Good morning! Today is Tuesday, June 2. Seven states and Washington, D.C., hold vote-by-mail primaries today. President Trump threatened to send federal troops to states that “refuse to take action” against rioters. Carole Baskin was awarded the zoo once owned by “Tiger King” Joe Exotic. And in mortgage and housing news … NON-PERFORMING LOANS: Nearly half of the non-performing loans sold by Fannie Mae and Freddie Mac to the private sector last year were located in just three states, according to a report released by the Federal Housing Finance Agency. OPEN HOUSES: Sixty-five percent of people who attended an open house in the last year say they would do so now without hesitation, according to a survey released by the National Association of Realtors. FORBEARANCE…
Good morning! Today is Monday, June 1. Protests sparked by the death of George Floyd in Minneapolis police custody escalate. Plexiglass is in high demand as businesses closed by the coronavirus reopen. Two NASA astronauts are successfully docked on the International Space Station, opening a new chapter in commercial space endeavors. And in mortgage and housing news … RENTERS STRUGGLE: A decade after the last housing crisis, millions of Americans are once again struggling to pay their mortgage. But this time the problem is even more dire among renters. APPRAISAL STANDARDS: Relaxed appraisal standards have hurt home prices, making it difficult for sellers trying to sell a home, buyers trying to get a high enough loan amount approved, and investors trying to refinance loans…
Good morning! Today is Friday, May 29. National Guard troops are being sent to Minneapolis after protesters set fire to a police station. NFL coaches are expected to return to their team’s facilities next week. The Boston Marathon will be held virtually for the first time in its 124-year history. And in mortgage and housing news … REBOUND: Realtor.com’s Weekly Housing Trends Report finds that the latest housing data points to a rebound for the housing market as buyers and sellers begin to return to the market after the economic shutdowns in reaction to the coronavirus pandemic. RECORD LOW: The 30-year fixed-rate mortgage hit a record low of 3.15 percent this week, Freddie Mac announced. It is the third time rates have reached record lows…
Good morning! Today is Thursday, May 28. American Airlines plans to cut its management and support staff by about 30 percent to slash costs after the coronavirus put a halt to travel. The Women’s Soccer League will make a return to play in June. Bad weather delayed the SpaceX launch of NASA astronauts until this weekend. And in mortgage and housing news … VACATION RENTALS: The short-term rental market is bouncing back quickly, with travelers taking advantage of lockdowns ending just as the summer tourism season starts across the country. I-BUYER PROGRAM: Zillow announced a restart of its iBuyer program in five more markets – bringing the total to nine – after shutting it down across the country two months at the height of the…
Good morning! Today is Wednesday, May 27. The average American has gained an extra five pounds during the coronavirus shutdown. Hair salons and barbershops in many states will reopen this week. And the NHL announced a plan to return straight into a 24-team playoff. And in mortgage and housing news … FORBEARANCE REPORT: The number of mortgages in forbearance in the United States increased slightly in the latest report, but the rate of increase continues to level off as fewer homeowners are opting to push pause on their loan payments during the coronavirus pandemic. HOUSING PRICES: A new government report shows that housing prices have climbed every quarter since September 2011. LISTINGS UP: New for-sale listings were up 12.5 percent month over month as of the seven days…
Good morning! Today is Tuesday, May 26. Car rental giant Hertz filed for bankruptcy. Federal lawmakers are looking to expand a wage subsidy to keep workers on payrolls and help businesses stay afloat amid the coronavirus pandemic. New coronavirus cases are slowing in most parts of the country. And in mortgage and housing news … MORTGAGE CREDIT TIGHTENS: Housing is often the most immediate way the Federal Reserve transmits lower interest rates to the economy, as homeowners refinance to free up cash and as home buying spurs construction and spending. But the economic downturn and pre-pandemic regulations are making lenders skittish. REALTOR CONFIDENCE INDEX: National Association of Realtors April 2020 Realtor Confidence Index Survey shows the effect of coronavirus social distancing measures on the housing…
Good morning! Today is Friday, May 22. America prepares to mark a socially distant Memorial Day weekend and the traditional start of summer. The University of California is dropping the use of the SAT and ACT in admissions. Facebook is making a permanent shift toward more remote work. And in mortgage and housing news … MORTGAGE DELINQUENCY: The national delinquency rate on mortgages nearly doubled in the United States in April as the economic impacts of the coronavirus pandemic shutdowns fully took hold across the country. BUILDER CONFIDENCE: Builder confidence in multi-family housing markets took a beating in the first quarter of 2020. FORBEARANCE CAMOUFLAGE: Asset quality for U.S. banks is expected to deteriorate significantly as a result of the coronavirus pandemic, but it could take some…
Good morning! Today is Thursday, May 21. All 50 states are now reopening. Global coronavirus cases surpass five million. A survey finds that more than half of small businesses are looking to have federal Paycheck Protection Program funds forgiven. And in mortgage and housing news … FDIC ANTI-REDLINING LAW: The Federal Deposit Insurance Corporation said it will not move forward with revisions to the nation’s anti-redlining law announced moments earlier by the Comptroller of the Currency. MORTGAGE APPS: Applications for mortgages for home purchases increased for the fifth straight week as the housing market continues to make tentative steps forward amid the coronavirus pandemic, the Mortgage Bankers Association announced. CREDIT SCORES: Mortgage lenders are getting stricter, but you still don’t need a perfect 850 credit score. Here’s what…
Good morning! Today is Wednesday, May 20. American women had babies at record-low rates last year. Thousands are evacuated after two Michigan dams fail. A government report predicts a 38 percent drop in GDP. And in mortgage and housing news … FHFA GUIDANCE: Borrowers are eligible to refinance or buy a new home three months after their forbearance ends and they have made three straight payments under their repayment plan, according to new temporary guidance issued by Fannie Mae and Freddie Mac. GSE CONSERVATORSHIP: Fannie Mae and Freddie Mac are looking for financial advisors to help them emerge from conservatorship. HOUSING STARTS: Residential housing starts in the United States in April were way down, according to a report released by the Census Bureau and the Department of Housing…
Good morning! Today is Tuesday, May 19. Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify today on how they are handling $500 billion in emergency lending programs. A small COVID-19 vaccine trial is showing promise. The return of car traffic is causing oil prices to make a comeback. And in mortgage and housing news … HOMEBUYERS READY: As states across the country slowly begin to reopen for business, realtor.com released a survey that may suggest that homebuyers are ready to jumpstart shopping for a new house in the coming weeks and months. FORBEARANCE REPORT: The share of mortgage loans in forbearance climbed slightly last week to 8.16 percent, a second straight week of relatively small increases in the number of borrowers who…
