Good morning! Today is Monday, May 4. Many states begin lifting coronavirus restrictions this week. Congress considers a final round of coronavirus aid. American, Frontier and Delta airlines will require passengers to wear masks. And in mortgage and housing news … FORBEARANCE REPORT: More than 3.8 million homeowners – or 7.3 percent of all mortgages – are now in forbearance as millions of Americans are out of work during the coronavirus pandemic, according to an analysis released by Black Knight. RENTS AND MORTGAGES DUE: The speed and broad reach of the coronavirus-induced economic disruption are likely to pit landlords and mortgage companies against homeowners and renters, with each side claiming it needs more assistance and fueling calls for billions in new aid for the housing…
Good morning! Today is Friday, May 1. The United States is aiming to produce hundreds of millions of doses of a COVID-19 vaccine by January. Amazon sales jumped as coronavirus quarantines sparked a surge in online shopping. After a peak in March, Americans are watching slightly less TV. And in mortgage and housing news … NIXING HELOCS: Wells Fargo joins JPMorgan Chase in backing off the loans known as HELOCs. MORTGAGE RATES: Freddie Mac announced that the 30-year fixed-rate mortgage fell to 3.23 percent, the lowest rate in the survey’s 50-year history. GREATEST CHALLENGE: Freddie Mac CEO David Brickman said the housing market is “facing its greatest challenge in more than a decade” and that the impact of the coronavirus will be felt over the next year,…
Good morning! Today is Thursday, April 30. States are struggling with a surge in unemployment benefit claims. California Gov. Newsom is expected to close all beaches and state parks to prevent coronavirus spread. Disney is releasing two summer movies ahead of schedule to keep audiences watching during the pandemic. And in mortgage and housing news … FORBEARANCE ACCUSATIONS: The watchdog at the U.S. Department of Housing and Urban Development is accusing mortgage lenders of providing “incomplete, inconsistent, dated and unclear guidance” to borrowers seeking relief from mortgage payments during the coronavirus pandemic. BUYERS RETURN: The number of new mortgage applications dropped slightly last week, though purchase applications increased and homeowners are taking advantage of low interest rates to refinance at a much higher rate than…
Good morning! Today is Wednesday, April 29. The push to reopen the U.S. economy is running up against wary workers and consumers. Treasury officials vow to recoup virus relief aid intended for small businesses by auditing any company that received more than $2 million. The Federal Reserve will make an announcement on interest rates this afternoon. And in mortgage and housing news … BIG FAN: United Wholesale Mortgage CEO Mat Ishbia called the embattled Federal Housing Finance Agency Director Mark Calabria “a great leader” who is “doing good things.” HOME WORK: Zillow employees can work from home for another 8 months. HOMEOWNERSHIP RATES: Homeownership rates climbed to 65.3 percent in the first quarter of the year, the highest rate since the end of 2013. DISPARATE IMPACT: The coronavirus will…
Good morning! Today is Tuesday, April 28. Ohio became the 11th state to lift coronavirus restrictions. Texas will reopen businesses in phases, as the state’s stay-at-home order expires Thursday. New York may need federal help to pay unemployment benefits. And in mortgage and housing news … FANNIE FREDDIE REPAYMENT: The Federal Housing Finance Agency issued a reminder that borrowers who go into forbearance will not have to repay missed payments all at once if their mortgages are backed by Fannie Mae or Freddie Mac. FORBEARANCE NUMBERS: The number of mortgages in forbearance amid the coronavirus pandemic keeps climbing. INDUSTRY FORECAST: The National Association of Realtors says while the industry forecast is bleak, there is confidence in a bounce back later this year. NEW FHFA COO: The Federal Housing Finance…
Good morning! Today is Friday, April 24. A new study shows that 21 percent of New Yorkers tested have coronavirus antibodies. The U.S. Treasury says public companies must certify “in good faith” that they absolutely need federal Paycheck Protection Program loans to keep operating. J.C. Penney is in advanced talks with lenders to seek bankruptcy funding. And in mortgage and housing news … MORTGAGE RATES: Mortgage rates rose ever so slightly this week, reflecting nearly a month of stable rates after swings in the early days of the coronavirus pandemic. HOME PRICES: A trio of housing reports found that home prices aren’t dropping amid the ever-changing housing market brought on by the coronavirus pandemic, though sales are down. VIRTUAL SHOWINGS: As real estate pros find new…
Good morning! Today is Wednesday, April 22. A 3.7 magnitude earthquake shook parts of L.A. The Senate passed a $480 billion aid package to help small businesses and hospitals to blunt the economic crisis caused by the coronavirus. Netflix has added 16 million new subscribers. And in mortgage and housing news … FOUR-MONTH FORBEARANCE: The Federal Housing Finance Agency announced that mortgage lenders will only have to cover four months of missed payments from borrowers under forbearance during the coronavirus pandemic. Is a Fed liquidity facility next? HOME SALES: Existing home sales fell in March amid the coronavirus outbreak, though overall sales were up slightly from a year ago, the National Association of Realtors announced. FLYING W RECOVERY: The housing market recovery is projected to look like a “flying…
Good morning! Today is Tuesday, April 21. President Trump says he will suspend immigration into the U.S. to protect jobs amid coronavirus fallout. Georgia will reopen gyms, hair salons, and bowling alleys this week. North Korea’s leader, Kim Jong Un, is reportedly in grave danger after surgery. And in mortgage and housing news … NEW LISTINGS: The number of new houses going on the market is plummeting as the coronavirus pandemic wears on, according to an analysis released by Redfin. FORBEARANCE SPIKE: The number of loans in forbearance continues to rise as borrowers cope with economic hardship caused by the coronavirus pandemic. CALABRIA WRONG: Federal Housing Finance Agency Director Mark Calabria said on April 1 he expected 300,000 Fannie Mae and Freddie Mac loans – or 1…
Good morning! Today is Friday, April 17. President Trump is deferring to governors to re-open the economy based on local coronavirus cases and conditions. The number of Americans seeking unemployment benefits jumped by 5.25 million, with an estimated 13 percent of the workforce unemployed amid the coronavirus shutdown. Boeing shares soar after the aircraft maker moved to restart jet production in Seattle. And in mortgage and housing news … RATES DIP: Mortgage rates fell slightly this week, continuing to hover near all-time lows for the third straight week, according to Freddie Mac. HOUSING STARTS: Single‐family housing starts in March were at a rate of 856,000 – 17.5 percent below February numbers, according to a monthly report released the U.S. Census Bureau and Department of Housing…
Good morning! Today is Thursday, April 16. The White House says the nation likely passed the peak of recording new coronavirus cases. Some industry leaders want more testing and strategic protections before reopening the economy. And in mortgage and housing news … MORTGAGE APPS: Mortgage applications in coronavirus hotspots appear to have bottomed out in the midst of the pandemic. BUILDERS CONFIDENCE: Builder confidence takes biggest hit in history. NONBANK LENDERS: National Association of Real Estate Brokers President Donnell Williams say the CARES Act ignores the needs of non- bank lenders, jeopardizing these institutions and the homeowners from the communities they serve. BORROWER PROTECTION INFO: The Federal Housing Finance Agency and the Consumer Financial Protection Bureau announced a new initiative that allows them to share information to ensure borrowers are…
