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 it’s more K-shaped. A breakdown of the differences and what it means for personal finance.
FLORIDA MORATORIUMS EXPIRE: For the first time since Gov. Ron DeSantis issued a moratorium in April, Florida will be without its own statewide protections against evictions and foreclosures during the coronavirus pandemic.
STRESS TESTS: The Federal Reserve said it will conduct a second round of stress tests of large financial institutions later this year “to further test the resiliency of large banks.
MORTGAGE TRANSLATIONS: The Federal Housing Finance Agency, Fannie Mae, and Freddie Mac announced the addition of Vietnamese, Korean, and Tagalog language resources to the Mortgage Translations clearinghouse.
FREDDIE MAC ASSETS: Freddie Mac scrubs student-housing and senior living loans from K-Deal securitizations.
WHITHER DAILY COMMUTES: Commercial real estate leaders say the workplace will become more like a “clubhouse,” where employees go about two days per week.
CRA RESET: The Community Reinvestment Act was enacted as one of several landmark civil rights laws that were designed to address systemic inequities in credit access, in particular a response to redlining. The Federal Reserve wants to give it an update to address racial inequity.
RECORD HIGH HOME PRICES: Southern California home prices jump 12 percent to a record high of $600,000.
BUYER PREPARE: Buyers have to be better prepared to make an offer, including already getting prequalified. Properties that closed in August had an average of three offers.
“SHINING LIGHT OF HOPE”: A Pacific Northwest broker presents data that shows “the real estate market is a shining light of hope, and leading the way for the U.S. economy.”