A report from the Tampa Bay Times in Florida. "The current crisis was not caused by pre-existing economic weakness. 'There was little evidence of an approaching downturn as recently as a month or two ago,' said Gary Burtless, an economist at the Brookings Institution. 'Unemployment remained low, job growth was reasonably steady, inflation was moderate, the Federal Reserve had taken no recent steps to curb U.S. economic growth to avert wage or price inflation. Consumer confidence was reasonably high, and there was little sign of financial distress either among U.S. businesses or households.'"

From The Ledger. "Florida Gov. Ron DeSantis closed bars and nightclubs, shuttered public schools through April 15. We may be staring down the barrel of a massive economic and societal shutdown. How many small, local businesses will be closed? How many local residents, already just a paycheck or two away from financial disaster, will face eviction or foreclosure?"

The Los Angeles Times. "In Florida, PGA Tour golfer J.B. Holmes has unloaded his waterfront home roughly a year and a half after it first hit the market. The custom estate sold for $1.825 million — that’s a $225,000 drop from what he paid for the place six years ago, records show. The lakeside spot spans three-quarters of an acre in Bradenton."

The Dallas Morning News in Texas. "Tens of thousands of Texans are being laid off across the state in places like the Permian Basin shale fields in West Texas as companies shut down drilling rigs, according to Ryan Sitton, a state oil regulator. 'It’s pretty overwhelming,' said Kendrick Trinidad, a 25-year-old frack supervisor for Recoil Oilfield Services who was put on 'standby' until further notice. He remembers his last dismissal, in the downturn of 2015, while still having to cover his $1,100 monthly truck payment. 'It is uncharted territory, because you just never know.'"

"'The reality is sobering,' Luke Lemoine, an analyst at Capital One, wrote this week in a note to investors. 'Even before the coronavirus pandemic and the Russia/Saudi crude price war, a number of companies were teetering on the edge of survival.' The combined market capitalization for the world’s five biggest oilfield servicers and equipment makers today couldn’t surpass the $49 billion size in 2008 of just Transocean Ltd., the world’s biggest owner of deepwater drilling rigs. A single share in the VanEck Vectors Oil Services ETF 'can now barely buy a Happy Meal,' he added."

The Star Telegram in Texas. "Business and government leaders often refer to DFW Airport as the economic engine that drives Dallas-Fort Worth. And right now, because of the coronavirus, that engine is sputtering. Throughout the Metroplex, hotels are empty, restaurants are shuttered and bars and music venues are quiet. Fort Worth’s massive housing boom, with the cost of single-family homes increasing 58% during the past seven years, also could experience a significant cooling off as fewer people move to the area, several economists said. Prices of newly built homes, which have increased nearly every year for a decade, could level off."

The Santa Fe New Mexican. "Seasoned economists, local officials and key state legislators say that if prices stay at current levels, it’s only a matter of time before new drilling ceases, oil workers are laid off, and the truck traffic and other industry-related activity slow. While it’s too early to tell exactly when that might happen, they say the lucrative boom that looked nearly invincible just a few months ago could evaporate. And that would be very bad news for a state that depends on the oil and gas industry for around 45 percent of its revenue. 'If these prices last very long, the state is in deep trouble,' said Jim Peach, a New Mexico State University economics professor emeritus."

The Star Tribune in Minnesota. "Until recently the real estate industry has been riding a robust economy with historically low unemployment and rock bottom mortgage rates. That was before a virus flipped the switch across the globe. Showings on properties priced at more than $350,000 fell double-digits, with a 33% decline in showings for properties priced at more than $1 million. 'The upper markets seem to be holding their breath,' said Kath Hammerseng a Twin Cities real estate agent."

From Banker and Tradesman in Massachusetts. "One Boston-area developer, who asked not to be identified, said he is worried that he’ll be unable to meet a Dec. 31 deadline to complete and lease up an affordable housing project. That would enable a multinational bank to invoke a 'downward adjuster' reducing its equity investment. 'The investor gives us less equity, the project is in the red and we’re on the hook for it,' he said."

The Review Journal in Nevada. "Las Vegas’ economy was on solid ground last year, and out in Summerlin, homebuilders were busy. But with fears of the coronavirus upending daily life in Las Vegas and across the U.S., the homebuilding market, like other industries, faces a scary stretch ahead. The turmoil comes on the heels of a strong year in Summerlin. Hughes Corp. sold around 319 acres of residential land there in 2019 at an average price of $659,000 per acre. In 2011, after the housing market had crashed, it sold 84.5 acres of residential land in Summerlin at an average price of about $366,000 per acre, securities filings show."

