Good morning! Today is Tuesday, November 3. It’s Election Day! Nearly 100 million ballots have already been cast and election officials in many states are preparing for a drawn-out vote-counting process. The CDC says those who have tested positive or may have been exposed to the coronavirus should wear a mask, stay at least six feet away from others and sanitize their hands before and after voting.
And in mortgage and housing news …
COMMERCIAL DELINQUENCIES: Delinquency rates for commercial and multifamily property mortgages declined in October as the Covid-19 pandemic stretched into the fall.
RENTERS PAY: Renters tend to be prioritizing making monthly payments to their landlords amid the Covid-19 pandemic, according to a new analysis conducted by Freddie Mac.
PROPPED UP?: The largest U.S. banks are less healthy than they appear, boosted by temporary accounting and capital-relief measures as well as massive market support from the Federal Reserve, an advocacy group said.
HOME LOAN VOLUME: For the first time ever, the market is on track to top a record $4 trillion in mortgage originations.
NONBANK LENDERS: The mortgage IPO boom will face market turbulence.
PENDING HOME SALES: Pending home sales slid 2.2 percent in September, a minor decline after posting four consecutive months of growth
APR DETERMINANTS: How do lenders decide your APR? These are the most important factors.
HOME OWNERSHIP WEALTH: A person who purchased a home 30 years ago would likely have gained an average $283,000 as of the second quarter of 2020, according to NAR.
GSE GOALS: Government Fannie Mae and Freddie Mac exceeded most 2019 housing goals.
NYC “PERFECT STORM”: The struggling NYC real estate market could create another financial crisis.
AFFORDABLE HOUSING: Affordable housing developments today include a greater number of efficiencies and amenities.