Good morning! Today is Thursday, September 10. A new poll shows more than half of households in the four largest U.S. cities struggled financially during the coronavirus pandemic. American Airlines said it may seek more money from the U.S. Treasury to help with its ailing finances. Oregon’s governor put the state on high alert status as wildfires destroy hundreds of homes. And in mortgage and housing news … FORBEARANCE REPORT: The share of mortgages in forbearance in the United States dipped slightly last week, though 3.6 million homeowners continue to have their payments paused, according to the latest survey released by the Mortgage Bankers Association. MORTGAGE APPS: Mortgage applications increased slightly for the week while remaining significantly higher than last year’s levels, according to the weekly Mortgage…
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…
Good morning! Today is Tuesday, September 8. Record heat is fueling California fires and causing power companies to cut power in Northern sections. Hotels and resorts in summer hot spots report that remote workers are extending their vacations into the fall. Amazon is banning the sale of “mystery seeds” in the U.S. And in mortgage and housing news … FALLING FARTHER: Six reasons mortgage interest rates will fall over the next several months. LOW NOT ALWAYS GOOD: Interest rates are expected to stay near zero for years with an impact on mortgages, saving accounts and other financial health factors. RECOVERY: Coronavirus mortgage bailouts are improving slightly, but nearly 3 million borrowers still aren’t recovering. “HUGE MISTAKE”: Finance guru Suze Orman cautions refinancers to not automatically go with a 30-year mortgage. TALE…
Good morning! Today is Friday, September 4. The Justice Department plans to bring an antitrust case against Google as soon as this month. The e-cigarette maker Juul is planning to lay off more than half its employees and is considering halting its sales across Europe and Asia. Facebook will halt political ads in the week before the election. And in mortgage and housing news … IMB PROFITS: It was a big quarter for independent mortgage banks and mortgage subsidiaries of chartered banks. MORTGAGE RATES: Mortgage rates increased slightly this week but remained under 3 percent for the sixth straight week, Freddie Mac announced in its Primary Mortgage Market Survey. HOUSE DIVIDED: As millions of Americans face evictions, others buy dream homes during COVID-19. ROCKET INVESTORS: Investors seem confused about how exactly…
Good morning! Today is Thursday, September 3. The CDC sent a letter to governors asking them to be ready to use vaccine distribution centers by Nov. 1, just before Election Day. Tokyo Olympics organizers say the Games can proceed without a coronavirus vaccine. And in mortgage and housing news … MORTGAGE APPS: Mortgage applications dipped ever so slightly in the last week of August but remained significantly higher than a year ago, according to the weekly survey released Wednesday by the Mortgage Bankers Association. FED “BEIGE BOOK”: We can count on the Federal Reserve to keep mortgage rates low this month, based on a new survey of economic conditions. HOUSING FINANCE PERIL: PIMCO warns that mortgage rates will increase, and homeownership will likely suffer if Fannie Mae and…
Good morning! Today is Wednesday, September 2. Serena Williams set the record for the most U.S. Open wins in history, passing Martina Navratilova. Americans are producing more trash during the pandemic and some cities are struggling to keep up. The LA2028 Olympic logo includes 26 different designs displayed in animation – a first in Olympic history. And in mortgage and housing news … EVICTION BAN: The Centers for Disease Control and Prevention issued a public health order that bans residential evictions through the end of the year to prevent the spread of Covid-19. PRICE BOOM: Housing prices see biggest increases in nearly two years. FREE RENT: Landlords across the country are offering more perks to attract would-be renters as the rental market has softened considerably in the last few…
Good morning! Today is Tuesday, September 1. American and Delta joined United in removing the change fees on most domestic flights. Amazon received approval for a fleet of delivery drones. Future NASA astronauts may rely on electron beams to clean their spacesuits. And in mortgage and housing news … FORBEARANCE STEADY: The share of mortgages in forbearance hasn’t budged in recent weeks, with 3.6 million homeowners in the United States still having their loan payments paused during the coronavirus pandemic, the Mortgage Bankers Association announced. WELLS FARGO LAWSUIT: Some borrowers are suing Wells Fargo, alleging the bank placed mortgages into forbearance without their consent, damaging credit reports. BUYER DEMAND: More sellers are making their way onto the market, but it’s still not enough to offset a supply…
Good morning! Today is Monday, August 31. France pulls back its school reopening plans after a spike in Covid cases. Coca Cola is cutting thousands of jobs in the wake of the pandemic. And in mortgage and housing news … CENTRAL BANK: If the Federal Reserve’s continuation of low interest rates cause inflation to rise, it will eat away at bond yields — and investors will demand higher interest on mortgages. BORROWERS STRUGGLE: Improvements in the coronavirus mortgage bailout stall, as more borrowers struggle to make payments. HOME PRICES: Even with interest rates at record lows, someone buying the typical home today will have a larger monthly mortgage payment than they would have if they bought a year ago. MAIN STREET LENDING PROGRAM: A $50 million, taxpayer-backed loan to…
Good morning! Today is Friday, August 28. Donald Trump officially accepted the Republican National Convention’s nomination for president. Japan’s longest serving prime minister Shinzo Abe resigns because of illness. Walmart joins Microsoft in the pursuit to buy Tik Tok. And in mortgage and housing news … GSE EXTENSION: Fannie Mae and Freddie Mac announced that they are extending the ban on single-family foreclosures and evictions for properties with mortgages managed by the two companies RATES DROP: The Mortgage rates dropped again this week, nearing the all-time record set earlier in August, Freddie Mac announced in its Primary Mortgage Market Survey. PENDING HOME SALES: Pending home sales increased for the third consecutive month in the United States in July, with each of the four regions of the nation…
Good morning! Today is Thursday, August 27. Hurricane Laura is now a category 3 hurricane after making landfall near the Texas-Louisiana border as a category 4. Vice President Mike Pence formally accepted the Republican Party’s vice-presidential nomination. The Food and Drug Administration has granted emergency-use authorization for a Covid-19 test the size of a credit card. And in mortgage and housing news … ANOTHER MONTH: The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac again extend flexible policies put in place in response to the COVID-19 pandemic, including buying loans in forbearance. MORTGAGE APPS: Mortgage applications were up 33 percent from a year ago, according to a report released by the Mortgage Bankers Association. FEDTUBE: The 2020 version of the Federal Reserve’s loftiest annual…
