Good morning! Today is Wednesday, October 7. President Trump stopped negotiations with Congress over additional Covid-19 stimulus funding until after the election. New York Gov. Cuomo warns that religious institutions can be shut down for Covid violations. Hurricane Delta is bearing down on Mexico, with a U.S. Gulf Coast landfall expected later this week. And in mortgage and housing news … URBAN FLIGHT: Could the trend toward greater suburbanization – and migration among states – have an impact on next month’s election in the United States? BETTER TO OVERDO: Jerome H. Powell, the Federal Reserve chair, called the economic recovery “incomplete” and highlighted that it was better to overdo the pandemic policy response than to undershoot. ELEVATED DISTRESS: Delinquencies could continue exceeding pre-pandemic levels until 2022 due to…
Good morning! Today is Tuesday, October 6. President Trump left Walter Reed hospital and returned to the White House after being treated for Covid-19. Hurricane Delta is rapidly intensifying in the Caribbean and is an increasing danger to the U.S. Gulf Coast by late this week. Instagram marks its 10th anniversary with an anti-bullying feature. And in mortgage and housing news … PRICE SURGE: The median home sale price surged 14 percent in September, the largest price jump in more than seven years, according to a new report released by Redfin. FORBEARANCE NUMBERS: The number of mortgages in forbearance inched down once again this week – with 3.4 million homeowners in the United States still pausing their mortgage payments amid the coronavirus pandemic, the Mortgage…
Good morning! Today is Monday, October 5. President Trump’s doctors said his condition was improving and he could be discharged from the hospital as soon as today. The U.S. hit its highest level of new Covid-19 cases in two months. Only two states are reporting declines. Apple updated its face mask-wearing emoji with smiling eyes. And in mortgage and housing news … FANNIE’S FUTURE: Why the outcome of the election may not matter for Fannie Mae’s future. SIGHT UNSEEN: Tips from the new-home construction world that can help buyers feel more comfortable about remote home shopping. COMMERCIAL MORTGAGES: Commercial real estate is one of the industries taking a hard hit from the pandemic. RECESSION SCRIPT FLIPPED: According to a top housing industry expert, the current rampage in prices will keep…
Good morning! Today is Friday, October 2. President Trump says he and First Lady Melania Trump have tested positive for the coronavirus. Some colleges are learning how to contain Covid-19 with frequent testing and tracing. New York becomes the first big city to reopen all its schools. And in mortgage and housing news … SEPTEMBER SURPRISE: Realtor.com reported that homes sold faster in September than in August for the first time in four years, as buyers are paying about $20,000 more for a typical home and face 25 percent more competition than at the start of 2020. BELOW THREE: Mortgage rates are sitting below 3 percent for the 10th straight week, Freddie Mac reported. TRUMP VS. BIDEN: What the presidential election will mean for multifamily housing. PROPERTY TAXES: An…
Good morning! Today is Thursday, October 1. Treasury Secretary Steve Mnuchin on Wednesday said Democrats and Republicans have agreed that a second round of stimulus checks will be included in the next coronavirus relief bill. The presidential debate panel said it would announce changes to the remaining two matchups after a chaotic first face-off. Scientists from MIT have found a way to implant ideas in the minds of people as they fall asleep to create bizarre and abstract dreams. And in mortgage and housing news … MORTGAGE APPLICATIONS: Mortgage applications remain significantly higher than a year ago amid low rates and high demand for houses and refinances. ECONOMIC RECOVERY: President Trump says the U.S. is in a V-shaped recovery, while former Vice President Biden says…
Good morning! Today is Wednesday, September 30. Trump and Biden clashed in their first debate. Disney will lay off 28,000 theme park workers. New York City elementary schools opened for in-person classes. And in mortgage and housing news … NAHB BACKS SC NOMINEE: The National Association of Home Builders announced its support of Amy Coney Barrett’s nomination to be the next U.S. Supreme Court justice. DEBATING SUBURBS: The future of suburbs briefly took center stage in the first 2020 presidential debate between President Donald Trump and former Vice President Joe Biden – continuing a months-long dispute on the issue between the two. REFINANCING YIELD: How much can you save by refinancing? A city-by-city look. CANDIDATES’ HOUSING POSITIONS: Where Trump and Biden stand on housing issues. ASSET BUBBLES: Federal Reserve officials’ promises…
Good morning! Today is Tuesday, September 29. President Trump and Vice President Biden are set to face off in the first of three presidential debates tonight. Worldwide Covid-19 deaths surpass one million. Two successful test flights carrying a human organ and tissue via drones were carried out in Las Vegas. And in mortgage and housing news … HOME SALES: Home sales are expected to stay hot through the fall before easing back during 2021 – but stay above pre-pandemic levels, according to a new forecast from Zillow. MORTGAGE DEBT: Commercial and multifamily mortgage debt in the United States increased to $3.76 trillionat the end of the second quarter, according to a report release by the Mortgage Bankers Association. FORBEARANCE NUMBERS: Nearly seven months into the pandemic, 3.4…
Good morning! Today is Monday, September 28. A judge blocked the ban on Tik Tok downloads from U.S. app stores. The Postal Service issued new operating instructions to prioritize election mail, the Justice Department says. For the first time in NFL history, two female coaches were on the sidelines with a female referee on the field in a regular-season game. And in mortgage and housing news … REBUILDING GSE’S: The Financial Stability Oversight Council (FSOC) signed off on the Federal Housing Finance Agency’s (FHFA) plan to rebuild Fannie Mae and Freddie Mac, saying the GSEs continue to pose a potential risk to financial stability and may not be sufficiently capitalized to protect themselves against risks in their portfolios. POLITICAL DONATIONS: The commercial real…
Good morning! Today is Friday, September 25. House Democrats prepared a new Covid-19 economic aid package. Thousands of airline employees will be laid off Oct. 1 if Congress doesn’t extend aid. Another Covid-19 vaccine entered final-stage trials. And in mortgage and housing news … ORIGINATION FLEXIBILITY: The Federal Housing Finance Agency announced that it is extending the loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency. MORTGAGE RATES: Mortgage rates ticked up slightly for the week but remained near historic lows, Freddie Mac announced in its Primary Mortgage Market Survey. CARES ACT END: Millions of forbearance plans will hit their initial expiration date in September and October. What happens next? FIXING FLOOD INSURANCE: For decades lawmakers have ignored broad structural…
Good morning! Today is Thursday, September 24. Two officers were shot and a suspect is in custody amid night of unrest after a grand jury decision on the Breonna Taylor case. Walmart is using drones to deliver Covid-19 tests. California will phase out the sale of new gasoline-powered cars by 2035. And in mortgage and housing news … WELLS FARGO APOLOGY: Wells Fargo CEO Charlie Scharf apologized for telling employees that the banking giant was failing to meet diversity goals because there were not enough qualified minorities in the industry. HOME PRICES: House prices increased 1 percent in July from the previous month – while jumping 6.5 percent from July 2019, according to a report released by the Federal Housing Finance Agency. MORTGAGE APPS: Applications for home…
