A report from the Daily Mail on New York. "A luxury New York skyscraper with apartments priced at as much as $59 million could be left empty as the coronavirus lockdown halts the construction industry. It is feared the slowdown could see buyers pull out of agreed deals that are yet to be closed. One of the projects at risk of seeing a decline in interest is the 91-story, 1,420 feet high, 111 West 57th Street, which reaches around a quarter of a mile into the sky."

"According to the Financial Times, many deals include an 'outside date which allows buyers to walk away if a building is not complete by the deadline. Kevin Maloney of Property Markets Group, which is one of 111 West 57th's developers, said any luxury site in the city is 'frozen' due to the pandemic crisis. He told the Financial Times: 'Just about any luxury condo in New York, whether it's complete or almost complete or partly complete, it's in the same boat right now: it's frozen. There's going to be a bunch of failed projects throughout New York.'"

The Pensacola News Journal in Florida. "The Santa Rosa County homebuilding industry, which has enjoyed a boom in recent years, is preparing for an uncertain future as economic consequences loom from the coronavirus pandemic. 'Each month there's going to be a slight adjustment, but there's no doubt that there's going to be pressure on home prices,' said Keith Furrow, a broker and a builder and partner in Gulf Coast Dream Homes."

The Wall Street Journal. "A top U.S. housing-market regulator said he isn’t likely to heed mortgage companies’ calls to help ease the cash-flow crunch they are expecting when Americans who lose their jobs stop making mortgage payments. Mark Calabria, who leads the Federal Housing Finance Agency, described industry concerns as 'spin.' In an interview on Tuesday, he also said he doesn’t see it as the role of government-backed housing-finance giants Fannie Mae and Freddie Mac, which he oversees, to help the mortgage companies."

"'I’ve seen zero [evidence] to suggest that there’s a systemic crisis across the nonbank servicers,' Mr. Calabria said. 'If this goes on for a year, maybe. But I think the frustration here is a lot of just misrepresentation.'"

"Mortgage companies, such as Mr. Cooper Group Inc. and Quicken Loans Inc., collect payments from homeowners and pass them on to investors who hold securities issued by Fannie and Freddie. The mortgage companies are on the hook to continue payments to investors even if homeowners fall behind. The companies are eventually reimbursed by Fannie and Freddie, but the process could take several months."

"Mr. Calabria said his agency isn’t seeing the alarming levels of forbearance requests estimated by some industry groups, which have suggested that up to 25% or more of borrowers would seek payment relief. At present, the figure is closer to 2% for Fannie and Freddie borrowers, he said, citing industry statistics through April 1. Mr. Calabria said his job is to ensure the safety and soundness of Fannie Mae and Freddie Mac, government-backed entities that are pillars of the $10 trillion housing market."

"The role Fannie and Freddie play in a downturn is 'not to bail out people in the industry,' he said. 'Their countercyclical role is to provide mortgage credit, and I see no evidence that that is not happening.' Mr. Calabria said his push to return Fannie and Freddie to private ownership wasn’t a factor in deciding whether or not to help mortgage servicers. 'I’m trying to preserve their safety and soundness,' he said of Fannie and Freddie. 'They simply don’t have the capital to do this.'"

From NPR. "'Everyone's scared,' says Brad Twiss, a real estate agent in Portland, Ore. He says some people he sold houses to can't get through to their lenders on the phone after waiting on hold for hours. Those who do, he says, 'are hearing drastically different things from every individual lender.' And some are being told they have to make one of these big balloon payments to catch up at the end of the forbearance."

"'It is evolving so quickly,' Twiss says. 'Every hour, even some big banks, the website will change about what the guidance is. … Everyone is just, their hair is on fire.'"

From Curbed Detroit in Michigan. "Cailan and Holly Harper moved from Detroit for work last year and needed to sell their home in Corktown. In late February, the couple signed a purchase agreement. Originally, they were hoping for a mid- to late-March closing, but the buyer wanted to get a construction loan to do some extra renovations and they had to move it back a month. Still, everything seemed to be on track. Then coronavirus hit. Then the buyer stopped returning their messages. Then they found out that the buyer’s financing fell through—the deal was off."

"'It was frustrating, but we can’t really blame the buyer. It was out of their control,' Cailan Harper says. 'But it leaves us in a bit of a pinch, too. We were relying on this income coming in.' 'It was a gut punch,' Holly Harper adds. 'It’s stretching us to have two households like this.'"

