Good morning! Today is Wednesday, September 23. The U.S. Covid-19 death toll now exceeds 200,000. The FDA will announce tougher standards for a Covid-19 vaccine that make it unlikely one will be cleared by Election Day. Tik Tok fans in India are in withdrawal after their country banned the music-sharing app.
And in mortgage and housing news …
NY ESCAPE: Of the top 10 markets that have cooled down since last year, four are New York City boroughs – the Bronx, Queens, Brooklyn and Staten Island, according to a new study released by Redfin. Manhattan was excluded from the study due to a lack of data.
NEW QUICKEN OFFERINGS: Quicken Loans Mortgage Services is taking a bigger step into the broker pool – with new offerings and a new name.
MORE RECORDS: Existing home sales jumped to 14-year high, as prices set another record.
UWM MERGER: The biggest wholesale mortgage originator in the U.S. is merging with a special-purpose acquisition company in a deal that will take the lender public at a valuation north of $16 billion, the record for a type of deal that has become all the rage on Wall Street.
STRUGGLING BORROWERS: The number of Americans skipping mortgage payments drops to lowest level since April — but some borrowers face bigger challenges.
REDLINING COVID: People living in formerly redlined neighborhoods are more susceptible to having COVID-19 complications, according to a new study by the National Community Reinvestment Coalition.
REVERSE MORTGAGE PITFALLS: If you’re home-rich but cash-poor, here’s what to know about reverse mortgages.
BIGGER HOUSE DEMAND: Home prices are skyrocketing in most U.S. markets despite Covid-19, a recession and a shockingly high unemployment rate. Many buyers are paying top dollar for much more space.
RENTER’S MARKET: In a renter’s market, tenants rush to upgrade their neighborhoods.
HOME PRICES: Market forecasters say home prices may be dropping soon if federal response to the pandemic wavers.