national housing survey · week 29: -3% yoy, -14% cumulative 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 week 2...

© 2020 Fannie Mae. Trademarks of Fannie Mae.

Covid-19: The Need for Consumer Outreach and Home Purchase/Financing Digitization

National Housing Survey

August 2020

© 2020 Fannie Mae. Trademarks of Fannie Mae.Q2 2020 National Housing Survey22

Key Findings

In the wake of unprecedented labor market disruption due to the Covid-19 pandemic:

• Consumers’ familiarity with mortgage and rent relief options was not widespread and was particularly low among populations with immediate financial and job concerns.

• Consumers’ expected timelines until their next move did not change significantly from the historical trend for the population as a whole.

• Appetite among respondents remained modest for engaging in homebuying and mortgage activities digitally, as opposed to in-person. However, there were signs that such interest increased as the quarter progressed, particularly for mortgage applications.


Key Implications

• Consumer awareness campaigns and borrower and renter outreach should continue in order to help ensure those who suffer a financial hardship are aware of their options.

• Consumers’ largely static mobility expectations suggest little sustained impact from the pandemic on the overall volume of housing activity; however, one consequence may be that more consumers adapt by looking for lower-cost housing than they may have pre-pandemic.

• The industry should continue to ramp up digitization efforts but not overestimate the pace of growth in demand for and usage of digital resources.

© 2020 Fannie Mae. Trademarks of Fannie Mae.Q2 2020 National Housing Survey

Economic Impact of Covid-19

Unemployment Insurance (UI) Claims at Historically High Levels Claims Elevated With Pandemic Employment Assistance

Source: Bureau of Labor Statistics 5

0

5

10

15

20

25

30

35

'20

Initial and Continuing UI Claims (Weekly, NSA, Millions)

Initial Claims (Including Pandemic Assistance) Continued Claims (Including Pandemic Compensation)

Initial Claims Continued Claims

Initial Claims: Previous peak Mar 2009 at 665K claims, Recent peak April 4, 2020 at 6.2M claimsContinued Claims: Previous peak May 2009 at 6.6M claims, Recent peak June 20, 2020 at 32.2M claims

Spring Buying Season Likely Pushed Into Early Summer

Recent Housing Demand Activity Showing Signs of Strength

0

50

100

150

200

250

300

350

400

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

MBA Weekly Purchase Applications (NSA, Mar-16-90=100)

2020 2019 2018 2017

Purch Apps YoY (% Change)*2017: +4.0%2018: +4.4%2019: +4.8%2020: +1.1%*Cumulative Index (First 28 Weeks of Respective Year)

Source: Mortgage Bankers Association 6

Strong Listings Activity Helped Reverse the Decline Seen in April and May Due to the Coronavirus

New Listings Have Leveled Off in Recent Weeks

Fannie Mae March HPI Fannie Mae June HPI2020: +0.3% +4.4%2021: +1.5% +0.4%2022: +1.3% +1.0%2023: +1.7% +1.2%2024: +2.2% +1.4%2020-2024: +7.2% +8.6%

Week 15: -47% YoY, -11% Cumulative

Week 29: -3% YoY, -14% Cumulative

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Week 2 Week 5 Week 8 Week 11 Week 14 Week 17 Week 20 Week 23 Week 26 Week 29

New Listings by Year (Week 2 2019=100)

2019 2020

FHFA Purchase-Only Index, Quarterly % Change YoY2019, Q1: +5.4%2019, Q2: +5.2%2019, Q3: +5.1%2019, Q4: +5.3%2020, Q1: +5.8%2020, Q2: +5.7% (forecast)

Source: CoreLogic Multiple Listing Services (MLS) 7


Familiarity with Mortgage and Rent Relief Options


Roughly one-fifth of consumers are concerned about imminent financial distress, but most are unfamiliar with mortgage or rent relief options.

Q: How concerned are you about your ability to pay your bills this month? Q: Are you familiar with any programs that allow homeowners or renters facing financial hardship due to the coronavirus to lower or delay their mortgage or rent payments?

