Good morning! Today is Wednesday, July 8. Supreme Court Justice John Roberts was hospitalized after a head injury suffered in a fall. Republican leaders are concerned about a GOP convention in Florida, where coronavirus cases are spiking. Movie theaters are suing the state of New Jersey for the right to re-open.
And in mortgage and housing news …
IBUYER RESUMES: Zillow’s iBuyer program resumed buying homes in five more markets, bringing the total to 20 of the 24 markets it was operating in prior to the coronavirus pandemic shutting everything down.
FORBEARANCE NUMBERS: A new Mortgage Bankers Association report shows that 4.2 million Americans have mortgages in forbearance.
QUICKEN IPO: Detroit-based Quicken Loans filed IPO paperwork to take the company public. It will be called Rocket Companies.
FUTURE BORROWING: How does taking part in a forbearance program affect borrowers in the future?
GOOD TIME TO BUY? Fannie Mae’s Home Purchase Sentiment Index, a composite index designed to track consumers’ housing-related attitudes, intentions and perceptions, increased nine points in June to 76.5.
FED BUYS MUNICIPAL BONDS: Some economists have been saying the Federal Reserve should be making many more municipal bond market purchases as part of its normal functioning, not just as part of a crisis response.
MORTGAGE RATE VARIATION: Metropolitan areas with a higher concentration of banks tend to have lower mortgage rates for borrowers than those metros with fewer banks. A list of the cities with the cheapest mortgages.
SENIOR HOUSING: The fate of the senior housing sector is to some extent tied to the residential real estate market; people often must sell their homes to pay for the transition into a senior living community.
BUYER CONFIDENCE: Consumers, especially renters, are feeling much better about buying a home.
GSE CREDIT RISK TRANSFER: The longevity of Fannie Mae and Freddie Mac’s single-family mortgage credit risk transfer (CRT) program is in doubt.