Genworth Mortgage Insurance's Economist Takeaways, First Quarter 2020: How COVID-19 Impacted First-Time Homebuyers
Genworth Financial Inc (GNW)
Last genworth financial inc earnings: 10/29 05:10 pm
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Source: PR Newswire
RICHMOND, Va., June 25, 2020 /PRNewswire/ -- Genworth Mortgage Insurance, an operating segment of Genworth Financial, Inc. (NYSE: GNW), today released takeaways from the first quarter of 2020 by its Chief Economist, Tian Liu. Additional details and charts can be accessed here. COVID-19 Impact:The first-time homebuyer market faced significant dislocation in April as a result of COVID-19. The number of rate locks by potential first-time homebuyers decreased by 27% in April from March as the spread of COVID-19 reduced traffic by potential homebuyers and listings. States heavily impacted by COVID-19, including New York, Pennsylvania, and Michigan saw decreases of over 50% in April. The dislocation was even greater for the repeat buyers' market. The repeat buyers' market fell by 34%, in part because repeat buyers faced greater hurdles in selling their existing homes. The COVID-19 pandemic has resulted in tighter credit availability in the housing market, that led to a sharp contraction in
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