Welcome to the 66th issue of the California Coronavirus Weekly Recap newsletter. Before we get started with this week’s news, we want to let you know C.A.R. has updated its guidance on reopening real estate offices.
We also want to make sure you’ve registered for the upcoming Center for California Real Estate virtual event focusing on the future of work and home post COVID. Register here for this dynamic discussion with powerhouse panelists.
In This Issue:
- The Economy & Your Finances: California hiring rebounding, but jobless claims climb
- The Market & Industry: California market moderates in May
- Around the State: New guidance for office workers implemented
- Health Check-Up: Study shows medical problem associated with COVID-19 can linger
The Economy & Your Finances: California hiring rebounding, but jobless claims climbNationwide applications for federal unemployment insurance rose slightly last week for the first time since April 2021. The jump was concentrated in Pennsylvania, Kentucky and California, where unemployment claims remain far higher than normal. The increase in California claims suggests that, despite reopening, the state hasn’t fully recovered from the hit it took in March 2020. Hiring has rebounded, but California could still be years away from recovering all the jobs lost during the first few months of the pandemic.
Claims are continuing to pile up at the California Employment Development Department (EDD), with around 230,000 Californians still waiting for payments on their claims.
As a reminder, the Paycheck Protection Program (PPP) is now closed to all applicants. Borrowers who received a PPP loan, including any second draw PPP loan, should apply for loan forgiveness through their lender as soon as convenient. As a reminder, loan payments are deferred for 10 months after the “covered period,” which is the 24-week period that began when loan proceeds were disbursed. C.A.R. has prepared Step-by-Step PPP Loan Forgiveness Guides, available here, to assist members in filling out their loan forgiveness documentation.
Beginning July 11, Californians receiving PUA or traditional unemployment benefits must certify they are looking for work to remain eligible. For REALTORS® receiving PUA benefits, looking for work might mean rebuilding their businesses by contacting clients and submitting offers, expanding their networks by participating in caravans and holding open houses, and participating in training that will help their business and doesn’t interfere with the return to business. For members who have pandemic-related reasons they can’t work, such as caring for someone with COVID or caring for children whose school or camps are closed due to the pandemic, exemptions may be available. The EDD will be sending notices to claimants informing them of the reinstatement of the requirement that the claimant look for work. PUA claimants will still not be required to register on CalJOBS, though EDD may recommend it.
Sources: Bloomberg, C.A.R., The Mercury News, Los Angeles Times, ABC 7 News, WGME
The Market & Industry: California market moderates in May
California home sales moderated in May: Existing, single-family home sales totaled 445,660 on a seasonally adjusted annualized rate, down 2.7 percent from April and up 86.7 percent from May 2020. The sharp yearly sales jump was expected as the housing market was hit hard by the pandemic shutdown last year, when home sales dropped to the lowest level since the Great Recession. California’s median home price set another new record high in May as the statewide median price inched up 0.5 percent on a month-to-month basis to $818,260.
After months of record-high lumber prices and low homebuilder sentiment, wood prices are dropping fast. In response, homebuilders are preparing to restart projects that were delayed due to the high cost of materials.
Nationwide single-family rents were up 5.2 percent in April, the largest year-over-year gain in almost 15 years. Rents for single-family detached homes were up an even stronger 7.9 percent.
Sources: C.A.R., REALTOR® Magazine, HousingWire, CNBC
Around the State: New guidance for office workers implemented
The California Occupational Safety and Health Standards Board approved new guidance for office workers last Thursday. Fully vaccinated workers no longer need to wear masks at work, with exceptions made for workers in transit hubs, healthcare settings, K-12 schools, homeless shelters and correctional facilities. Unvaccinated workers will still be required to wear face coverings indoors, and workplaces will be required to provide the masks. Employers have the right to document employee vaccine status, but employees can self-attest.
California now offers residents a digital record of their vaccination card they can use when required to show proof of vaccination. To access your digital record, go to MyVaccineRecord.cdph.ca.gov and enter your name, date of birth, and email or phone number. You will be asked to create a four-digit PIN. The record will include a QR code you can save to your phone — though right now, this part of the system is still in development.
Last week, California rolled back its major health precautions in a grand statewide reopening. Unvaccinated people are still required to wear masks, but businesses may implement an honor system that allows people to self-verify if they have been vaccinated. As of 10:32 a.m., cases in California number 3,784,606 and hospitalizations numbered 949. Statewide 57.4 percent of Californians were at least partially vaccinated. Nearly three-fourths of California seniors are fully vaccinated.
Sources: AP News, The Mercury News, The Guardian, Los Angeles Times
Health Check-Up: Study shows medical problem associated with COVID-19 can linger
A new study found that medical problems associated with COVID-19 can persist well after the infection is over, even in asymptomatic patients. The study, which tracked health insurance records for nearly 2 million Americans who contracted COVID-19 in the last year, showed that 23 percent of them sought treatment for new conditions one month or more after their diagnosis. The most common issue for which patients sought medical care was pain — including nerve inflammation and aches and pains associated with nerves and muscles.
While fully vaccinated people no longer need to wear a mask in most California settings, health experts say there are still some good reasons for continuing to do so. These include protecting yourself from wildfire smoke, lowering your chances of catching the flu, and contributing to the protection of those who cannot get vaccinated.
Federal agencies have received reports of mild chest pain or other signs of myocarditis in a small percentage of teenagers recently inoculated with the Pfizer vaccine. Still, the American Academy of Pediatrics says not to hesitate in getting your teenager vaccinated.
Sources: The New York Times, The San Francisco Chronicle, NPR