After a brief stall in home sales at the start of the coronavirus pandemic, homebuyers came rushing back in — so fast that prices never even took a hit. In fact, the gains in prices accelerated quickly, causing home equity to soar even more.
Home equity for homeowners with a mortgage rose 6.6% annually in the second quarter, according to CoreLogic. Collectively, that adds up to a gain of $620 billion, or $9,800 per home.
Home values have continued to rise and are now up 5.1% annually, according to Zillow. Price gains accelerated in 48 of the 50 largest metropolitan housing markets across the country.
The reason is twofold: Demand is outpacing supply by a lot, and mortgage rates are sitting near record lows. The latter gives buyers more purchasing power.
The total supply of homes for sale was just over 29% lower annually for the week ending Sept. 12,
Proov, an at-home hormone testing kit company, has announced funding from two venture capital firms that aim to build up underrepresented founders.
The investment – the amount was not disclosed – from Lightship Capital and Texas HALO Fund will help Proov scale in the wake of Covid-19 as the company continues to offer fertility diagnostics technology to the retail market.
MFB Fertility Inc. launched Proov in 2018. Its FDA-approved at-home test measures the presence of progesterone metabolite PdG in urine to help a woman confirm ovulation; low progesterone is the number one cause of infertility and preventable miscarriage. The company was originally co-founded in Boulder, Colorado, by two women who both struggled to conceive.
Because of Covid-19, the
(Reuters) – Lowe’s Cos Inc (LOW.N) blew past analysts’ estimates for quarterly sales and profit on Wednesday as it benefited from a surge in demand for paint, tools and barbecue grills from consumers stuck at home due to the COVID-19 pandemic.
The company also posted a 34.2% rise in quarterly same-store sales, beating analysts’ estimates for a 13.2% increase, and said the sales momentum was carrying into August, although it would likely taper off in later months.
With a large base of do-it-yourself customers, Lowe’s has been among the chief beneficiaries of people undertaking minor home repair, painting or gardening work during the crisis.
That helped the company’s same-store sales far outpace those of larger rival Home Depot Inc (HD.N), which relies more on demand from handymen and professional contractors, whose businesses have only recently started to pick up.
Wedbush Securities analysts estimate that nearly 75%