Today’s News Synopsis:

Home sales will go down in 2020.  According to the latest MBA Weekly Survey, mortgage applications increased 7.3% from last week.  Meanwhile, builder confidence posted a historic decline.

In The News:

MarketWatch – “Fannie Mae: Home sales will decline by 15% in 2020 due to coronavirus, but what will happen to property prices?” (4-15-2020)

“Meanwhile, low-interest rates are expected to keep mortgage refinancing volumes high throughout the year.”

Realtor.com – “Mortgage Forbearance Is Not All It’s Cracked Up To Be—Here’s the Ugly Truth” (4-15-2020)

“When Nicholas Dahl, 36, called Chase Bank to find out about his options for mortgage forbearance at the end of March, an automated voice informed him the wait time would be 43 hours and 45 minutes.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-15-2020)

“Mortgage applications increased 7.3 percent from one week earlier,according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 10, 2020.”

NAHB – “Builder Confidence Posts Historic Decline on Coronavirus Pandemic” (4-15-2020)

“Reflecting the growing effects of the COVID-19 pandemic, builder confidence in the market for newly-built single-family homes plunged 42 points in April to 30, according to the latest NAHB/Wells Fargo Housing Market Index (HMI) released today.”

HousingWire – “Banks will soon be able to postpone some appraisals until 120 days after a mortgage closes” (4-15-2020)

“Citing the need to “extend financing to creditworthy households and businesses quickly in the wake of the national emergency declared in connection with COVID-19,” a trio of federal banking regulators announced Tuesday evening that banks will soon be able to delay getting an appraisal on a property for as many as 120 days after a mortgage closes.”

California Association of Realtors – “Small Business Administration (SBA) Loans” (4-15-2020)

“The SBA has published an Interim Rule explaining the implementation of the PPP for sole proprietors and independent contractors.”

Redfin – “Home Prices Resilient Despite Big Drop in Sales Volume Due to Low Inventory” (4-15-2020)

“Spring started more than three weeks ago, but this week felt more like a new beginning. Home-buying demand, as measured by the annual growth rate in customers going on their first tour with a Redfin agent, took the first few halting steps towards recovery.”