MReport June 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 9 MDWELL Metros Where Inventory Is Dropping While inventory is declining across the nation, one region is leading the way in drops in new-home listings. S ix of the 10 metros that experienced the largest drops in new-home listings were located in the Northeast, accord- ing to a new report by Allentown, Pennsylvania, came in at No. 1 and was fol- lowed by Milwaukee; Scranton, Pennsylvania; Detroit; Buffalo, New York; Grand Rapids, Michigan; New York; Bridgeport, Connecticut; New Haven, Connecticut; and San Francisco. Pennsylvania Gov. Tom Wolf on March 18 issued a stay-at- home order saying all businesses that were not "life-sustaining" to close, which includes real estate. "It's very restrictive," said Joe Golant, a real estate agent with Weichert Realtors, according to He said he can no longer meet clients in person, visit homes, or even send a pho- tographer out to market a new listing. Source: LendingTree, "National Average Monthly Mortgage Payment and Loan Affordability in Each State, Ranked 10 metros with the largest drops in new-home listings Decline in City State New-Home Listings Allentown Pennsylvania 80.5% Milwaukee Wisconsin 80% Scranton Pennsylvania 78% Detroit Michigan 75.3% Buffalo New York 69.5% Grand Rapids Michigan 69.4% New York City New York 67.9% Bridgeport Connecticut 67.1% New Haven Connecticut 56.3% San Francisco California 56.1%

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