kelman, the ceo of redfin.ing up, we will talk about amazon's hiring spree as delivery numbers skyrocket. we will also take you to the white house as soon as the press conference begins. ♪ emily: welcome back. i'm emily chang. amazon hiring another 75,000 workers as demand for products being sent to homes continues to skyrocket. this in addition to 100,000 workers amazon said it would hire a couple of weeks ago. i want to bring in matt day who covers amazon from seattle. what's interesting about these workers on the folks applying for these jobs, these are all kinds of workers, not your typical warehouse workers. some wouldlost jobs, normally have white collar jobs as well as blue-collar jobs. talk to us about who these people are and what they are doing. matt: that's right. small business owners, those who have been in the warehouses, it runs the gamut. not a lot of companies could even hire 100,000 people in a few weeks. but they are certainly turning on the tap. 175,000 over eight weeks would be pretty unpre

. >> reporter: redfin tracking national numbers, says there are half as many properties listed as a year ago. even though march sales tanked- >> over the last two weeks demand is coming back. >> reporter: prices remained steady amid the uncertainty. >> we haven't seen demand in the bay area fallback as much either. i think it might be that some markets are a bit more resilient to the shelter and place orders. >> i was looking at moving into my new home and now i'm not. >> reporter: the first time buyer ended her five month search and backed out of her purchase. the timing no longer felt rate. >> i want to give it a little bit more time to see what will happen with the economy, will it, will the rates continue to drop? >> i figure we need a place to live and i'm not a big panic or. >> reporter: the spire went ahead, trading up to a larger, newer home. even in the pandemic had top dollar. >> it was weird we paid over asking. walking through the house as if you were there. >> reporter: worth have been an industry lifeline and redfin reports one and seven offers are coming from buyers who ha

earlier today i spoke with and economist at redfin and he says in the bay area we are seeing your homesle still there.>> sellers in the bay area have reacted the same way as they have across the rest of the country. i mentioned the number of homes hitting the market is about half of what it was a year ago. the same is true in the bay area, it fell a little further, about 60% of what it was a year ago, so little bit of a bigger drop but it's starting to recover a little more as well. we haven't seen demand in the bay area fullback as much either, and i think that might be that some markets are a bit more resilient to the shelter in place orders. sizable share doing that, and that gives them a little more wiggle ro r what is happening. we are, if your job has not been lost in your work is not disrupted, you might still be in the market for a home. >> as we look ahead, what is redfin predicting in the months ahead?>> we are watching every indicator on the a day-to-day, to see what is changing in the market, how many people are reaching out to agents about buying a home, and this is some of

zillow shut down its homes business, redfin shut down theirs private buyers like open door shut down their buying initiatives or put them on hold for the time being yeah, effectively reverting back to the more capital light models that investors always favored or preferred about those businesses i think one, it's important because it shows the management teams can be nimble in a time like this and, you know, these companies were also really fortunate that to the extent something like this had to happen, it happened while the businesses were relatively small for them and their exposure on their balance sheets were small. they were able to shut them down without -- at a time where they didn't have a lot of risks on their balance sheet as opposed to something like this happening two or three or four years from now when those businesses would have been much bigger. >> it's carl when talking about streaming budgets and netflix and people buying bikes from peloton, the shift makes sense now, but given share outperformance and then eventually the second order effects on purchasing habit, wh

. >> reporter: redfin, tracking national numbers, said there are half as many properties listed as a year ago. even the march sales tanked- >> over the last two weeks it is coming back. >> reporter: prices remained steady. >> we haven't seen demand in the bay area fall back as much and i think that might be that some markets are a bit more resilient to the shelter and place orders. >> i was looking at moving into my new home and now i'm not. >> reporter: this first-time buyer ended her five-month search and backed out of her purchase. the timing no longer felt right. mike i do want to give it a little more time to see what will happen with the economy. will the rates continue to drop? will this be my lucky break? >> i figure, we need a place to live and i'm not a big panicker. the areas we were looking in, actually they are getting over asking. we paid over asking. >> reporter: virtual tours have been in industry lifeline. one and seven offers are coming from buyers who have never set foot inside. agents help economists are correct and that pent-up demand will drive a relatively swif

listings dropped 34 percent compared with 2019 with many real estate agencies such as zillow and redfin positing their house selling operations but c n b c recently noted that current homeowners have a lot of equity so a repeat of the 2008 crisis is less likely those with government backed mortgages can defer up 2 years worth of monthly payments so that will likely also help people avoid foreclosure still there are a lot of unknowns and some analysts predict that the real estate market will boom once the pandemic ends or at least subsides anyway but still there are a lot of unknown. since the u.s. began selling off land in the 8 hundreds there have been peaks and valleys of land sales and speculation roughly every 15 to 20 years fast forward to the great depression when the market crashed and land prices dropped but it regained strength and there was a boom in 1950 s. after world war 2 with median housing prices and average sales increasing from 1963 through 2016 urbanization through the 20th century has played a major role in driving the real estate market and gentrification has change

redfin forced to furlough 41% of its ajens. the impact that covid-19 is havingen the company.hey are try its hard toast bring back everyone on furlough. the majority furloughed until september 1st. >>> take a look. the can ta clara county's. any first responder can show up, day or night, go through the process and get a clean change of clothes and peace of mind. >> i think this a much-needed, critical asset for the county of santa clara. make sure it's open for law enforcement, first e responders in general, just an an mmazing thing. >> there are more than 24 13,000 positive in santa clara county. >>> give blood. the drive had two purposes. to encourage people to give blood, and they have a ban of donations from gay and bisexual men. >>> let's head to jeff ranieri. is it a living room or family room? >> i would say living room. yes. and you know, i have sun coming in the windows right now. we can see that blue sky as well. i will take you outside for the sky camera network. a few showers before warmer weather. >>> they can't get to their destination because of the virus. now s

21% and it just limits how far prices can fall if you look at 2008 as comparison, i was the ceo of redfin, too. inventory was piling up. and right now, it's the opposite situation. where nobody is selling unless she has to >> what's the biggest obstacle at the moment? is it because people are fearful of their economic outlook or is it simply that it's imb possible to do viewings and i guess despite the advances, people aren't liking to buy a house until they've seen it once >> that's true although what we're seeing is a massive upsurge in video chat tours. it use ed to be about .5 of the tours were happening virtually and you have these contracts that say i want to agree to terms now and i'll see the property after we agree on a price. the seller prefers that because he doesn't want strangers coming through and the buyer prefers that too, so she can stay sheltered in place the real issue aside from the fact nobody wants to sell is credit so the federal government has been shoveling money into the credit markets but you're still seeing breakdowns all along the line nobody wants to service

if you look at the redfin 2015 link that i sent, you can discern that. you can compare rental rates in 2015 to 2020 to get a sense of the relative affordable. certainly, if they'd been fixed up in 2015, not attempted to be made into a monster home with a sham unit, as former commissioner richards would call it, you can see what the relative affordable would be. and finally, criterian l show that they were family units, not single units. i think it's important since this was an illegal demolition to get the draft motion right, the findings right, when you're reapproving this illegal demolition. that's it again. so if anyone has any questions -- i want to thank miss cisneros for her help, and i'll stay on the listen to listen in. >> operator: you have zero questions remaining. >> clerk: very good, commissioners. i believe the matter is now before you. >> president koppel: public comment is closed. commissioner moore? >> commissioner moore: i'd like to ask the architect a few questions. can you hear me? >> caller: yes, i can. >> commissioner moore: okay. i