*As of June 30, 2020 and reflective of Fannie Mae’s single-family guaranty book of business based on loan count

58%

18%

13%

9%

Q2 2020

Not at all concerned

Not very concerned

Somewhatconcerned

Very concerned

Don’t know

Concern Over Ability to Pay Bills this MonthAmong the General Population

Familiarity with Mortgage/Rent Relief OptionsAmong the General Population

40%

56%

4%

Q2 2020

Familiar

Not familiar

Don’t know

32% of those concerned about paying their bills are familiar with relief options compared to 43% of

those who aren’t concerned about paying their bills

5.7% of Fannie Mae single-family mortgages are in forbearance*


Mortgage borrowers with lower incomes are more likely to be concerned about paying bills and are less familiar with relief options.

Q: How concerned are you about your ability to pay your bills this month? Q: Are you familiar with any programs that allow homeowners or renters facing financial hardship due to the coronavirus to lower or delay their mortgage or rent payments?Q: How concerned are you that you will lose your job in the next twelve months? Are you very concerned, somewhat concerned, not very concerned, or not at all concerned that you will lose your job in the next twelve months?

48%

68%*

24%

19%18%*

10%9%*

4%

<$50k >$50k

* Denote a % is significantly higher than the other income group at the 95% confidence level

39%

57%*

56%*

40%

4% 3%

<$50k >$50k

33%*

19%

67%81%*

1%

<$50k >$50k

Concern Over Ability to Pay Bills this MonthAmong Mortgage Holders, by Income

Familiarity with Mortgage Relief OptionsAmong Mortgage Holders, by Income

Familiar Not familiar Don’t know

Concern About Losing their JobAmong Mortgage Holders who are Employed, by Income

Concerned Not concerned Don’t know


Not very concerned

Somewhatconcerned

Very concerned

Don’t know


White mortgage borrowers are less likely than others to be concerned about meeting their financial obligations and losing their jobs.


70%H, B, A

45%

59%H, A

41%

19%

25%B, A

15%

11%

8%

18%W

17%W

29%W

2% 11%W

8%W 18%

W

White, non-Hispanic

(W)

Hispanic(H)

Black(B)

Asian(A)

W/H/B/A - Denote a % is significantly higher than the other race groups that the letter represents at the 95% confidence level

56%H

31%

47%H

86%W, H, B

41%A

65%W, B, A

51%W, A

8%3% 4% 2% 5%

White, non-Hispanic

(W)

Hispanic(H)

Black(B)

Asian(A)

16%

38%W 27%

W

49%W, B

83%H, B, A

63% 73%A

51%

1% 1%

White, non-Hispanic

(W)

Hispanic(H)

Black(B)

Asian(A)

Concern Over Ability to Pay Bills this MonthAmong Mortgage Holders, by Race

Familiarity with Mortgage Relief OptionsAmong Mortgage Holders, by Race



Not very concerned

Somewhatconcerned

Very concerned

Don’t know


Concern About Losing their JobAmong Mortgage Holders who are Employed, by Race


Renters with lower incomes are more likely to be concerned about meeting their financial obligations compared to those with higher incomes.


Concern Over Ability to Pay Bills this MonthAmong Renters, by Income

Familiarity with Rent Relief OptionsAmong Renters, by Income



Not very concerned

Somewhatconcerned

Very concerned

Don’t know


Concern About Losing their JobAmong Renters who are Employed, by Income

35%

60%*

19%

20%22%*

14%23%*

6%

<$50k >$50k

24%39%*

72%*

59%

4% 2%

<$50k >$50k

31% 30%

69% 69%

<$50k >$50k

* Denote a % is significantly higher than the other income group at the 95% confidence level


Hispanic and Black renters are more likely to be concerned about paying their bills this month than other renters.


