if I can assist you in any way, errands, friendly phone call, etc.310 471-2007

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Quarterly Update
In the past, for most of you I have created an update for the past quarter sharing with you the latest real estate news in your community and compared it to the activity for the same quarterly last year. Because the creation of this report would require both my assistant Viktoria, myself and other personnel to work in the office, I have decided to forgo that this quarter, and to make it a two quarter report at the end of June instead.

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Financial Overview

Changes are being made and legislation passed to help all of us deal with the medical, financial

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Is there still business being done? Are houses being listed and sold and escrows closing?
You bet!

Yes, business is slower, prices can be somewhat softer, but there definitely are buyers and sellers out there engaging in real estate transactions. Real Estate has been declared an “essential service” which is now dictating how we do our business.

How are we conducting our business?

 

Please know that things change every day, so what I am sharing with you today probably will be different tomorrow.

 

Showing Property – We are using virtual tours – creating videos using Zoom or other video products. Only 1 person to be inside the property at a time. No printed materials, brochures, etc. are to be left in the property. Everyone needs to clean off after themselves in looking at the property including wiping down counters, light switches, door handles and door locks.

 

Virtual Open Houses – using Zoom and Facebook.

 

Contracts – No personal contact -We are only using electronic signatures including the new forms particular to COVID -19.

Inspections – Once again being done virtually and individually – one inspection/trade at a time, i.e. physical, mold, termite, sewer line, termite, fireplace. Any issues should be dealt with via credits rather than repairs.

 

Appraisals – being done virtually – using photos, face time, seller disclosures, public records. Sellers are creating lists with information about the property. A reminder to be very detailed in listing the information about the property.

Staging – Utilize virtual staging. Any properties that are currently staged are having their contracts extended as staged items cannot be removed.

suspended their operations (my lender is still accepting those applications).

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Housing protections in stimulus bill…. 

The 880-page bill signed into law last week includes credit protections, foreclosure moratoriums and forbearance on some mortgages.A key provision of the stimulus package is aimed at avoiding a repeat of the havoc the 2008 recession caused in the housing industry.As millions filed for unemployment. due to COVID-19 (corona virus).  There are basically four major components of the bill that directly affect home and property owners.

Mortgage forbearance and foreclosure protections – a borrower with a federally backed loan can request forbearance through the loan servicer. A federally backed loan means that it’s either guaranteed or insured by the Federal Housing Administration, Department of Veterans, Department of Agriculture or purchased or securitized by Fannie Mae or Freddie Mac.  Once the request is submitted, forbearance can be

granted for a period of up to 180 days at the request of the borrower. No fees, penalties or interest beyond the amount scheduled can be accrued on the borrower’s account. It is imperative that you check with your lender before assuming that forbearance will automatically be granted. This holds true for car loans as well.

Protections for multi-family property owners – During the covered period, all of the protections extend to homeowners are being extended to owners of multi-family properties with Federally-backed loans as well. The loans are aimed at providing relief to the building owners who may be facing hardships – possibly due to the inability of tenants to pay. Again, you would need to prove that you have been impacted by the virus.

Increased tenant protections – For the next 120 days, the owners of any dwelling that participates in any housing program covered by various acts – including the low-income housing tax credit program, National Housing Act, Homeless Assistance Act, National Affordable Housing Act, rural housing voucher program and others – cannot begin any action to initiate eviction proceedings to re-take possession of a dwelling for nonpayment of rent, or charge any fees or penalties related to nonpayment of rent. The 120 days could potentially could be extended.

Credit protection – The stimulus package amends the Fair Credit and Reporting Act to allow more leeway for consumers that come to agreements with lenders on deferring, making partial payments, modifying a loan, forbearing delinquent amount and utilizing any other relief. It’s a measure designed at not allowing the tanking of credit scores of millions of Americans suddenly finding themselves out of work due to corona virus.

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Property Tax Payment Deadline
Unfortunately, the property tax payment deadline for Los Angeles, San Diego, Ventura, Orange, San Bernardino, Santa Barbara counties cannot be extended. It remains April 10, 2020.

