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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Berkshire Spotlight: Washington
Growing up in a family of artists and designers, Elizabeth Lowrey mapped out a career path at an early age. Before her seventh birthday, Lowrey had settled on architecture as her dream job and went on to study the field at Auburn University’s College of Architecture, Design and Construction.
IN PERSON
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WEEK OF MONDAY, JULY 6, 2020
RESIDENTIAL REAL ESTATE BY THE NUMBERS
COUNTDOWN CLOCK
15 percent One Cape Cod vacation rental manager’s direct bookings are up 15 percent. See Heather Beasley Doyle’s story on page 10. Source: Pretty Picky Properties
$3.35 million The sale price of most expensive home in this week’s Gossip Report. See page 9. Source: The Warren Group
48 percent Car traffic to the Cape dropped 48 percent in April year-overyear, imperiling the vacation rental business. See Heather Beasley Doyle’s story on page 10. Source: Army Corps of Engineers
$130,250 The 2020 median sale price in Adams, Massachusetts, year to date. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
4,532 square feet The size of the biggest home in this week’s Gossip Report. See page 9. Source: The Warren Group
6 months Some prospective summer renters on Cape Cod were looking for leases as long as six months. See Heather Beasley Doyle’s story on page 10. Source: Atlantic Bay Sotheby’s International Realty
8.23 percent The year-over-year drop in the number of homes sold in Berkshire County as of May 31. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
2.75 acres The size of the largest parcel in this week’s Gossip Report. See page 9. Source: The Warren Group
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
FORBEARANCES CREATE
UNCERTAIN SUMMER FOR LENDERS AS FEDERAL AID AND STATE PROTECTIONS END, QUESTIONS LOOM
BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF
W
hen the coronavirus pandemic shut down the economy in March, the mortgage industry felt the effects almost immediately as lenders rushed to offer payment deferrals and forbearance plans to homeowners experiencing financial
hardships. Local, state and federal actions followed to provide further protections. But with expanded federal jobless aid set to run out at the end of this month and a state foreclosure moratorium likely to expire almost three weeks later, concern is growing as the mortgage industry faces an uncertain summer and fall. “The fear is that the end of the deferment and forbearance period doesn’t line up with folks getting their jobs back,” said Elliot Schmiedl, director of the homeownership program at the Massachusetts Housing Partnership.
Passed in late March, the CARES Act allowed certain borrowers to receive forbearance if they attested to having a COVID-19-related financial hardship. For mortgages backed by Fannie Mae or Freddie Mac or guaranteed by a federal agency, including the Federal Housing Administration, forbearance can last up to 180 days, and borrowers can request another 180 days of relief. The city of Boston in early April reached an agreement with a dozen lenders allowing homeowners to request at
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COMMERCIAL INTERESTS
SHALLOW POCKETS
Four Councilors Obstruct Majority’s Clear Demand for More Housing
Allston Nightclub’s Future Tied to Salem Platform
By Scott Van Voorhis | Banker & Tradesman Columnist
By Steve Adams | Banker & Tradesman Staff
Why Does Massachusetts Need Equity Crowdfunding Pushes Zoning Reform? Just Look to Salem Back Against Retail Woes
Commercial Real Estate PAGE 3
Commercial Real Estate PAGE 7