53%H

23%

45%H

46%H

20%B

22%B

10%

38%W, H, B

12%

30%W,B, A

20%W

11%14%

A 23%W, A

22%W, A

5%

White, non-Hispanic

(W)

Hispanic(H)

Black(B)

Asian(A)

C/H/AA/A - Denote a % is significantly higher than the other race groups that the letter represents at the 95% confidence level

37%H, B

21% 21%31%

H

61%73%

W

76%W

69%

2% 6% 3%

White, non-Hispanic

(W)

Hispanic(H)

Black(B)

Asian(A)

24%

43%W, B

28%36%

W

76%H, A

57%72%

H

64%

White, non-Hispanic

(W)

Hispanic(H)

Black(B)

Asian(A)

Concern Over Ability to Pay Bills this MonthAmong Renters, by Race

Familiarity with Rent Relief OptionsAmong Renters, by Race



Not very concerned

Somewhatconcerned

Very concerned

Don’t know


Concern About Losing their JobAmong Renters who are Employed, by Race


Timelines for Household Moves


18% 24% 28%

April 2020 May 2020 June 2020

58%45% 40%


15

Most consumers think it’s a bad time to move due to the coronavirus, though attitudes improved over the quarter.

Q: In general, do you think this is a very good time to move, a somewhat good time, a somewhat bad time, or a very bad time to move?Q: Why do you think this is a [good/bad] time to move?

Good/Bad Time to MoveAmong the General Population

Why do you think it is a bad time to move?

Why do you think it is a good time to move?

“Because a lot of people are afraid of the virus and its more challenging to find a house.”

“Because everything is so unstable with the coronavirus.”

“People are unsure about what's going to happen with the virus and state restrictions.”

“Because there is a great deal of availability and pressure on the landlords.”

“There are a lot of houses on the market and mortgage interest rates are low.”

“Because prices are low and mortgage interest rates are low.”

18% 23% 29%

75% 71% 59%

6% 6% 11%


Good time

Bad time

Don’t know

Coronavirus

Good housing options/prices available

© 2020 Fannie Mae. Trademarks of Fannie Mae.Q2 2020 National Housing Survey16Q: When do you expect to move next?

Share of respondents who plan to move in… Among the General Population

Consumers’ expected timelines until they next move have not changed significantly from the historical trend for the population as a whole.

8%11%

13%11%

15% 13%13%

14%13% 13% 14%

13%17% 13%14%

14%

16%15%

14%14% 15%

15%14%

15%

7%9% 8% 8% 8% 8%

7% 7% 8%6% 7%

9%7%

18%

14%

16%

13% 12%15%

13%13% 14%

15%

12%

48%

38%40%

42%

37%39% 38%

40% 41% 40% 39% 40%

Q12012

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Less than 1 year 1-3 years 3-5 years 5+ years Never


Job concerns became significantly worse during the pandemic in Q2 2020.

Q: How concerned are you that you will lose your job in the next twelve months? Are you very concerned, somewhat concerned, not very concerned, or not at all concerned that you will lose your job in the next twelve months?

Percent of employed respondents who say they are concerned or not concerned about losing their jobAmong the General Population who are Employed

28%24% 24% 18%

15% 16% 16% 17% 12% 13%

26%

72%75% 74%

82% 84% 85% 84% 83% 88% 86%

74%

Mar

ch 2

011 .

June

201

1 . . . . .Ju

ne 2

012 . . . . .

June

201

3 . . . . .Ju

ne 2

014 . . . . .

June

201

5 . . . . .Ju

ne 2

016 . . . . .

June

201

7 . . . . .Ju

ne 2

018 . . . . .

June

201

9 . . . . .Ju

ne 2

020

Concerned Not Concerned


Those concerned about losing their job are more likely to think it’s a bad time to move.

Q: In general, do you think this is a very good time to move, a somewhat good time, a somewhat bad time, or a very bad time to move?

Good/Bad Time to MoveAmong the General Population

18%28%*

78%*65%

4% 7%

Concerned about Losing Job in Next 12 Months Not Concerned about Losing Job in Next 12 Months

Good time Bad time Don’t know

* Denote a % is significantly higher between those who are concerned about losing their job and those who are not concerned at the 95% confidence level


Appetite for Digital in Home Buying/Mortgage and Renting Activities


Consumer shopping habits have shifted from in-store to online.

According to Oliver Wyman’s weekly Shopping Outlook Survey, beginning April 13, 2020:

• The majority of consumers under the age of 65 say they are conducting more of their shopping online, instead of in-store, compared with their shopping habits before the pandemic.

