Good morning! Today is Wednesday, April 29. The push to reopen the U.S. economy is running up against wary workers and consumers. Treasury officials vow to recoup virus relief aid intended for small businesses by auditing any company that received more than $2 million. The Federal Reserve will make an announcement on interest rates this afternoon.
And in mortgage and housing news …
BIG FAN: United Wholesale Mortgage CEO Mat Ishbia called the embattled Federal Housing Finance Agency Director Mark Calabria “a great leader” who is “doing good things.”
HOME WORK: Zillow employees can work from home for another 8 months.
HOMEOWNERSHIP RATES: Homeownership rates climbed to 65.3 percent in the first quarter of the year, the highest rate since the end of 2013.
DISPARATE IMPACT: The coronavirus will have a disproportionate impact on Latino, Asian and African-American households due to the nature of the jobs members of these communities hold and how much of their income they pay for housing, according to a new analysis by Zillow.
FALLING PRICES: How to protect yourself against falling home prices.
NEW YORK: New York Gov. Cuomo taps real estate executives to help restart the state’s economy.
LUXURY REAL ESTATE: Here is why the luxury real estate market remains strong amid the coronavirus pandemic.
NEW NORMAL: Real estate leaders plan to adapt to a new normal as states begin to lift coronavirus business restrictions.
FEDERAL RESERVE: A new Bank of America chart shows the Federal Reserve is buying fewer Treasury and mortgage-backed securities.
PRE PAY MORTGAGE: The rate at which you pay off your mortgage depends on the type of homeowner/investor you are. There is no wrong answer.
STAND OUT SURVIVORS: Two mortgage REITs that could rise above the rest.