"Last year, it sold several tracts of desert along the north side of Far Hills Avenue just west of the 215 Beltway. Records show builders now control around 150 acres there, with plans on the books for some 1,100 homes. Who would have thought that casinos up and down the Strip would all be closed for at least a month at the same time? If the closures persist, Las Vegas’ job losses could be unprecedented — and if they are, homebuilders will be in for an eerily quiet year."

The Press of Atlantic City in New Jersey. "It’s not every day that a home as desirable as the one at 8301 Salem Road in Margate, just steps from the beach, has its asking price slashed by $200,000. But that’s what its owner decided to do only two days ago, resulting in this spacious residence, situated on a hidden gem of a street that’s also within easy walking distance of the stores and restaurants of the Jersey Shore’s trendiest town, to also become Absecon Island’s best buy at $1,299,99."

From Fauquier Now in Virginia. "A 105-acre farm along Lee Highway near New Baltimore sold last week for $2.2 million. Avalon Farm went on the market in November 2017 with an asking price of $3.5 million, according to Realtor.com. Over the years, the asking price dropped twice, to $2.85 million and then to $2.55 million."

The Mariposa Gazette in California. "Ben Goger, the housing specialist hired by the county about six months ago, outlined the vast array of issues concerning the housing crisis gripping Mariposa County and, in actuality, the entire state and nation. Goger said the housing market was 'steady' for many years, but when the recession hit in 2018, it 'tanked.' It has yet to recover. Goger called it 'quite catastrophic' for the county. One of the more confusing parts of the statistics is the 'vacancy rate' as determined by state and national organizations. According to those organizations, Mariposa County has the third-highest vacancy rate in California. It is estimated at around 25 percent."

"Goger said 'vacant' can mean homes for sale, homes for rent, unoccupied homes and, the big one, second homes. Those second homes include both houses that are actually second homes for people as well as vacation rentals. According to Goger, the statistics reveal there are about 700 actual vacation rentals in the county. The other half are second homes, many belonging to people from the Bay Area or Southern California. Supervisor Merlin Jones pointed out having vacation rentals is a more lucrative market than long-term rentals. He said vacation rentals have a much higher profit margin and fewer 'headaches' than long-term rentals."

From Globe St. "While the Great Recession of 2007-2009 was short-lived, its effects stretched much longer. A major contributor to the crash was a deceptively unstable mortgage market. Leading up to the financial crisis were many red flags coupled with economic growth. But, investors were convinced homes would continue to appreciate in value despite the warning signs, according to Clever Real Estate."

"This has left many suspicious of recent growth and wondering whether another crash is unavoidable. Mortgage interest rates for 30-year fixed-rate loans have been steadily decreasing since the peak in 1981 when rates crept up to more than 18.6% or 5.3 times today’s rates and have lived under 5% since 2009 as a direct result of the financial crisis. The housing market has largely recovered since the 2008 financial crisis, but recent lifts on lending restrictions and low interest rates might put the industry at risk for market corrections."

"The proportion of down payments less than 20% has increased 75% since 2008. The average debt-to-income ratio dropped 22% in the decade following the crash, but still remains high (97%). These are cause for concern, some experts warn."

"'Median home listing price in Seattle metro is $600,050 or about $300 per square foot,' Francesca Ortegren, research associate/data scientist at Clever Real Estate tells GlobeSt.com. 'That’s compared to the national median listing price of $243,560. The median listing price varies by principal city as well, Bellevue homes are about $737,000, Seattle $605,200 and Tacoma are much lower at $250,400.' There are 5% underwater in Seattle versus 9% nationally."

From DS News. "Unlike the Great Recession, this downturn is the result of a completely external factor, meaning that it is possible this downturn will be much shorter and shallower, according to Louise Sheiner, Economic Studies Policy Director, The Hutchins Center on Fiscal and Monetary Policy. 'It is worth remembering that in the early days of the housing market downturn, many of us thought that the problems would be limited to the subprime mortgage market and wouldn’t be macroeconomically important. We were very wrong,' she notes."

"Odeta Kushi, Deputy Chief Economist at First American, said the Fed's actions should help bolster the mortgage market and keep rates low. 'This echoes 2008 when the Fed’s mortgage-backed securities buying spree increased demand for mortgage-backed securities at a time when investor demand was faltering. This, in turn, helped push mortgage rates down, enabling homeowners to lower monthly payments and encouraging investment in housing,' she said."