Good morning! Today is Tuesday, June 23. The United States has temporarily suspended new H1-B and other job visas to protect against the coronavirus. Major League Baseball said that it would impose a shorter 2020 season after a bruising dispute between team owners and the players’ union. A huge, previously undiscovered prehistoric monument was unearthed just a stone’s throw from Stonehenge.
And in mortgage and housing news …
HOME SALES DOWN: Existing home sales were down again in May, but the National Association of Realtors expects a rebound.
DEBT-TO-INCOME NIXED: The Consumer Financial Protection Bureau proposes replacing the debt-to-income ratio for qualified mortgages with a loan price-based approach.
FORBEARANCES DROP: The number of mortgage loans in forbearance in the United States began declining for the first time since the CARES Act was passed in response to economic hardships caused by the COVID-19 pandemic shutdown across the country.
BROKERAGE LANDSCAPE: Many brokerage companies founded in the last 10 to 15 years have grown rapidly and are realizing disproportionate market share growth, says a new report.
REAL ESTATE CHANGES: The new rules of buying and selling a house in a coronavirus world.
REIT IPO LAUNCH: Presidio Property Trust, a real estate investment trust (REIT) is seeking a $7.5 million IPO – a test of the coronavirus’ impact on commercial real estate.
TRENDS TO WATCH: These key developments likely will influence REITs and related property-focused businesses.
CFPB SUPREME COURT RULING: The Supreme Court is the Supreme Court is expected to rule this week on whether the CFPB’s single-director structure is constitutional, which will influence whether the GSEs will be able to exit conservatorship. The ruling also has implications for Director Mark Calabria’s tenure if Biden wins.
PPP LOANS: With about a week remaining to apply for a Paycheck Protection Program loan, the Small Business Administration has reinstated its Lender Match program, which connects small businesses affected by the COVID-19 pandemic with lenders.
COMMERCIAL MORTGAGE RELIEF: A bipartisan group of lawmakers want the Federal Reserve to help businesses struggling to make mortgage payments.
MORTGAGE RATE LOCK: Though borrowers have the chance to lock in a mortgage rate at historical lows this summer, low inventory and increased competition could make finding a home even more difficult. Some strategies for navigating mortgage rate locks.