Dear MCAR member,

Please read about the recently updated C.A.R. resources for Pandemic Unemployment Assistance and SBA Loans. Please also take advantage of upcoming webinars and education opportunities, and see a recap of the past week's news.

As always, recent news and updates are available for reference on MCAR's covid-19 information and resources page.

Kevin
Updated C.A.R. Resources

Pandemic Unemployment Assistance (PUA) :   Base PUA benefits may be provided up to 46 weeks starting with weeks of unemployment beginning February 2, 2020, through December 26, 2020, depending on when you became directly impacted by the pandemic. The PUA program initially launched with up to 39 weeks of benefits, but an additional 7 weeks of benefits was recently added to the PUA program for those who continue to qualify for PUA benefits. [updated July 7]

SBA Loans for Brokers and Agents:  President Trump has signed a bill that extends the deadline to apply for a PPP loan. The deadline was formerly June 30, 2020; now, the deadline has been extended to August 8, 2020. Click on the following links for more detailed information on each segment [ Brokers ] [ Agents ] [updated July 7]

Reminder: Register today for MCAR's virtual event next week with Gov Hutchinson.
NAR's Build Wealth By Becoming an Investor

This live online class on 7/14 is designed to target the fundamentals of real estate investment. Grow you client base by learning to serve those who wish to invest in real estate. 
NAR's Senior Real Estate Specialist (SRES®) Designation

This one-of-a-kind SRES® designation addresses the unique needs of the 50-plus homebuyer market. Learn to focus on working with mature clients who are pivoting into a new stage in life in this 2-day live online class starting 7/15.
Revamp Your Business as California Reopens

As our day-to-day life gradually returns, this is a great opportunity to revamp your real estate practice. Glide and C.A.R. Business Products are teaming up with 5x San Diego “Broker of the Year” Jim Berns to share insights on how to best establish yourself as a top producer in your community. All webinar registrants will receive six months of complimentary access to Glide, the leading tool for remote disclosures.
What’s the most effective way to get fresh listings every month right now?
 
Door knocking? Cold calling? Spamming people on social media? Blasting out advertising left, and right?

Forget it! 
 


  • Become the go-to agent in their local market.
  • Stand out and get recognized as a true expert.
  • Connect with their neighbors, town, and city online.
  • Build a rock-solid reputation.

And most of all…
 
Consistently win 2-4 or more new listings every month. Like clockwork.
 
(This works regardless if you’re new or experienced!)
 
On THURSDAY, July 9 th  at 9am PT, you can get the 5-step process + all the social media, email, and text messaging strategies that make it all work.
 
 
P.S. Plus, there are a few time-and-effort-saving shortcuts that make it happen much sooner than you ever imagined.
 
We hope you had a safe and happy Fourth of July weekend. Before we launch into the news from this past week, please take a moment to check out the following new resources from C.A.R.:

  • Our Research & Economics team has released new videos breaking down the economic and housing market data for the Bay Area, Southern California, the Central Valley and the state as a whole.

  • We have revised our Industry Guidance on Showings FAQ with updated information. Make sure to review this document for the most up-to-date guidelines on cleaning properties prior to entry, showing properties while occupants are present and requiring all those entering the property to wear face coverings.


In This Issue:
  • The Economy & Your Finances: Paycheck Protection Program extended
  • The Market & Industry: Recovery continues, eviction moratoria extended
  • Around the State: Cases spike statewide, 23 counties now on watchlist
  • Health Check-Up: Young adults represent bulk of new cases, transmission by aerosols raising concerns

The Economy & Your Finances: Paycheck Protection Program extended

On Monday, President Trump approved an  extension of the Paycheck Protection Program (PPP)  through August 8, 2020. The deadline was previously June 30. Eligible applicants — including most real estate brokers, agents and firms — now have more time to request federal relief funding from this $600 billion program. The extension should benefit  minority-owned businesses and self-employed individuals , groups who had difficulty accessing PPP funds when the program was first introduced. For more information on applying for a PPP loan through the Small Business Administration (SBA), see our FAQs on  SBA Loans for Agents  and  SBA Loans for Brokers .
 
The national unemployment rate fell to  11.1 percent  in June from 13.3 percent in May, representative of 4.8 million more people employed in June than in May. Despite these dips, unemployment  remains staggeringly high , and more job losses are being recorded as permanent, not temporary.
 
Moreover, the high unemployment numbers seem to be exacerbating existing financial inequalities across the nation; June saw the  widest gap  between Black and white unemployment rates in five years. And while 48 percent of all adults lived in households where at least one person had lost employment as of June 9, that share rose to  53 percent for Black households and 62 percent for Hispanic or Latinx households .
 
Consumer spending  nationwide did rise 8.2 percent in May from a month earlier, double the prior all-time high since record-keeping began in 1959. It remained below pre-pandemic levels, with a decline of 12 percent from February.
 
In California, while  new unemployment claims continue to dip  slightly each week, the unemployment rate is sitting higher than the national average at  16.3 percent . For comparison, the state’s jobless rate in February was  3.9 percent . Unemployment is  hitting hardest in Southern California , where areas like Hermosa Beach, San Diego and Los Angeles are all seeing unemployment rates of over 20 percent.
 