• Prime first-time homebuyers, those age 25-34, are among the most likely to say they’re shopping more online, at more than two-thirds.

https://www.oliverwyman.com/our-expertise/insights/2020/may/consumer-sentiment-during-the-pandemic.html


Despite the pandemic, consumers tend to say they would prefer to do home buying and renting activities in-person.

Q: The next time you are looking for a home to buy or rent would you prefer to complete the following mainly online (via a computer or mobile device) or in person?

31% 33%10%

41%20%

65% 61%86%

54%77%

4% 6% 4% 4% 3%

Looking for a home Selecting a lender (if buying) Touring Homes Completing mortgage orrental application

Singning finaldocuments

How Consumers Would Look for a New Home in the FutureAmong the General Population

In-person Don’t knowOnline


Interest in online options is strongest for selecting a lender and completing an application online, and grew during the quarter.


30% 35% 35%

65% 60% 57%

5% 5% 8%


37% 44% 44%

59% 53% 52%

5% 4% 4%


Selecting a lender (if buying)

Completing mortgage or rental application

How Consumers Would Look for a New Home in the FutureAmong the General Population



Since 2018 and amid the coronavirus outbreak, mortgage holders’ preferred method for completing home shopping activities are relatively unchanged.

Q: Q1 2018 - The next time you apply for a mortgage would you prefer to complete the following tasks mainly through digital channels (email, company website, social media, mobile app, text) or mainly person-to-person (phone, local branch/office)? Q: Q2 2020 - The next time you are looking for a home to buy or rent would you prefer to complete the following mainly online (via a computer or mobile device) or in-person?

45% 42%54% 49% 52%

26% 26%

53% 53%45% 50% 45%

73% 71%

2% 5% 1% 1% 2% 1% 2%

Q1 2018 Q2 2020 Q1 2018Filling out anapplication

Q1 2018Submitting financial

documents

Q2 2020Completing mortgage

application

Q1 2018 Q2 2020

Selecting a lender Application Related Actions Signing final documents

How Consumers Would Look for a New Home in the FutureAmong the Mortgage Holders

In-person/Person-to-person Don’t knowOnline/Digital


Those with a mortgage are more likely than renters to prefer to complete key home shopping activities online.

How Consumers Would Look for a New Home in the FutureAmong the Mortgage Holders and Renters


35% 34% 42% 33%9% 10%

52%41%

26% 20%

61% 63% 53% 63%88% 87%

45%54%

71% 77%

3% 3% 5% 5% 3% 3% 2% 5% 2% 3%

MortgageHolders

Renters MortgageHolders




Renters


Looking for a home Completing mortgage or rental application

Selecting a lender (if buying)

Touring homes Signing final documents

Appendix


A Note on April-June 2020 Survey Collection

Due to the spread of the novel coronavirus (COVID-19), PSB’s in-house phone room closed due to a shelter-in-place order in Denver, CO. Because of this, PSB has partnered with Opinion Access to conduct the National Housing Survey (NHS) interviews on our behalf. PSB continues to process and analyze the data and complete all regular deliverables.

While Opinion Access has call centers based in in Florida, they also have a very extensive remote workforce that can conduct interviews from their homes. This ensures our continued work on the NHS even if their call centers are forced to close or if a portion of the work force gets sick.

PSB trained all interviewers from Opinion Access to ensure interviewing is consistent with PSB’s procedures. We also are monitoring interviews for quality control. This minimized any noise in the data from using a different interviewers. PSB also regularly reviews the results of the interviews as they are completed to ensure everything is fielding properly.

There were no changes in the sample composition for this month, as PSB provided Opinion Access with the survey sample and dialing procedures. The sample quotas and targets remained unchanged from previous months and the data was weighted by PSB in the same way as past months to be representative of the US population.


• Each month, beginning in June, 2010, approximately 1,000 live (not automated) telephone interviews with Americans age 18 and older via landline and cell phone are conducted by PSB, in coordination with Fannie Mae. For the sample to accurately represent the U.S. population, 60% of calls are made to cell phones. The margin of error for the total sample is ±3.1% at the 95% confidence level and larger for sub-groups. Most of the data collection occurs during the first two weeks of each month.

