Good morning! Today is Thursday, July 9. New Jersey Gov. Phil Murphy is requiring masks be worn outside. At least 24 states are pausing re-openings as COVID-19 cases pass the three million mark. The Labor Department will release its weekly report on unemployment benefits today.
And in mortgage and housing news …
PRICY HOMES: After cratering in April and May, new listings for high-end homes are making a comeback on the market this summer, according to Zillow.
MORTGAGE APPLICATIONS: As interest rates sit at record lows, mortgage applications increased slightly last week, according to a report released by the Mortgage Bankers Association.
MAIN STREET LENDING: More than three months after the Fed announced a new effort to shore up the economy aimed at small and medium-size businesses, its $600 billion loan program has only one of the nation’s largest banks signed on to deliver the loans to new customers.
GENTRIFICATION: California has 5 of the top 20 most gentrified US cities, topped by San Francisco-Oakland, according to a National Community Reinvestment Coalition study.
BANKS GET PPP LOAN FEES: JPMorgan Chase & Co. and Bank of America Corp. are in line to split between $1.5 billion and $2.6 billion in fees for being the conduits of the government’s aid program for small businesses stricken by the coronavirus shutdown, according to an analysis of newly released data.
TALLEST BUILDINGS: Whether or not people return to working in offices after the pandemic could have an impact on these spires of the commercial real estate industry.
$50B BOND MARKET SQUEEZE: A new rule proposed by the Federal Housing Finance Agency would drastically cut Fannie and Freddie’s incentive to continue selling credit-risk-transfer securities. The move would likely shrink the market significantly.
THE HARDEST MONTH: July is delivering significant financial strain caused by COVID-19 shutdowns and job losses. Several coronavirus benefits through the federal CARES Act expire and taxes need to be filed. Here are three deadlines to prepare for.
QUICKEN IPO: Quicken Loans is going public. Here are five things to know about the largest mortgage lender.
UNLEASH THE ECONOMY: Pent-up demand for homes should be a boon for markets, says NAR Chief Economist Lawrence Yun.
HOMEBUYER PROFILE: The demographics of homebuyers is changing. A look at who is buying, when and how.
WHAT’S IN A NAME: Naming your home can add interest for would-be buyers and even generate more inquiries from those who are curious to learn more, The Wall Street Journal reports.