Good morning! Today is Thursday, June 25. COVID-19 cases are accelerating around the country, reaching new daily highs in states including Florida, Texas, Oklahoma, South Carolina and Arizona. The New York City marathon cancelled its November race because of the pandemic. Some zoo animals are doing just fine without visitors, but the gray cockatoo and other animals need visitors to come back.
And in mortgage and housing news …
STREAK ENDS: Mortgage applications remain higher year over year despite the dip last week.
HOUSE PRICES: Even as the COVID-19 pandemic hammered the economy, house prices in the United States increased 0.2 percent in April, according to a report released by the Federal Housing Finance Agency.
WRIST SLAP: The Consumer Financial Protection Bureau announced it had reached a $35,000 settlement with Harbour Portfolio Advisories and two of its subsidiary companies over allegations they had violated the Consumer Financial Protection Act.
CORONAVIRUS MOVES: Nearly half of Americans say they are more likely to relocate by the end of the yeardue to the pandemic.
CREDIT SCORES: Many consumers were wrongly reported as delinquent—here’s how to diagnose what happened and what to do next.
MORTGAGE-FREE CALIFORNIA: A report from Construction Coverage, a building industry information service, shows 20.1% of California owners don’t have a mortgage. Nationally, 26.4% of owners are mortgage-free. Only five states had fewer: Maryland, lowest at 16.6% then Massachusetts (19.2%), Utah (19.3%), Rhode Island (19.6%) and Colorado (19.7%).
HOW LOW: American home buyers have cheered the drop in mortgage rates to record lows, and now it’s natural to ask if they will head even lower.
RECOVERING RENT: As many eviction moratoria are set to expire this summer (indeed, some already have), owners of residential properties must carefully consider their steps in eviction and collection processes in order to avoid legal liability and maintain a strong ethical stance in these deeply troubling times.
BACKYARD VALUE: Americans are reassessing their yards to create more inviting, relaxing spots to unwind.
LOAN REJECTION: What to do if you are denied a home mortgage loan.
CRE LENDING: Smaller banks have more risk from coronavirus-affected CRE mortgages.