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February pending sales reveal healthy demand

Prior to the understanding of the total impact or the virus, pending home sales, a forward-looking indicator based on contract signings, rose 2.4% month over month and 9.4% year over year in February. All four major regions of the country saw an increase in pending home sales last month, and into the beginning of March.

However, the downward pressure on those numbers is expected moving forward, as NAR’s latest housing data reflects a time period before the nation began adopting social distancing measures to control the spread of COVID-19.

“February’s pending sales figures show the housing market had been very healthy prior to the coronavirus-induced shutdown,” says NAR Chief Economist Lawrence Yun. “Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage, and we may get a V-shaped robust recovery later in the year.”

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Are we in recession? UCLA now says we are
Revising a forecast published March 12, UCLA Anderson Forecast economists say the U.S. economy has entered a recession, ending the expansion that began in July 2009.
The revised forecast, which incorporates data reflecting a rapidly changing U.S. economy, together with a review of the 1957-58 H2N2 influenza pandemic, is for the recession to continue through the end of September.
This marks the first time in its 68-year history that the UCLA Anderson Forecast has published an updated forecast between its regularly scheduled quarterly releases.
After the economy had experienced a solid start to 2020, the escalating effects of the coronavirus pandemic in March have reduced the first-quarter 2020 forecast of GDP growth to 0.4%. GDP for the second quarter of the year is now forecast to slow by 6.5%, and by 1.9% for the third quarter.
With the assumption of an end to the pandemic and repaired supply chains by this summer, the Forecast predicts the resumption of normal activity in the fourth quarter of 2020 and a GDP growth rate of 4.0%.

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Do you know about the Teddy Bear in the window campaign?

Teddy Bears are appearing everywhere along streets made empty by the coronavirus
They’re fair game for bored kids turned hunters.

The stuffed animals are appearing in windows around the world in global “Teddy Bear Hunts” for children – uniting neighborhoods and giving children an exciting, social-distancing-safe scavenger hunt activity during coronavirus lockdowns.

The hunts are inspired by Michael Rosen’s 1989 children’s book “We’re Going on a Bear Hunt,”

which opens with the lines, “We’re going on a bear hunt/We’re going to catch a big one/What a beautiful day!/We’re not scared.”

Play dates might be on hold but seeking out the stuffed animals is the new bearable activity.
I personally don’t have a teddy bear but do have a puppy dog in one of my windows. What about you?*********************

What about me? How am I doing?

  Like everyone else, I am spending more time here at home then I ever have. I have a few projects that I have been putting off for a while, like cleaning out my closets, etc. that I am getting into. I am also exercising more both here in the house and taking walks outside and reading a few books that I have been wanting to get to. I am also watching more TV than I generally do, and honestly am staying away from watching the news too much.. Enjoying long phone conversations with clients and friends is also part of my days’ activities.

Fortunately, Coldwell Banker has created a number of classes and meetings that we can take, at least 2 a day. This has required me to learn how to use Zoom (still working on that one as I have been having both phone and computer issues!). My office has technically been closed for 3 weeks, so we are having all of our meetings online. These classes and/or meetings have not only been a god send in keeping me busy, but also teaching me new things on a daily basis.

How is my sweet, cute Mother doing with all of this? Fortunately, she remains good and I and her care givers are working very hard to keep it that way. I just admit that I have been visiting with her, which makes both of us happy and also for the most part
doing her grocery shopping.  She will be celebrating her 98^th birthday in late May, and it looks like it will only be she & I and her caregivers celebrating together as my sister & family cannot come here from Canada to join the celebration.

Please let me know how I might be of assistance in any way, and please get in touch with me and share any creative ideas you have to not only stay safe and comfortable, and any ideas for making your own masks which they are now advising we wear when we do venture out.

ceschiffer@gmail.com or 310 -471-2007  home number.

I CARE!

Carole

Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com  www.caroleschiffer.com

CalBRE  00677619

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