“The people with steady work-from-home jobs are able to move away from city centers, or even to entirely different parts of the country, and find more space for a similar price. But a lot of people searching for homes are in less advantageous financial situations and can’t afford more space even if they want it.”
–Daryl Fairweather, Chief Economist with Redfin, Seattle.
Scott Gesell was recently appointed as CEO of Gateway First Bank, Tulsa, Okla. He has been an integral part of Gateway First Bank’s leadership since 2013. During his time at Gateway, he played a leading role in the merger of a 100-year-old community bank with a 20-year-old mortgage company to become Gateway First Bank.
Pending home sales marked three consecutive months of growth in July, the National Association of Realtors reported yesterday, with all four major regions reporting gains in both month-over-month and year-over-year transactions.
The typical home that sold in the four weeks ending August 16 was 3.7% larger (1,772 square feet) than sold a year earlier, when it was just 0.4% larger, said Redfin, Seattle.
Initial unemployment claims for the week ending Aug. 22 fell slightly from last week but remained above one million, as the economic recovery from the coronavirus pandemic continues to prove difficult.
After a stunning 32.9 percent plunge in 2nd quarter gross domestic product, analysts hoped yesterday’s revised numbers would paint a more optimistic picture. It didn’t.
Fewer than 10 percent of rental units are currently affordable to renter households earning 50 percent of median renter income, reported Freddie Mac, McLean, Va.
The government-sponsored enterprises and HUD yesterday announced they would extend foreclosure moratoria to all GSE-backed mortgages and FHA-backed mortgages, respectively and extend eviction moratoria through at least Dec. 31.
The Largo Group of Cos., Getzville, N.Y., secured $43.2 million in financing for multifamily, industrial, office and mixed-use properties in New York, Idaho and Ontario, Canada.
The Federal Housing Finance Agency announced Wednesday that Fannie Mae and Freddie Mac will extend buying qualified loans in forbearance and several loan origination flexibilities through September 30.
