Good morning! Today is Thursday, July 2. The U.S. reported a record 50,000 new cases of coronavirus yesterday. North Carolina, Tennessee and Texas also hit daily records. CEOs from Apple, Facebook, Amazon and Google will testify before a house panel investigating antitrust issues in big tech. Three million Americans returned to work last month amid the reopening of businesses shuttered by coronavirus.
And in mortgage and housing news …
TRUMP TARGETS FAIR HOUSING RULE: President Trump announced that he is considering doing away with a federal rule designed to overcome historic patterns of segregation and says Democratic candidate Joe Biden would devastate suburbs.
MORTGAGE APPS FALL: Mortgage applications for home purchases and refinances dipped slightly last week, according to a report released by the Mortgage Bankers Association.
MISSING CHASE $: Chase banking customers’ money vanishes from some bank accounts.
WHERE ARE BORROWERS: Mortgage rates are super cheap right now, so why aren’t more people borrowing?
NEW JERSEY DELINQUENCIES: New Jersey ranks fourth highest in the nation for mortgage delinquencies, with delinquency rates rising to 10.49 percent in May from 8.81 percent in April.
GSE GREEN BONDS: Fannie Mae has been recognized as the largest issuer of green bonds in the world for the third consecutive year.
RISKY MORTGAGES: Banks in flood-prone regions are much more likely to repackage mortgages into securities and sell it on the financial market.
CONSTRUCTION SPENDING: U.S. construction spending fell 2.1% in May, though the level of homebuilding was above the year-ago level.
FITNESS TREND: Already a growing trend, health- and wellness-focused multifamily communities gain new purpose due to COVID-19.
HOUSING PRICES: COVID hasn’t stopped the housing market, but good luck finding a home you can afford.