Good morning! Today is Thursday, May 7. New York City’s subway system shutdown overnight to disinfect cars, the first stoppage in the system’s 115-year history. Senate Republicans are citing renewed budget-deficit fears as they pump the brakes on more coronavirus-aid spending. Frontier Airlines rescinds its plan to charge passengers extra to guarantee an empty middle seat.
And in mortgage and housing news …
BIT OF A STREAK: Mortgage applications for new home purchases increased for the third week in a row – a sign the housing market is making tentative steps forward amid the coronavirus pandemic.
LISTINGS DRY UP: Newly listed homes dropped 44.1 percent in April, according to realtor.com’s Monthly Housing Trends Report.
AXL ROSE TRENDING: Treasury Secretary Steven T. Mnuchin took time out of dealing with the economic fallout of the coronavirus pandemic to ask Guns N’ Roses front man Axl Rose what he had done for Liberia lately.
GSE LOAN LIMITS: GSEs limit loan purchases as they adjust for coronavirus contingencies.
BUCKING TREND: A few U.S. housing markets are bucking the trend of decreased real estate activity during the coronavirus pandemic.
IBUYERS: iBuyers are rolling out new features for people looking to sell their homes quickly.
REVERSE MORTGAGES: With retirement portfolios taking a hit due to market losses during the global COVID-19 pandemic, reverse mortgages are being touted even more among financial professionals as a viable option.
LOUISIANA: Louisiana homeowners are left to scramble to make balloon payments and mortgage modifications amid coronavirus pandemic.
MORTGAGE GLOSSARIES: With mortgage forbearance and smart financial decisions top of mind, news outlets are providing a host of “how to’s” and “need to know’s,” including a glossary of common mortgage terms and list of the different types of mortgage providers.