• The General Population data presented in this study has been weighted to make it reflective of the U.S. Census American Community Survey demographic statistics in terms of gender, age, race/ethnicity, income, education, housing tenure, and the Centers for Disease Control (CDC) National Health Interview Survey (NHIS) phone type statistics.

• Respondents can volunteer a “don’t know” response on each question, which is why, in some cases, the total responses may not add up to 100%.

Research Methodology: Q2 2020

Sample Size Margin of Error

General Population (GP), including: 3,015 ±1.78%

Mortgage Holders 1,206 ±2.82%

Renters 1,025 ±3.06%

Concerned about losing job in next 12 months (among employed respondents) 432 ±4.72%

Not concerned about losing job in next 12 months (among employed respondents) 1,328 ±2.69%


Q2 2020 Sample Sample Size Margin of ErrorMortgage Holders 1,206 ±2.82%By Income

Income <$25K 79 ±11.03%Income $25-50K 158 ±7.80%Income $50-100K 417 ±4.80%Income $100K+ 478 ±4.48%

By RaceWhite 808 ±3.45%Hispanic 178 ±7.35%Black 108 ±9.43%Asian 63 ±12.35%

By AgeAge 18-34 237 ±6.37%Age 35-44 247 ±6.24%Age 45-64 512 ±4.33%Age 65+ 209 ±6.78%

By Urban Area TypeUrban 637 ±3.88%Suburban 372 ±5.08%Rural 170 ±7.52%

Research Methodology – Sample Sizes for Mortgage Holders


Q2 2020 Sample Sample Size Margin of ErrorRenters 1,025 ±3.06%By Income

Income <$25K 333 ±5.37%Income $25-50K 272 ±5.94%Income $50-100K 233 ±6.42%Income $100K+ 102 ±9.70%

By RaceWhite 433 ±4.71%Hispanic 266 ±6.01%Black 190 ±7.11%Asian 96 ±10.00%

By AgeAge 18-34 553 ±4.17%Age 35-44 164 ±7.65%Age 45-64 217 ±6.65%Age 65+ 91 ±10.27%

By Urban Area TypeUrban 614 ±3.95%Suburban 282 ±5.84%Rural 77 ±11.17%

Research Methodology – Sample Sizes for Renters


Borrowers under 35 are less likely to be familiar with relief options and more likely to be worried about losing their jobs compared to those over 35.


61%68% 63% 63%

20%

22%20% 15%

14%B

7%12%

B14%

B

5% 3% 6% 6%

Age 18-34(A)

Age 35-44(B)

Age 45-64(C)

Age 65+(D)

43%

60%A, D

57%A 49%

54%B, C

38% 41%46%

4% 3% 3% 5%

Age 18-34(A)

Age 35-44(B)

Age 45-64(C)

Age 65+(D)

22% 16%23%

B27%

76% 83%77% 72%

Age 18-34(A)

Age 35-44(B)

Age 45-64(C)

Age 65+(D)

Concern Over Ability to Pay Bills this MonthAmong Mortgage Holders, by Age

Familiarity with Mortgage Relief OptionsAmong Mortgage Holders, by Age



Not very concerned

Somewhatconcerned

Very concerned

Don’t know

A/B/C/D - Denote a % is significantly higher than the other age groups that the letter represents at the 95% confidence level


Concern About Losing their JobAmong Mortgage Holders who are Employed, by Age


Rural borrowers are less likely to be concerned about paying bills but more likely to be unfamiliar with relief options compared to urban borrowers.


61% 65%72%

U

20%R

21%R

13%

13%10% 10%

6%S

3% 5%

Urban(U)

Suburban(S)

Rural(R)

57%S, R 50%

43%

39% 47%U 54%

U

4% 3% 3%

Urban(U)

Suburban(S)

Rural(R)

24%S 15% 16%

76% 84%U 82%

Urban(U)

Suburban(S)

Rural(R)

Concern Over Ability to Pay Bills this MonthAmong Mortgage Holders, by Area type

Familiarity with Mortgage Relief OptionsAmong Mortgage Holders, by Area type



Not very concerned

Somewhatconcerned

Very concerned

Don’t know

U/S/R - Denote a % is significantly higher than the other area types that the letter represents at the 95% confidence level


Concern About Losing their JobAmong Mortgage Holders who are Employed, by Area type


Renters age 45-64 are more likely to be concerned about paying their bills but are also more likely to be familiar with relief options compared to renters age 18-34.


