BofA Will Allow Borrowers to Pause Their Mortgage Payments

Mortgage relief options are coming fast and furious as the entire country struggles to deal with the spread of the coronavirus. This week, the Department of Housing and Urban Development, Fannie Mae and Freddie Mac announced that they are suspending foreclosures and evictions for at least 60 days. That was followed by the state of New York declaring that certain borrowers in the […]

Home Starts Eased in February

New-home construction exceeded forecasts in February, underscoring momentum in the industry a month before the coronavirus pandemic injected uncertainty into the economy. Residential starts decreased 1.5% to a 1.599 million annualized rate, from an upwardly revised 1.624 million pace in January, according to a government report released Wednesday. The median forecast in a Bloomberg survey […]

Rents Continue to Rise as Apartment Searches Dwindle

Rent has risen 3.2% compared to the same time last year, making national average rent $1,468 in February, according to a new report from RentCafe. This means that the cost of renting seems to be at a plateau compared to the same time last year, when the cost rose at 3.5% yearly. Seattle is currently home to […]

Time Will Tell How Coronavirus Impacts the Housing Market

Recently, I find myself reminiscing about the times of B.C.  Not the era “Before Christ” of the Gregorian calendar, but those glorious days “Before Coronavirus,” when March Madness Basketball was around the corner, the weekly jobless claims were solid and purchase application data just showed its seventh-straight week of double-digit growth year over year at […]

Here’s How the Mortgage Industry is Reacting to the Coronavirus

Quicken Loans recently joined the thousands of companies that are encouraging (if not requiring) their employees to work from home to combat the spread of COVID-19. Nonbank mortgage companies like Quicken Loans are more able to move their employees to remote work than banks, given banks’ retail footprints and importance in their relative markets. Case in point: Wells Fargo. […]

How Coronavirus Market Downturn will test iBuyers

Shocking: Coronavirus is causing U.S. stocks to post their worst days since Black Monday.  Not shocking: Realtors told the National Association of Realtors that everything is cool with homebuyers and sellers amidst coronavirus.  I get it. Market participants must do their part to steady the ship. I’m not immune, and neither are Realtors. But these NAR coronavirus survey […]

Mortgage Investors Cheer as Federal Reserve Restarts Purchases

Mortgage prices rose and spreads tightened Monday morning as investors responded favorably to the Federal Reserve’s weekend announcement that it will resume net purchases of agency MBS for the first time since October 2014. As of 11 a.m. New York time, prices had surged across the entire conventional 30-year coupon stack, with the lower coupons […]

Fannie Mae Raises 2020 & 2021 Forecasts

Fannie Mae has increased its mortgage origination forecast by $300 billion for 2020 — almost all of that due to refinancings from the decline in rates because of the coronavirus. But the spread of Covid-19 will almost certainly put a halt to U.S. economic growth, even as the lower interest rate environment is likely to […]

U.S. Cities are Taking Action on Halting Evictions

As the coronavirus continues to spread, companies, government agencies and organizations across the nation are responding.  Today, Miami-Dade County Mayor Carlos A. Gimenez declared a state of emergency in the county. As a result, the Miami-Dade County police will temporarily suspend eviction notices until further notice. And the Flordia county is not alone in these actions. According to the Mercury […]