Good morning! Today is Wednesday, September 9. Congress is at an impasse over another coronavirus stimulus package. Wildfires continue to burn across parts of California, Oregon and Washington. Jennifer Brady tallies another straight-set victory to advance to the US Open semifinals.
And in mortgage and housing news …
MONTHLY HOUSING TRENDS: Median listing prices surged 10 percent to a record $350,000 in the United States in August as houses on the market remain scarce this summer, according to the Monthly Housing Trends report released by realtor.com.
BIDDING WARS: Redfin reports that 54.5 percent of offers on its homes faced bidding wars last month – down slightly from 57.3 percent in July.
GSE STOCK OFFERING: One of the steps in the process to recapitalize and release Fannie Mae and Freddie Mac from conservatorship is to hold stock offerings. One analyst believes those offerings have been put on hold indefinitely.
INVENTORY: Some of the nation’s most affordable areas are feeling the crunch, while the priciest areas have greater supply.
NY SUBURBS: New York City residents are heading to new developments in walkable suburban communitieswhere they can get apartments with more indoor and outdoor space.
FREDDIE MAC AUCTION: Freddie Mac will be conducting an auction of approximately $534 million of seasoned non-performing residential first lien loans held in its mortgage-related investments portfolio.
COVID ECONOMY: Some troubling Bay Area real estate bankruptcies are beginning to surface.
MAIN STREET LOANS: The Boston Fed chief is calling on Congress to weigh in on expanding Main Street loan program to more businesses.
JOY SCORE: If there is one positive to the stay-at-home orders that were issued six months ago, it may be that homeowners are investing their extra time and money in making improvements to their living space.