41%47% 43% 40%

24%B, C

15%15%

15%

18%18% 20% 25%

15% 20% 21%A

18%

Age 18-34(A)

Age 35-44(B)

Age 45-64(C)

Age 65+(D)

27% 30%35%

A 24%

70%C

69% 60%70%

3% 1% 5% 6%

Age 18-34(A)

Age 35-44(B)

Age 45-64(C)

Age 65+(D)

29% 31% 37% 35%

71% 68% 62% 66%

Age 18-34(A)

Age 35-44(B)

Age 45-64(C)

Age 65+(D)

Concern Over Ability to Pay Bills this MonthAmong Renters, by Age

Familiarity with Rent Relief OptionsAmong Renters, by Age



Not very concerned

Somewhatconcerned

Very concerned

Don’t know

A/B/C/D - Denote a % is significantly higher than the other age groups that the letter represents at the 95% confidence level


Concern About Losing their JobAmong Renters who are Employed, by Age


Suburban renters are most likely to be familiar with relief options, while urban renters are most likely to be concerned about losing their jobs.


43% 43% 39%

20% 22%19%

19%21%

15%

17%13%

26%S

Urban(U)

Suburban(S)

Rural(R)

28%35%U, R

22%

69%S

62%72%

3% 4% 6%

Urban(U)

Suburban(S)

Rural(R)

35%S, R 24%

R

5%

65% 77%U

95%U, S

Urban(U)

Suburban(S)

Rural(R)

Concern Over Ability to Pay Bills this MonthAmong Renters, by Area type

Familiarity with Rent Relief OptionsAmong Renters, by Area type



Not very concerned

Somewhatconcerned

Very concerned

Don’t know

U/S/R - Denote a % is significantly higher than the other area types that the letter represents at the 95% confidence level


Concern About Losing their JobAmong Renters who are Employed, by Area type


GP

Homeownership Status Income Age Race Area Type

Concerned about Losing Job in Next

12 months?Mortgage

Holder Renters <$50K >$50K Age 18-34 Age 35-44 Age 45-64 Age 65+ Caucasian Hispanic African American Asian Urban Suburban Rural Concerned Not

Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Very good time 6% 5% 5% 5% 6% 3% 6% 8% 5% 6% 5% 6% 2% 5% 5% 6% 3% 6%

Somewhat good time 18% 20% 15% 13% 22% 20% 18% 18% 15% 21% 10% 16% 17% 18% 18% 20% 15% 22%

Somewhat bad time 35% 36% 39% 36% 36% 43% 37% 31% 30% 34% 33% 33% 53% 37% 35% 31% 37% 39%

Very bad time 34% 31% 37% 39% 29% 30% 34% 35% 35% 29% 48% 36% 28% 34% 32% 34% 41% 26%

Good/Bad Time to Move

In general, do you think this is a very good time to move, a somewhat good time, a somewhat bad time, or a very bad time to move?


GP



12 months?Mortgage


Concerned

N= 705 300 204 208 441 210 114 254 126 497 80 82 35 365 214 113 79 375

Good housing options/housing prices available 24% 19% 35% 30% 22% 33% 21% 22% 16% 22% 33% 23% 18% 27% 25% 11% 34% 22%

Personal/market flexibility 19% 14% 20% 20% 20% 19% 18% 20% 18% 18% 15% 16% 57% 20% 15% 22% 22% 17%

Mortgage/interest rates are favorable 17% 25% 4% 7% 21% 5% 17% 25% 22% 21% 7% 12% 0% 15% 22% 19% 6% 20%

General housing market/economic conditions 10% 12% 6% 7% 11% 10% 10% 10% 10% 12% 8% 2% 0% 8% 8% 21% 2% 13%

