Mortgage Roundup (2/27/20) – Monthly Home Sales, Climate Change & iBuyers

The first person in the U.S. tests positive for coronavirus with no known link to foreign travel. Stocks fall sharply as fear around the coronavirus escalates. President Trump puts Vice President Mike Pence in charge of the nation’s coronavirus response. And in mortgage news …

Mortgage applications to buy a home increased 1.5 percent last week.

Mortgage rates are expected to get even more attractive as 10-year Treasury hits record low.

Already lower mortgage rates could continue to slide giving the consumer an advantage

84 percent of Americans say buying a home is a priority for them this year. 

January home sales make a jump to their highest level since 2007. 

Climate change is seriously considered in one-third of housing decisions, according to a Redfin survey. 

Reforms to FEMA’s flood insurance program that would make it operate like a private insurer are raising concerns that coverage could become unaffordable for many higher-risk areas across the country. 

iBuyers – a growing group of companies that use technology to pitch instant offers to home sellers –  are buying cheaper homes than the overall market in most regions. To compete, several brokerages are developing their own spin on instant offers.

Rising home prices are pushing more people who can’t afford houses or apartments to live in vehicles, including RVs. The trend is sparking complaints about streets filling up with vans and motorhomes. In San Francisco, more people are moving into boats

MBA Vice President of Industry Analysis Marina Walsh shares what keeps servicers up at night and the economic and market trends that will impact the business.  

Former Speaker of the House Paul Ryan is joining board of CIS Credit Solutions, which provides credit services for mortgage lenders. 

Real estate and mortgage startup Homie raised $23 million and is set to move into three new states.