Existing home sales fell by nearly 10 percent in May from April—the third consecutive monthly decline in the wake of the coronavirus outbreak—the National Association of Realtors reported yesterday. But analysts saw positive signals despite the drop, as first-time buyer and Millennial demand showed signs of intensifying.
Category: News and Trends
MBA Advocacy Update
Last week, Federal Reserve Chairman Jerome Powell appeared before both the Senate Banking and House Financial Services Committees to give his semi-annual monetary report to Congress. Last Thursday, California Assembly Bill 2501, which would have enacted sweeping new forbearance standards beyond federal CARES Act mandates for residential and multifamily mortgages, was not approved ahead of a critical procedural deadline – a big win for the industry.
MBA Advocacy Update
Last week, Federal Reserve Chairman Jerome Powell appeared before both the Senate Banking and House Financial Services Committees to give his semi-annual monetary report to Congress. Last Thursday, California Assembly Bill 2501, which would have enacted sweeping new forbearance standards beyond federal CARES Act mandates for residential and multifamily mortgages, was not approved ahead of a critical procedural deadline – a big win for the industry.
Quote
“Fewer homeowners in forbearance underscores the continued improvements in the job market, and provides another sign of the fundamental health of the housing market, which has rebounded considerably over the past several weeks.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
MBA: Shares of Loans in Forbearance Falls to 8.48%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance decreased – for the first time since the survey’s inception in March – from 8.55% of servicers’ portfolio volume in the prior week to 8.48% as of June 14.
MBA: Share of Mortgage Loans in Forbearance Falls to 8.48%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance decreased – for the first time since the survey’s inception in March – from 8.55% of servicers’ portfolio volume in the prior week to 8.48% as of June 14.
Industry Briefs June 23, 2020
Black Knight, Jacksonville, Fla., said homeowners in active forbearance fell again last week. Overall, the number of active forbearance plans is down 57,000 from the previous week and 158,000 from the peak the week of May 22.
Real Estate Fund Assets Under Management Exceed $3.5T
Real estate assets under management had a record 2019, according to an industry survey.
Zillow: Homes Will Look Different After Coronavirus
As people spend more time at home during the pandemic, buyers are realizing which features work well under the circumstances and which do not, said Zillow, Seattle.
Dealmaker: Institutional Property Advisors Sells Retail, Multifamily Properties for $102M
Institutional Property Advisors, Ontario, Calif., sold four retail and multifamily properties for a combined $101.6 million.