From CBS Denver in Colorado. "'March-April is really our highest inventory and really our craziest time of the year and so we’re going to have an artificial peak, I hope, as soon as this is over,' said Matthew Leprino, spokesperson for the Colorado Association of REALTORS. While Leprino is constantly analyzing market trends, it’s been tough to sell even his own home. 'It was the first day on the market it was under contract everything was ready to go and after a month or so, unfortunately the individual’s assets changed and they could no longer qualify for their loan and so they had to terminate.'"

"It’s something he is seeing more and more of. Mortgage lenders pressing the pause button. This he says, is one of many things contributing to a decline in closings.

The Puget Sound Business Journal in Washington. "The number of homes for sale in the metro Puget Sound region last month was 31 percent below what they were a year ago and pending sales were down 13 percent. But median sale prices were up by as much as 13 percent. Yet none of these numbers say much about the market, which was temporarily ground to a halt by COVID-19. As Windermere Chief Economist Matthew Gardner said, data that the Northwest Multiple Listing Service put out Monday are 'essentially irrelevant given the fact that the economy went into free fall during the month.'"

"The luxury market is suffering with lenders pulling back. John Deely, principal managing broker at Coldwell Banker Bain in Seattle, said one lender pulled funding on approved jumbo loans only days from closing, leaving buyers unable to perform. 'The luxury market has had a distinct drop in showing traffic as compared to other price ranges,' Deely said."

"This is what a market not frenzied looks like. Buyers face less competition and less urgency. 'It also means sellers, for the first time in a long time, don't have instantaneous offers and must exercise patience, too,' said Dick Beeson, managing broker at Re/Max Northwest Realtors in Gig Harbor in Pierce County."

From KLAS in Nevada. "Southern Nevada home prices set a new record in March, but the number of sales shrank. However, as the coronavirus hit, the number of canceled deals doubled from a year ago. The report notes there were 2,542 cancellations in March. 'As much as these numbers appear to be a surprise, it goes to show you that the impact on our housing market and economy may trail by a month or two,' said 2020 LVR President Tom Blanchard."

From Los Altos Online in California. "Throughout the nearly 20 years Nicholas French has worked as a Silicon Valley realtor, strangers inquiring about his profession have consistently proclaimed how fortunate he is to possess such a potentially lucrative one. That all changed during the Great Recession. 'The look on people’s faces was like I had leprosy,' said French, a broker associate with Sereno Group, recalling the 2008 crash. 'Everybody was like, ‘How are you doing? Oh my God. Are you getting through this?'"

"After more than a 10-year absence, those looks – and concerned phone calls from well-wishers – have returned with the coronavirus pandemic. Some deals are being renegotiated and others are falling through as nervous buyers back out. French estimates more than 80% of those he represents are waiting until the lockdown ends before making a move. It’s a strategy that could potentially play out well for them."

"'I think this is going to be one of the best opportunities to be a buyer that we’ve seen in a decade – since the financial crash,' he said. 'And you know why it’s going to be such a great time? Because of lack of competition.'"

The Long Beach Post in California. "The pandemic we are experiencing has cut the blinders off of what were once hardcore 'truths.' We will no longer live in a land of plenty, where there is neither a never-ending supply of tenants, nor a never-ending supply of jobs for those who want them. That reality no longer exists. Most fools in 1992 thought they would get the same rent as before. A costly mistake. In real estate when you overprice a listing, you end up following the market downward. Eventually, everyone wonders why the price keeps dropping as if there were something wrong with the place. It becomes a dead listing and the lack of income becomes a noose around your neck."

"You will have to look for new tenants and your lower rent significantly. You will have to lower your rental standards just to get tenants. There will be a glut of units on the market as people don’t get their jobs back and move. If you had negotiated with your tenant and came out with an agreement you both were happy with, those costs would be saved. How many months of rent (lowered) would it take you to catch up financially? You never could."

"My point is simple. If you do not listen to reason in this time of trouble you will lose. With no money to pay your mortgages, taxes, etc., your property will be foreclosed either by the bank or by the state. In conclusion, everyone has a vested interest in making negotiations regarding rent, and you had better start by being polite. If you have sent a letter out already then write another one dismissing the previous one. Yes, you own the land, but without the tenant, you will not own it for long."