Good morning! Today is Monday, May 4. Many states begin lifting coronavirus restrictions this week. Congress considers a final round of coronavirus aid. American, Frontier and Delta airlines will require passengers to wear masks.
And in mortgage and housing news …
FORBEARANCE REPORT: More than 3.8 million homeowners – or 7.3 percent of all mortgages – are now in forbearance as millions of Americans are out of work during the coronavirus pandemic, according to an analysis released by Black Knight.
RENTS AND MORTGAGES DUE: The speed and broad reach of the coronavirus-induced economic disruption are likely to pit landlords and mortgage companies against homeowners and renters, with each side claiming it needs more assistance and fueling calls for billions in new aid for the housing sector.
FANNIE MAE EARNINGS: Fannie Mae’s net income dropped 90 percent in the first quarter of 2020 as credit expenses piled up as the coronavirus pandemic shook the economy beginning in mid-March.
ANALYSIS: Is the worst over for the residential real estate market?
CANCELLING RENT: Several cities and states have halted evictions, but the assumption is that renters will be able to pay back rent when most renters were living paycheck to paycheck in the first place.
REALTOR CONFIDENCE: Realtors have mixed expectations about the direction of home prices in their markets in the next 12 months, according to NAR’s March 2020 Realtors Confidence Index Survey.
MORTGAGE BARGAINS: Four tips for landing one of today’s record-low mortgage rates.
NEW JERSEY: New Jersey is permitting landlords and tenants to apply tenant security deposits to cover the payment of rent prior to the expiration of the lease term.
POLL: Some real estate forecasters expect the coronavirus pandemic to fuel a wave of urban dwellers movingto the suburbs and rural areas.
HOME VALUES: Industry leaders are keeping an eye on how a slowdown in home buying will impact home values.