Good morning! Today is Tuesday, September 29. President Trump and Vice President Biden are set to face off in the first of three presidential debates tonight. Worldwide Covid-19 deaths surpass one million. Two successful test flights carrying a human organ and tissue via drones were carried out in Las Vegas.
And in mortgage and housing news …
HOME SALES: Home sales are expected to stay hot through the fall before easing back during 2021 – but stay above pre-pandemic levels, according to a new forecast from Zillow.
MORTGAGE DEBT: Commercial and multifamily mortgage debt in the United States increased to $3.76 trillionat the end of the second quarter, according to a report release by the Mortgage Bankers Association.
FORBEARANCE NUMBERS: Nearly seven months into the pandemic, 3.4 million homeowners in the United States remain in forbearance plans as they cope with the economic impacts of the shutdowns across the country.
MORE SPACE: New data from realtor.com shows that Americans are looking for more space and affordable homes in the suburbs.
DELINQUENCY RATES: The widespread use of loan forbearance programs has obscured loan quality, but some analysts have been seeing troubling signs among fresh delinquencies.
FORCE BE WITH YOU: Force majeure – a contractual clause relieving one or both parties of obligations because of circumstances beyond their control – is a hot topic in real estate these days.
NON-CONVENTIONAL LENDING: More people are buying homes using non-conventional lending to finance new home purchases.
REALTOR RENOVATIONS: A number of real estate franchises now offer to foot the costs of renovations and repairs, agreeing to be paid when the sale closes.
GSE STABILITY RISK: Federal Housing Finance Agency Director Mark Calabria commended the Financial Stability Oversight Council for its statement acknowledging that any distress that affected the secondary market activities of Fannie Mae and Freddie Mac could pose a risk to financial stability if not properly mitigated.
Q3 FORECAST: The second quarter might have been historically strong for the mortgage industry, but according to Fannie Mae’s latest survey, lenders believe the third quarter will be as good – or maybe better.
CONSTRUCTION LOANS: If you want to design and build your new home from the ground up, you’ll need a construction loan.