Mortgage Roundup (8/24/20) – Covid, Sales & Suburbs

Good morning! Today is Monday, August 24. The Republican National Convention starts today. New Covid-19 cases in the U.S. are at their lowest level in two months. Tropical Storms Marco and Laura, expected to grow to hurricanes, will likely make landfall in Louisiana this week.

And in mortgage and housing news …

UNITED SHORE CITED: Michigan state workplace safety officials issued a citation to United Shore Financial Services – where at least 84 employees have been diagnosed with COVID-19 – for “failing to implement necessary precautions to protect employees” during the pandemic. 

EXISTING HOME SALES: Existing home sales in the United States surged 24.7 percent in July, the second straight month of record-setting gains. The increase in July was the most in history – after June.

SUBURBS ABOUT FACE: Trump is going to war on low-income housing in suburbs. He once embraced it.

SAVED BY THE FEE: Mortgage rates will continue to decline from the current level, but not as fast, nor as far, as would have happened if Fannie and Freddie not chosen to add this fee.

FOOT TRAFFIC REPORT: The National Association of Realtors July 2020 foot traffic report shows the latest home showings data along with trends and changes. 

TOO MANY CREDIT CARDS: Right now, having access to credit could be a lifeline. There is a misguided notion that having too much credit is bad for your scores.

BIDEN AND TRUMP: The president and former vice president have sharply divergent views of how to handle things like housing affordability, discrimination and homelessness.

DIFFERENT RECESSION: For Millennials who want to buy a home, the Great Recession still looms large.

RENTERS AT RISK: Renters are especially vulnerable when expenses grow or income is slashed, and many tenants could be on a fast track to trouble. Here’s how bad it is, and some tips for tenants in trouble

BIFURCATED MARKET: The housing market isn’t booming for everyone. Four numbers sum up the split market conditions.