Marin County Real Estate Blog

What Experts Are Saying about the 2021 Job Market

What Experts Are Saying about
the 2021 Job Market | MyKCM

Earlier this month, the Bureau of Labor Statistics (BLS) released their most recent Jobs Report. The report revealed that the economy lost 140,000 jobs in December. That's a devastating number and dramatically impacts those households that lost a source of income. However, we need to give it some context. Greg Ip, Chief Economics Commentator at the Wall Street Journal (WSJ), explains:

The economy is probably not slipping back into recession. The drop was induced by new restrictions on activity as the pandemic raged out of control. Leisure and hospitality, which includes restaurants, hotels, and amusement parks, tumbled 498,000.

In the same report, Michael Pearce, Senior U.S. Economist of Capital Economics, agreed:

The 140,000 drop in non-farm payrolls was entirely due to a massive plunge in leisure and hospitality employment, as bars and restaurants across the country have been forced to close in response to the surge in coronavirus infections. With employment in most other sectors rising strongly, the economy appears to be carrying more momentum into 2021 than we had thought.

Once the vaccine is distributed throughout the country and the pandemic is successfully...

Will Forbearance Plans Lead to a Tsunami of Foreclosures?

At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their monthly mortgage payments. Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not.

Yanling Mayer, Principal Economist at CoreLogic, recently revealed:

A distributional analysis of forborne loans' payment status reveals that more than one third (39.1%) of all forborne loans are now 150+ days behind payment, while as many as 1-in-4 (25.5%) are 180+ days past due.

These homeowners have been given permission to not make their payments, but the question now is: how many of them will be able to catch up after their forbearance program ends? There's speculation that a forthcoming wave of foreclosures could be the result, and that could lead to another crash in home values like we saw a decade ago.

However, today's situation is different than the 2006-2008 housing crisis as many homeowners have tremendous amounts of ...

Current Homes for Sale
Southern Marin
City # Price Range
Belvedere 10 $4.0m - $25.5m
Mill Valley 13 $850k - $5.5m
Sausalito 8 $825k - $3.4m
Tiburon 15 $1.3m - $17.8m
Central & North Marin
City # Price Range
Corte Madera 6 $769k - $1.9m
Fairfax 4 $875k - $4.0m
Greenbrae 4 $659k - $1.8m
Kentfield 3 $2.0m - $5.0m
Larkspur 9 $465k - $3.5m
Novato 27 $335k - $4.7m
Ross 2 $11.0m - $15.0m
San Anselmo 9 $949k - $3.3m
San Rafael 65 $95k - $6.2m
New Listing

Email Alerts

Subscribe Today!
Have

Questions?

Contact Us Now!