Good morning! Today is Tuesday, July 21. New York enters “phase 4” of reopening; indoor dining and malls remain closed. Georgia Democrats nominated the state party’s first Black chairwoman, Nikema Williams, to succeed the late civil rights icon Rep. John Lewis. Baseball fan and top epidemiologist, Dr. Fauci will throw out the first pitch for Washington Nationals’ opening day.
And in mortgage and housing news …
FHFA GOALS: The Federal Finance Housing Agency announced 2021 housing goals for Fannie Mae and Freddie Mac that are identical to the mortgage purchase goals that were in place for the last three years.
FORBEARANCE NUMBERS: The share of US homeowners whose mortgages are in forbearance dropped for the fifth straight week.
UNEMPLOYMENT EXPIRATION: Some homeowners expect to struggle to make mortgage payments when extra unemployment ends.
LOAN RELIEF: In a bit of good news for borrowers with jumbo loans, non-QM loans and other mortgages held by lenders or owned by private investors, many banks are offering payment relief — even though federal law doesn’t require it.
BUYING SIGHT UNSEEN: According to Zillow, 36 percent of Americans say they are more likely to try purchasing a home completely online during the pandemic, while 30 percent say they would do the same even after outbreak ends.
LUXURY HOMES: For wealthy west coasters, working remotely means home can be anywhere. No longer tethered to the office, luxury homebuyers from big cities are seeking out roomier, more remote locales.
REAL ESTATE INVESTMENT: Global real estate investment fell by 33 percent in the first half as the coronavirus pandemic battered economies and disrupted deals.
MICRO-INVESTMENT: A new investment collaboration is part of a larger trend toward micro-investment in private equity real estate, especially among millennials. The partnership opens the door for “average Americans” to invest.
AFFORDABLE HOUSING: According to the National Low Income Housing Coalition, minimum wage workers need to make $23.96 per hour to comfortably afford a two-bedroom rental.
EXCLUSIVE NEIGHBORHOODS: In new analysis, the Brookings Institution finds that, “high housing costs in exclusive neighborhoods are a major obstacle to racial integration and economic mobility.”
NO CLOSING COST: Can you buy a house with no closing costs? What to know about no-closing-cost mortgages.