Good morning! Today is Wednesday, October 14. Covid-19 cases are surging in the Midwest and West as the U.S. enters what is expected to be a rough fall/winter wave of the pandemic. The University of Florida stopped their football program after a coronavirus outbreak. NASA debuted a new toilet designed for women.
And in mortgage and housing news …
LUXURY HOUSING: Redfin reports that luxury home sales in the United states increased 41.5 percent in the third quarter over a year ago – the largest jump since at least 2013.
HOUSING AFFORDABILITY: In August, home prices jumped five times more than income gains, according to National Association of Realtors data.
HOME PRICES: Home prices are held down by COVID-19 in big cities while climbing sharply in less crowded areas.
BIGGER HOMES, LARGER YARDS: Millennials are a driving force making many of the anticipated COVID-19-related migration trends a reality, according to new data from the National Association of Realtors.
FLORIDA: Florida is seeing signals of a climate-driven housing crisis.
STATE OF THE INDUSTRY: Millions of Americans are facing massive income loss and widespread unemployment, and almost every industry has been forced to adapt in one way or another—real estate is no exception.
INVESTOR TAX BREAK: A longstanding tax break for real estate investors could be coming to an end.
GOING PUBLIC: End-to-end lending and services platform Finance of America Capital is the latest mortgage company to get in on the mushrooming IPO craze.
DIGITAL BANK: A new majority Black and Latinx-owned and operated digital bank hopes to make supporting Black-owned banks and businesses a little easier for consumers.
HEADING OFF EVICTIONS: Massachusetts Gov. Charlie Baker is pledging $171 million in rental assistanceand other measures to head off an eviction crisis this fall. But will it be enough?