Hello investors! Welcome back to our Monday weekly market recap blog for the week of 8/16 – 8/20. I hope this info keeps you well informed on what is happening in the real estate market and US economy to make you a better investor and market participant.
BITCOIN NOW ACCEPTABLE FOR MORTGAGE PAYMENTS
According to CNBC, United Wholesale Mortgage (the second largest mortgage lender in the US after Quicken Loans) will allow borrowers to pay their mortgage payment with Bitcoin by Q3 of this year and are looking into payment in ether later on.
It’s unclear how UWM will accept payment, whether the bitcoin will be sold and converted to dollars upon receipt or if UMW will actually hold Bitcoin on its balance sheet. Time will tell but it sounds like crypto is entering real estate and is here to stay.
FACEBOOK LAUNCHES ALPHA FOR VIRTUAL MEETING ROOMS
This past week, Facebook launched a private beta version of its new app called: Workrooms. It uses VR headsets to connect coworkers in a virtual meeting room. AKA, Facebook just took commercial office space digital! What does this mean for real estate? Well, if Zuckerberg’s vision for the, “Metaverse” gains popularity, we may not need so much office or meeting space. Just imagine what else this could be applied to… wow.
HOME DEPOT AND WALMART STOCKS CLOSE LOW
Wrapping up stories, Home Depot and Walmart stocks closed lower this week, showing the massive home improvement, DIY, and prepper stocking may be slowing down for a while. Home building is still up however material for large builders is often sourced from more wholesale-oriented companies.
Unemployment: 5.4% and 8.7 million people
Average days on market: 38 Days
Median home price: $385,000 with 606,086 active listings in the US
Average rent: $1,250/month
Average interest rates:
30-year fixed: 2.89%
15-year fixed: 2.18%
I hope this blog provided you with some quick info on current market conditions. My personal prediction is that real estate will remain an extremely strong asset class moving forward and it will be important to participate in the market if you don’t want to get left behind with inflation.