Mortgage Roundup (5/28/20) – Rentals, iBuyer & Mortgage Apps

Good morning! Today is Thursday, May 28. American Airlines plans to cut its management and support staff by about 30 percent to slash costs after the coronavirus put a halt to travel. The Women’s Soccer League will make a return to play in June. Bad weather delayed the SpaceX launch of NASA astronauts until this weekend.

And in mortgage and housing news …

VACATION RENTALS: The short-term rental market is bouncing back quickly, with travelers taking advantage of lockdowns ending just as the summer tourism season starts across the country.

I-BUYER PROGRAM: Zillow announced a restart of its iBuyer program in five more markets – bringing the total to nine – after shutting it down across the country two months at the height of the coronavirus pandemic.

MORTGAGE APPS: Mortgage applications for new home purchases continued their rebound last week, another sign the housing market is moving forward after economic shutdowns caused by the coronavirus pandemic.

WFH SAFETY: While realtors work from home, they’re using these tips to safeguard video calls, be alert for coronavirus-related scams, and protect business from data breaches. 

STATE EMPLOYMENT MONITOR: Employment and income are key drivers of housing demand. This NAR report tracks employment and wage trends and how these trends affect the real estate market and housing demand. 

EVICTION AVALANCHE: The economic downturn is shaping up to be particularly devastating for renters, who are more likely to be lower-income and work hourly jobs cut during the pandemic.

HOUSING HARDSHIP INDEX: The coronavirus is battering the national economy, but the pain isn’t felt equally. The tourism-dependent states of Nevada and Hawaii have reported relatively few COVID-19 deaths, but their economies are suffering the most among U.S. states, according to a new Housing Hardship Index.

RECORD LOAN VOLUME: Low mortgage interest rates continue to fuel a surge in refinance activity amid the coronavirus pandemic, resulting in record-breaking loan volume for lenders over the past two months.

CONSUMER GUIDANCE: The government-sponsored enterprises (GSEs) have released consumer-facing tools and resources to navigate the available options if they experience a financial hardship due to COVID-19.

URBAN EXODUS: Investor analyst discusses “counter urban trade” demonstrated in mortgage market activity. 

COMMITTED BUYERS: New Jersey realtors are seeing more serious, committed buyers in the wake of the coronavirus pandemic. 

RENTALS SURVIVE: High-end apartment owners are dodging the coronavirus-induced economic slump.