Good morning! Today is Thursday, November 19. The New York City will close schools for in-person learning to curb Covid outbreak, while indoor dining and gyms remain open. The surge in coronavirus cases worldwide is helping researchers measure more quickly how well their vaccines protect against Covid-19. After 20 months of making changes in the jet’s software, design and training following two fatal crashes, the FAA cleared the Boeing 737 Max to fly again.
And in mortgage and housing news …
PROTESTS IMPACT HOUSING: More than a third of Americans living in cities say that protests this year have made them move elsewhere – or have already moved, according to a new survey released by Redfin.
MORTGAGE APPS: Mortgage applications held largely steady again, with a decrease of 0.3 percent for the week ending November 13.
SECONDARY MORTGAGE MARKET: While many homebuyers aren’t aware of it, the secondary mortgage market has a huge impact on how borrowers get a mortgage, the rate paid and the standards required.
CONTINUED EXPANSION: The median house price will rise 3 percent in 2021 and sales will jump 9 percent next year, National Association of Realtors Chief Economist Lawrence Yun predicted.
HOUSING STARTS: U.S. housing starts rose more than expected in October as low mortgage rates continued to fuel construction, particularly in the single-family home sector.
CONSUMER TRENDS: Household debt overall rose by $87 billion in the third quarter; credit-card balances declined by $10 billion.
PPP BANKRUPTCIES: Hundreds of companies employing 23,400 people went bankrupt after PPP funds ran out.
DIGITAL REAL ESTATE: The average real estate transaction takes 181 steps from start to close, and all of them can be done digitally.
BIDEN CFPB: Financial watchdog Consumer Finance Protection Bureau is expected to get its teeth backunder a Biden administration.
ROCKET SHIP: Robinhood investors love mortgage lending company Rocket. Should they?