Mentions of coronavirus 6% 7% 8% 11% 4% 12% 5% 3% 5% 5% 9% 14% 3% 7% 5% 5% 12% 3%

To save/earn money 2% 3% 2% 1% 2% 3% 3% 2% 1% 2% 3% 1% 0% 2% 0% 6% 4% 3%

Other 17% 15% 20% 21% 16% 16% 24% 14% 20% 15% 18% 28% 22% 17% 19% 14% 21% 18%

Don't know 4% 4% 4% 3% 4% 3% 3% 5% 7% 4% 6% 4% 0% 4% 6% 1% 0% 4%

Good Time to Move - Reasons

Why do you think this is a good time to move?


GP



12 months?Mortgage


Concerned

N= 2074 805 773 857 1043 663 343 657 412 1145 438 253 146 1097 614 286 336 864

Due to Coronavirus 49% 45% 52% 47% 49% 49% 52% 49% 45% 52% 40% 54% 38% 47% 51% 46% 41% 54%

Economic conditions overall are not favorable 19% 22% 17% 19% 19% 16% 22% 20% 18% 17% 22% 18% 23% 20% 17% 16% 28% 17%

Personal situation/not moving 11% 10% 11% 13% 9% 9% 8% 12% 16% 12% 12% 10% 9% 9% 14% 13% 10% 10%

Other 21% 22% 19% 20% 21% 26% 17% 18% 20% 19% 25% 17% 30% 23% 16% 23% 20% 18%

Don't know 1% 1% 0% 1% 1% 1% 2% 1% 1% 1% 1% 1% 0% 0% 2% 2% 1% 1%

Bad Time to Move - Reasons

Why do you think this is a bad time to move?


GP



12 months?Mortgage


Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Never 40% 46% 17% 38% 40% 14% 32% 49% 70% 47% 34% 34% 14% 34% 44% 57% 26% 31%

Less than 1 year 13% 5% 26% 17% 11% 25% 11% 8% 5% 10% 12% 23% 22% 14% 14% 9% 16% 14%

1-3 years 15% 11% 28% 17% 15% 28% 18% 9% 5% 12% 21% 19% 27% 19% 13% 8% 22% 17%

3-5 years 9% 9% 10% 8% 10% 16% 8% 7% 2% 9% 5% 6% 16% 10% 8% 6% 9% 12%

5+ years 12% 20% 6% 7% 17% 8% 20% 17% 6% 13% 12% 9% 16% 13% 11% 10% 13% 17%

Expected Next Move

When do you expect to move next?


GP



12 months?Mortgage


Concerned

N= 1766 802 644 543 1139 662 372 627 106 1087 302 183 133 979 489 246 432 1328

Very concerned 8% 7% 10% 10% 6% 8% 6% 7% 9% 4% 14% 8% 18% 9% 5% 5% 31% 0%

Somewhat concerned 17% 15% 21% 21% 15% 18% 15% 17% 14% 14% 23% 19% 22% 19% 13% 12% 69% 0%

Not very concerned 23% 21% 28% 27% 21% 26% 27% 19% 17% 23% 18% 22% 36% 25% 21% 20% 0% 31%

Not at all concerned 52% 57% 40% 42% 58% 47% 52% 56% 60% 58% 44% 51% 24% 46% 61% 62% 0% 69%

Job Loss Concern

How concerned are you that you will lose your job in the next twelve months?Among Those Who Are Employed


GP



12 months?Mortgage


Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Very concerned 9% 5% 17% 17% 4% 11% 9% 9% 7% 6% 16% 16% 9% 10% 7% 10% 14% 3%

Somewhat concerned 13% 12% 19% 19% 9% 16% 11% 14% 11% 9% 24% 18% 17% 15% 13% 10% 31% 7%

Not very concerned 18% 20% 20% 19% 17% 22% 20% 17% 13% 18% 22% 12% 24% 19% 19% 15% 21% 20%

Not at all concerned 58% 63% 43% 44% 69% 49% 59% 60% 68% 67% 37% 53% 50% 56% 61% 65% 34% 70%

Concern About Ability to Pay Bills

How concerned are you about your ability to pay your bills this month?


