Mortgage Roundup (12/2/20) – Pay, Feuds & Pain

Good morning! Today is Wednesday, December 2. Britain became the first Western nation to grant emergency-use authorization for a Covid-19 vaccine, clearing a shot developed by Pfizer and Germany’s BioNTech to be distributed in limited numbers within days. The CDC advises that health care workers and long-term care facility residents get Covid-19 vaccine first. The first blood test for Alzheimer’s is on the market without FDA approval. 

And in mortgage and housing news …

PAY REDUCED: With the Covid pandemic stretching into its 10th month in the United States, more than a third of full-time America workers report having their pay cut.

ALABAMA TOWN SUED: The housing authority of a small Alabama town was sued  by the U.S. Justice Department for allegedly discriminating against Black housing applicants.

FED/TREASURY FEUD: The Fed and Treasury disagreed publicly over a decision not to renew a suite of emergency lending facilities.

HOMEBUYER PAIN: Record-low housing inventories, rising demand and higher prices will strengthen the argument for renting next year

EXTRAORDINARILY UNCERTAIN: The Federal Reserve chair called the economic recovery “extraordinarily uncertain,” adding that the Central Bank has “deployed these lending powers to an unprecedented extent.”

NONBANK LENDING: Are nonbanks likelier to lend to Black, Latino homebuyers?

CONDO REBOUND: For buyers being squeezed out by rising single-family home prices, condos offer a chance for homeownership in big cities.

OUT OF STOCK: Since the start of the pandemic, inventory has been lower than it has been in a long time. So how do real estate agents help increase the inventory of homes to help generate listings in a low inventory market?

DIGITAL MORTGAGE PROCESS: A recent survey of both consumers and mortgage brokers found that 50 percent of borrowers chose their lender based on whether an online application or portal was available.

FDIC INVESTMENT FUND: What the new FDIC investment fund means for a more equitable banking system.

VA LOANS: Why VA loans may be the best pathway to homeownership for veterans.