Good morning! Today is Tuesday, August 25. Delegates at the Republican National Convention renominated Trump for a second term as president. Some students are demanding a tuition cut as more colleges are turning to virtual learning. Elon Musk will unveil a brain chip that shows neurons firing in real time.
And in mortgage and housing news …
FORBEARANCE REPORT: The share of US households whose mortgages are in forbearance barely dropped this week, with 3.6 million loans still on hold amid the coronavirus pandemic, the Mortgage Bankers Association announced.
BUILDER RATINGS: Avid Ratings will survey buyers at move-in and display reviews on builders’ Zillow profiles, community pages, and property listings.
WAREHOUSE SPACE: The increases in warehousing and storage employment reflect a rebound in demand for warehouse space as retailers re-evaluate supply chains originating from the impact of the coronavirus pandemic.
COSTLY REFINANCE MISTAKE: The costly mistake most of the recent refinancers probably made was to automatically reach for another 30-year mortgage, even if they’d been paying down an existing 30-year loan for several years.
PRESALE RISKS: Funding woes at developer Tahoe Group have slowed or stopped projects across the country, leaving buyers who made big down payments in the lurch.
OVERHEATING: The nation’s surging home prices don’t seem to care about the recession the country is mired in. Are some markets getting too hot?
REVERSE MORTGAGES: Super-low interest rates give reverse mortgages new appeal for older Americans.
BENEFITS END: Millions of Americans are scrambling after federal Covid-19 benefits ended, moving out of their houses in search of cheaper places to live.
PANDEMIC LEASE CLAUSES: Some retail landlords are offering lease agreements that will allow tenants to defer some rent if the government orders another shutdown related to coronavirus
COVID ASSISTANCE: Federal housing assistance is falling short of Covid-19 needs, and increasing socioeconomic inequities.
BIDEN AND TRUMP: Fair lending policies would look radically different under a Biden administration.