Good morning! Today is Friday, May 15. The CDC will issue a decision tool to guide the reopening of businesses shuttered by the coronavirus. New Jersey Gov. Murphy says the Shore will reopen in time for Memorial Day Weekend.
And in mortgage and housing news …
FORECLOSURE MORATORIUM: The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are extending their moratorium on foreclosures and evictions until at least June 30 as homeowners and renters struggle with the coronavirus pandemic.
SELLERS RETURN: A pair of housing reports show mortgage applications and new home listings are downamid the coronavirus pandemic, though sellers are slowly beginning to return to the market.
NOT BUDGING: Interest rates are parked at a super low level, with no signs of budging.
WHO’S ON THE HOOK: Millions of Americans now have the right to postpone mortgage payments, which has far-reaching consequences for the complex ecosystem behind home loans.
REFINANCING: Continued low interest rates due to the coronavirus-economic contraction likely means that 2020 will have the largest refinance volume in eight years, Fannie Mae’s latest forecast said.
LOAN RELIEF: In a new Bankrate survey, three out of five borrowers for both home and auto loans had not reached out to their lenders for loan relief options in the wake of the pandemic.
EQUITY LENDING: Cash-out refinancing and home equity lending may come to a halt. Mortgage lenders are charging more, cutting back on loan sizes or shuttering equity lending altogether.
MULTI-FAMILY: Maturities for multifamily loans will be up by double-digits this year during the disruption of capital markets caused by the COVID-19 pandemic, according to a new report from CBRE.
NY MASS EVICTIONS: A moratorium preventing landlords from filing eviction notices in court remains in place in New York, but does not protect tenants from having to pay all rent that is due when the moratorium is lifted.
PENT UP DEMAND: Tahoe realtors are reporting an uptick in buyers’ interest in property around the lake.