Good morning! Today is Monday, April 27. A number of states have begun to loosen coronavirus restrictions. The Naval hospital ship USNS Comfort is discharging its last coronavirus patients before leaving New York City. Some high schools are holding online proms to safely keep the tradition going amid the coronavirus.
And in mortgage and housing news …
CANCEL RENT, MORTGAGE: The Rent and Mortgage Cancellation Act of 2020 would suspend all rent and mortgage payments on primary residences, regardless of the tenant’s or mortgage holder’s ability to pay or whether they had suffered any financial hardship.
FORBEARANCE RISE: The number of loans in forbearance continues to outpace regulators’ expectations.
RISK/REWARD: Paying off your mortgage early may make sense, if you can afford it.
REFINANCING DEMAND: Mortgage lenders are struggling to keep up with a tidal wave of refinancing demand, adding staff to cut through the massive backlog of applications and cutting back on marketing to slow the stream of incoming business.
MARKETING ESSENTIAL: Three reasons real estate professionals should not cut their marketing budgetsamid the coronavirus pandemic.
DEEP-CLEAN SHOWINGS: One real estate company partnered with a disaster cleaning crew in order to facilitate in-person house showings.
HOMEOWNERS’ FORBEARANCE RISKS: Choosing to delay mortgage payments before it’s absolutely necessary comes with some important risks that need to be considered.
EMERGENCY FACILITY: Will Fannie Mae and Freddie Mac be able to handle the coronavirus-induced mortgage crunch?
DEEPLY UNEQUAL: Economic damage from the coronavirus is hitting the lowest level of wage earnershardest.
URBANIZATION: Building dense cities was California’s cure for the housing crisis, but then came the coronavirus.