Today there is optimism on the horizon and it's palpable.
DID YOU KNOW? Remdesivir, the Gilead-produced Covid-19 treatment drug is showing real promise in limited trials. There are declines in new hospitalized cases globally indicating a flattening of the curve. A treatment that prevents or shortens hospitalization and the need for ICU-type care would be a game-changer. This drug does not promise a cure, but its impact on the risks of COVID-19 and the economy could be huge. Moderna is also showing signs of promise with a vaccine.
DID YOU KNOW? Abbott Laboratories announced the launch of its third test for the coronavirus and said it could be screening 20 million people for antibodies for Covid-19 by June. It plans to distribute 4 million of the new tests by the end of this month, after an initial shipment of 1 million tests this week to U.S. customers. (CNBC)
DID YOU KNOW? Unsurprisingly March housing starts dropped more than 22% from February—the biggest drop since a 26% decline in March 1984—but were still above March 2019 levels. (Barrons)
DID YOU KNOW? China, where property transactions were at or around zero for the three weeks following movement restrictions, had within two months recovered to 50% of the 4-year average. Suppressed transaction activity could lead to a build-up of latent demand. The experience of working from home for an extended period of time could drive many households to move. Some buyers are buying with wealth preservation in mind.
DID YOU KNOW? Related (who manage a $97 billion real estate portfolio) updated their rent collection status. Retail is suffering and waiting for government release programs, and only about 35% of rents collected. Malls are suffering the most with just 20% of rent collected. However, their Residential portfolio shows over 90% of rent collected, and their Commercial portfolio essentially collected all rent.
