Mortgage Roundup (7/22/20) – Suburbs, Vacations & Redlining

Good morning! Today is Wednesday, July 22. While far higher than expected, the coronavirus infection rate in the U.S. is far below what is required for community immunity. The White House and Congress remain at odds over another coronavirus relief package. Europe is looking at bringing fans back to sporting events. 

And in mortgage and housing news …

URBAN FLIGHT: While there is anecdotal evidence of people moving from urban environments to the suburbs and beyond, it could take several years before a full data picture to show whether the COVID-19 pandemic led to an urban flight.

VACATION HOME MARKET: Real estate investors are scrutinizing second-home markets in the hunt for growth opportunities. 

FANNIE MAE WORTH: Fannie Mae could be worthless to public shareholders, according to its newest analyst.

REDLINING LEGACY: How zoning laws exclude Black families from areas of economic opportunity. 

RECOVERY: Record low mortgage rates may put more money in homebuyers’ pockets, but it isn’t boosting the economy very much

GEN Z CREDIT: A recent survey of Gen Z (ages 18-23) by NerdWallet found that many in this age group hold misconceptions about credit.

SCARCE COINS: Federal regulators and financial industry representatives are expected to release a set of recommendations in the coming weeks about how to jump-start the circulation of coins, which has slowed to a crawl during the coronavirus pandemic.

RENTAL HOUSING: What will the future look like for student housing and housing for older adults?

DEVELOPER DELAYS: A new survey shows that 57 percent of major multifamily developers reported delaysto their projects earlier this month.

401(K) VALUE DROPS: 401(k) plans no longer make much sense for savers. The inherent extra return participants enjoyed for many years has almost disappeared because of changes in tax laws and high fees.