Today’s News Synopsis:
Free credit reports now available every week. The Mortgage Bankers Association reported mortgage applications decreased 0.3% from last week. Additional funding for small-business loans was just approved by the Senate.
In The News:
HousingWire – “Senate approves additional funding for small-business loan program” (4-22-2020)
“The Senate approved $320 billion of additional funding on Tuesday for the Paycheck Protection Program that aims to provide loans to small businesses crippled by coronavirus shutdowns, with $60 billion earmarked this time for community banks and small lenders.”
Realtor.com – “My House Sold Faster Than Expected—Was It a Blessing or a Curse?” (4-22-2020)
“It took two years for my husband and me to come to the decision to sell our home in St. Petersburg, FL. We went back and forth on the idea for a few reasons. A big one? One of our sons had a lot of friends in our neighborhood, and we didn’t want to uproot him.”
“With an additional 22 million Americans claiming unemployment benefits, the COVID-19 pandemic has erased nearly all the jobs gains of the last decade.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-22-2020)
“Mortgage applications decreased 0.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 17, 2020″
Zillow – “Online Home Shopping Activity Signals Buyers Are Returning” (4-22-2020)
“After a mid-March dip around the time the World Health Organization declared COVID-19 a global pandemic, a new Zillow® analysis shows renewed interest in the housing market as Americans adapt to this temporary normal, including in some U.S. markets that were most affected in the early days of the outbreak.”
Inman – “US market data suggests a checkmark-shaped real estate recovery” (4-22-2020)
“The current evidence supports more of checkmark-shaped recovery rather than a V- or U-shape — beginning with an immediate drop that lasts 3-4 weeks, followed by a gradual recovery.”
Realtor Magazine – “Free Credit Reports Now Available Every Week” (4-22-2020)
“The three main credit reporting bureaus—Equifax, Experian, and TransUnion—have announced that everyone will be able to request a free credit report from each of them weekly over the next year. The new policy started this week.”
Seeking Alpha – “Fannie, Freddie will buy loans in forbearance” (4-22-2020)
“Fannie Mae (OTCQB:FNMA +2.9%) and Freddie Mac (OTCQB:FMCC +3.8%) can now buy some single-family mortgages in forbearance that meet certain eligibility criteria, a move intended to “provide liquidity to mortgage markets and allow originators to keep lending,” the Federal Housing Finance Agency said.”
Aaron Norris will be presenting his latest talk Innovative Real Estate Marketing With NorcalREIA on Wednesday, June 10.
Bruce and Aaron Norris will be presenting Keep-Sell-Create in Sacramento on Saturday, June 20.
The Norris Group presents its award-winning black-tie event I Survived Real Estate 2020 on Friday, September 18.
Experts believed the biggest reason thousands moved away from LA was the rent. HUD and the Commerce Department reported a 0.3% decrease in housing starts in March. Existing-home sales decreased by 4.9% in March according to the National Association of Realtors.
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