Mortgage Roundup (1/6/21) – Lawsuit, Rent & Refis

Good morning! Today is Wednesday, January 6. The creator of the videogame “Fortnite” bought a North Carolina mall to redevelop into a global headquarters. Students from across the country will have an opportunity to ask questions of NASA astronauts aboard the International Space Station.

And in mortgage and housing news …

COMPASS LAWSUIT: A California agent has filed a lawsuit against real estate startup Compass, accusing the company of engaging in bait-and-switch tactics to lure high-performing agents away from other companies.

VALUE GAP: The value for Black and Latino-owned homes lags behind overall home values, but the gap is narrowing, according to a new analysis released by Zillow. 

FORBEARANCE REPORT: The total number of mortgages in forbearance remained unchanged in the last Mortgage Bankers Association report, with 2.7 million homeowners pausing their mortgages as of December 27.

GSE AFFORDABLE HOUSING: Why Fannie Mae is helping to finance almost $300 million for affordable housing.

REFINANCE EFFECTS: How a mortgage refinance affects your net worth.

GOOD DEBT: Why paying off your mortgage isn’t necessarily the best path for building wealth.

INEQUITY: A new Federal Reserve study shows that Black homeowners refinance less and pay more for mortgages.

BUYER FRUSTRATION: Plan to buy your first home in 2021? It’ll probably take months instead of weeks, and you might feel demoralized at times.

POCKET LISTINGS: Former pocket listing site PLS will relaunch as a public-facing site that it says will comply with the National Association of Realtors Clear Cooperation Policy. 

RETURN TO URBAN: The latest housing data shows consumers returning to urban areas after abandoning cities for the suburbs in the early days of the Covid-19 pandemic. 

RENT PAYMENTS: A new report from Rentec shows that by the end of 2020, the number of rental payments landlords received was down 24 percent.