Good morning! Today is Monday, June 22. The WHO reported the largest single-day increase in coronavirus cases, with Brazil leading the way followed by the United States. The guitar Kurt Cobain played on Nirvana’s 1993 “MTV Unplugged” performance months before his death sold for $6 million at auction. NASA’s next Mars mission will honor health care workers fighting the coronavirus.
And in mortgage and housing news …
HOME VALUES: Home prices have held on so far, but Zillow predicts they may fall in the second half of the year.
BANK-HELD LOANS: The numbers seeking coronavirus mortgage relief is shrinking, but loans not backed by government agencies, either held by banks or in private-label securities, seem to be more troubled.
BANKRUPTCY WAVE: Experts predict a spike in corporate bankruptcy filings in the coming months so big that the courts could struggle to salvage the businesses that are worth saving.
COMMERCIAL MORTGAGES: Three months into the crisis, temporary relief measures are reaching a point that will put commercial real estate owners under increasing pressure.
MORTGAGE DELINQUENCIES: Home mortgage delinquencies in the U.S. have reached their highest levelsince 2011.
FED’S FIRST BLACK PRESIDENT: The Fed’s first Black president says the economic crisis is disproportionately hurting minorities and the poor, and is calling on policymakers to speak out against racism, take action to create more opportunities, and encourage other efforts when their own tools are lacking.
QUICKEN IPO: Finance and business experts say there are various reasons why Quicken Loans, a large and established company, could be looking to go public. Here’s why the company may need cash and who benefits from an IPO.
MARKET PREDICTIONS: Record low mortgage rates won’t save the housing market.
COVID-19’S CONTINUED IMPACT: Further growth in the number of cases could lead to a further decline in mortgage rates.
EVICTIONS: An analysis of coronavirus-related evictions show they disproportionately impact Black households.
INTERFIRST MORTGAGE: The biggest home lender you’ve never heard of is back in business and seeing post-coronavirus opportunities.