Good morning! Today is Wednesday, June 24. The European Union may ban Americans from entering European countries as of July 1 based on how we are faring with new coronavirus cases. Apple wants to replace your car key with an IPhone.
And in mortgage and housing news …
CFPB ENFORCEMENT LAX: What happens with a consumer complains to the Consumer Financial Protection Bureau? Often, not very much.
NEW HOME SALES: Sales of newly built single-family homes jumped 16.6 percent in May – another sign the housing market is recovering from the devastating economic effects of the COVID-19 pandemic.
LGBTQ PROTECTION: Zillow updated all property listings to include whether homes are in communities where state and local laws protect individuals who are lesbian, gay, bisexual or transgender from discrimination.
RETIREMENT WITHDRAWAL: The IRS just made it easier to take out a loan or withdraw money from your retirement account.
COMMERCIAL REAL ESTATE: With few buildings for sale during the coronavirus pandemic, some buyers are scurrying to acquire shares in public real-estate companies and bonds.
GSE CONSERVATORSHIP: With a backdrop of a volatile political and macroeconomic environment, Fannie Mae and Freddie Mac remain on a path to exit government support.
MULTI-FAMILY TRANSACTIONS: Yardi Matrix data shows that more than two thirds of the $1.5 billion closed in the first quarter involved assets in only five of the Midwest’s metros.
CORONAVIRUS RELIEF: Wells Fargo pledges $9 million to coronavirus relief efforts in Los Angeles County.
RELIEF STRUCTURE: Rather than funnel mortgage and rent payments through consumers, the federal government should instead deal directly with landlords, utilities and banks, suggests Howard Newman, managing partner of Pine Brook Partners.
MILLENNIALS CONFUSED: Although millennials will likely make up the largest percentage of homebuyers this year, the generation appears to be under-informed about real estate, according to a recent survey by flat-fee brokerage Homie.