Last Wednesday, the California Employment Development Department (EDD) announced jobless  Californians could get up to seven additional weeks of unemployment benefits , bringing the maximum duration to 59 weeks for those on traditional unemployment and 46 weeks for those on Pandemic Unemployment Assistance (PUA). Despite the additional weeks of eligibility for those who otherwise qualify, the PUA program is still limited to February 2, 2020 through December 26, 2020, depending on when claimants were directly impacted by the pandemic. The $600 additional per week benefit, however, continues to be available only for eligible claim weeks from March 29 through July 25, 2020. Those who qualify for the additional 7 weeks of PUA benefits can expect to receive a notice from the EDD, which will need to be completed and sent back to the EDD.
 
To date, the EDD has paid  $37.5 billion  in unemployment benefits to Californians, $4 billion of which was paid out in just the last week. The EDD is still swamped with claims, having received over  7 million  since the pandemic began.
 
Sources: Business Insider, Forbes, Fortune Magazine, FiveThirtyEight, Reuters, The Urban Institute, C.A.R. Research & Economics, The San Francisco Chronicle, CBS San Francisco, California Employment Development Department


The Market & Industry: Recovery continues, eviction moratoria extended

Pent-up demand  continues to propel the housing market’s recovery. As of June 30, showings were 52.3 percent higher than the same time last year, and pending home sales surged 44.3 percent in May. Still, in the past week, closed sales, pending sales and new listings all declined in California, the reasons for which are as of yet unclear. The declines could be due to lack of supply, a market slowdown in response to the resurgence of COVID-19 cases, or simply an indication the homebuying season is coming to an end and the market is transitioning to the off-season.
 
Prices have largely held steady through the pandemic thus far, dipping only slightly in  Sacramento  and rising in  San Diego , San Francisco and Los Angeles. Nationwide, the median price is expected to  increase 3.6 percent  from 2019, slightly down from the 3.8 percent increase the National Association of REALTORS® projected a month ago.
 
While mortgage rates remain low, hovering near  3 percent ,  demand has fallen  for two straight weeks. Still, purchase volume remains up by  15 percent  year over year.
 
Last Wednesday, Governor Newsom extended an authorization allowing local governments to  delay evictions through the end of September  for renters impacted by COVID-19. In some cases, the moratoria have posed  unique challenges  wherein homeowners are unable to move into recently closed-on homes due to the previous tenants refusing to leave. Fearing huge surges in homelessness once the moratoria end, lawmakers have renewed focus on  new bills addressing homelessness .
 
Sources: C.A.R. Research & Economics, The Sacramento Bee, Inman News, CNBC, Mortgage Bankers Association, ABC 7 News, The Mercury News

Around the State: Cases spike statewide, 23 counties now on watchlist

Experts’ fears seem to have been realized: COVID-19 cases  spiked significantly  following the July 4 th  weekend. Intensive care unit patients with confirmed coronavirus cases are up 62 percent, the rate at which California coronavirus tests are coming back positive jumped 42 percent in just the last two weeks (an indication the rate of transmission is worsening), and California has tallied daily records for hospitalizations each day for over 16 days.
 
These spikes came even after preventative measures were put in place ahead of the holiday weekend, like closing  indoor dining  and  movie theaters  across most of the state, as well as shutting down  beaches  in Southern California.
 
As of yesterday at 9:43 p.m., cases in California numbered 284,138 and deaths had hit 6,575. California has the second-highest number of coronavirus cases in the country, behind New York (397,649). By a number of metrics, California does appear to be doing better than other states experiencing surges right now, such as  Texas, Arizona and Florida .
 
Over the past week, Contra Costa, Colusa, Marin, Monterey and San Diego counties were added to the  governor’s COVID-19 watchlist , and  Santa Clara County  was removed, bringing the total number of monitored counties to 23. The worst of the outbreak continues to center around  Los Angeles , which has seen an alarming 41 percent jump in hospitalizations in the last three weeks.
 
Governor Newsom has maintained that California did not reopen too quickly, insisting that it’s not about when the state reopened, but how. He reiterated that local enforcement of  mask mandate s  is the best way to safely reopen and indicated he could withhold local funding from counties that do not cooperate with health orders.
 
Sources: The Los Angeles Times, ABC 7 News, The Mercury News, CBS Sacramento, The Orange County Register

Health Check-Up: Young adults represent bulk of new cases, transmission by aerosols raising concerns

The recent spikes in coronavirus cases have been driven largely by increases among  young adults , with half of new cases in the U.S. in recent weeks coming from people under 35 years old. While some of these cases have been linked to house parties and bars, lack of caution isn’t the only reason for the spike among this age group. Younger adults often make up the bulk of the  frontline workers  at restaurants and retail stores that have been reopening over the past month. The World Health Organization (WHO) has warned that  young people are not immune to COVID-19 , and that the disease is in fact killing young people, particularly those with obesity.
 
Over 200 scientists have signed an official letter to the WHO pushing back against the official view of how the coronavirus spreads, which maintains there are only two types of  transmission  you need to worry about: inhaling respiratory droplets from an infected person in your immediate vicinity, and touching a contaminated surface and then touching your face. The scientists challenging this view argue that you should also worry about  aerosols , which are microscopic versions of respiratory droplets that can hang in the air for long periods of time and float several dozens of feet. This makes poorly ventilated rooms and confined indoor spaces significantly more dangerous.
 
To provide you with a better sense of coronavirus best practices, The Washington Post interviewed six infectious disease experts — including Dr. Anthony Fauci — about how they personally are  changing their behavior  to prevent the spread of COVID-19. And if you’re looking for ways to safely get outdoors this summer, Vox has a roundup of  eight ways to go out and stay safe  during the pandemic.
 
Sources: The Guardian, The Mercury News, The New York Times, World Health Organization, Los Angeles Times, The Washington Post, Vox