So cal multifamily broker
Unemployment Claims Rise to 3.2M
Weekly initial unemployment claims came in at 1.3 million for the week ending July 4, a decline of 99,000, according to the Department of Labor.
- Call or text me at 714-742-3700
- mike@socalmultifamilybroker.com
Weekly initial unemployment claims came in at 1.3 million for the week ending July 4, a decline of 99,000, according to the Department of Labor.
Interest rates fell from April to May, opening the door to that segment scoring the lowest average interest rate on 30-yer loans since January 2016, when Ellie Mae started monitoring the data.
The Federal Housing Finance Agency (FHFA) announced that the GSEs—Fannie Mae and Freddie Mac—will extend several loan origination flexibilities until August 31. These flexibilities were set to expire on July 31, 2020.
Details from a recent survey conducted by the National Association of Realtors (NAR) revealed that the vast 9 out of 10 of its expert members believe that the housing industry is on its way to recovery. While many states across the nation slowly edge toward reopening and the economy begins to climb its way out of its slump, hope seems to be on the rise among NAR’s agents.
Today, more than 30% of the income of over 3 million renters there go toward rent, while 1.7 million more pay more than 50%, according to a report from the Terner Center at the University of California at Berkley. Consequently, African-Americans, particularly, are being priced out of neighborhoods, cities and, in many instances, the state altogether.
The Federal Reserve has helped push mortgage rates to record lows. Whether rates fall any further, for the time being, is up to lenders, according to one market expert.
Mortgage loan delinquencies spiked at their steepest rate in the past two years last month, according to the latest data from Fitch Ratings. New delinquencies rose among all types of loans.
Two members of Congress have put forth proposals to help prevent Americans from losing their homes during the COVID-19 pandemic. House Financial Services Committee Chairwoman Maxine Waters (D-California) introduced the Emergency Housing Protections and Relief Act of 2020 to provide financial assistance to struggling homeowners and renters, and Sen. Elizabeth Warren (D-Massachusetts) introduced the Protecting Renters from Evictions and Fees Act of 2020.
Another 723,000 homeowners became past due on their mortgages in May, pushing the national delinquency rate to its highest level in 8.5 years, according to the First Look at May mortgage data from Black Knight.
After three weeks of declining mortgage loan forbearance activity, forbearances surged again this week, according to the McDash Flash Forbearance Tracker from Black Knight. As of the data released Friday, 8.8% of all active mortgage loans are in a state of forbearance.
Copyright © 2023. All Rights Reserved. So Cal Multifamily Broker.