GP



12 months?Mortgage


Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Yes 40% 53% 29% 27% 50% 32% 46% 48% 34% 45% 25% 29% 54% 42% 40% 35% 41% 46%

No 56% 44% 68% 68% 47% 65% 52% 48% 58% 51% 70% 67% 45% 54% 56% 61% 58% 52%

Don’t Know 4% 3% 3% 5% 4% 3% 3% 4% 8% 3% 5% 4% 2% 4% 4% 4% 1% 2%

Relief Program Familiarity

Are you familiar with any programs that allow homeowners or renters facing financial hardship due to the coronavirus to lower or delay their mortgage or rent payments?


GP



12 months?Mortgage


Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Online 31% 35% 34% 26% 38% 41% 39% 31% 13% 34% 26% 26% 47% 35% 31% 22% 35% 39%

In Person 65% 61% 63% 71% 59% 56% 57% 67% 78% 63% 70% 70% 50% 61% 66% 74% 61% 58%

Don’t Know 4% 3% 3% 4% 4% 3% 3% 2% 9% 4% 4% 4% 4% 4% 4% 4% 3% 3%

Preferred Method to Complete: Looking for a Home

Looking for a home: The next time you are looking for a home to buy or rent would you prefer to complete the following mainly online (via a computer or mobile device) or in person?


GP



12 months?Mortgage


Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Online 33% 42% 33% 24% 43% 40% 46% 34% 14% 34% 28% 31% 46% 42% 26% 20% 43% 39%

In Person 61% 53% 63% 72% 51% 55% 52% 62% 75% 60% 67% 64% 50% 52% 68% 75% 51% 57%

Don’t Know 6% 5% 5% 5% 6% 5% 3% 5% 11% 6% 5% 5% 4% 6% 6% 5% 6% 4%

Preferred Method to Complete: Selecting a Lender

Selecting a Lender: The next time you are looking for a home to buy or rent would you prefer to complete the following mainly online (via a computer or mobile device) or in person?


GP



12 months?Mortgage


Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Online 10% 9% 10% 9% 10% 8% 12% 13% 7% 9% 10% 12% 9% 10% 9% 9% 8% 10%

In Person 86% 88% 87% 87% 87% 90% 88% 85% 83% 87% 88% 83% 91% 86% 88% 87% 89% 89%

Don’t Know 4% 3% 3% 4% 3% 2% 1% 2% 10% 4% 3% 5% 0% 4% 3% 4% 3% 2%

Preferred Method to Complete: Touring Homes

Touring Homes: The next time you are looking for a home to buy or rent would you prefer to complete the following mainly online (via a computer or mobile device) or in person?


GP



12 months?Mortgage


Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Online 41% 52% 41% 30% 53% 46% 56% 43% 20% 43% 29% 40% 62% 47% 36% 30% 53% 51%

In Person 54% 45% 54% 67% 44% 50% 42% 54% 72% 53% 66% 55% 34% 48% 60% 67% 46% 46%

Don’t Know 4% 2% 5% 3% 4% 4% 2% 3% 8% 4% 6% 5% 4% 4% 4% 3% 1% 3%

Preferred Method to Complete: Completing Mortgage or Rental Applications

Completing Mortgage or Rental Applications: The next time you are looking for a home to buy or rent would you prefer to complete the following mainly online (via a computer or mobile device) or in person?


GP



12 months?Mortgage


Concerned

N= 3015 1206 1025 1146 1598 904 482 995 633 1811 543 362 181 1565 920 433 432 1328

Online 20% 26% 20% 14% 27% 23% 25% 22% 11% 21% 11% 15% 50% 27% 14% 12% 27% 25%

In Person 77% 71% 77% 83% 70% 75% 73% 75% 83% 76% 86% 80% 50% 70% 83% 86% 71% 72%

Don’t Know 3% 2% 3% 3% 3% 2% 2% 3% 5% 3% 3% 4% 0% 3% 3% 2% 1% 2%

Preferred Method to Complete: Signing Final Documents

Signing Final Documents: The next time you are looking for a home to buy or rent would you prefer to complete the following mainly online (via a computer or mobile device) or in person?