Government agencies are relaxing some requirements to help keep real estate transactions and refinancings moving forward. Last week, Fannie Mae and Freddie Mac announced they were easing standards for both property appraisals and employment verifications for loans they are purchasing, in light of the COVID-19 pandemic.The Federal Housing Administration and Department of Veterans Affairs have also recently announced similar moves. The go
The COVID-19 outbreak will undoubtedly have a long-lasting influence on Americans and the housing market moving forward. Housing analysts are already weighing in on what those changes could be.In a new report, Apartment List highlights a few of the long-term changes they foresee coming from the COVID-19 pandemic:Mobility will initially be low before spiking.“Geographic mobility generally declines during downturns, when a lack of job opportuniti
Cities may be putting more social distancing measures in place to control the spread of COVID-19, but physical distance is not lessening consumers’ views on buying a home in the future. A new survey released by Point2 Homes, an online real estate marketplace, shows that home buyer sentiment remains resilient despite the global pandemic.Point2 Homes surveyed 2,900 visitors to its site from March 23 to 26 to learn their views on the short- and lo
The Federal Emergency Management Agency announced that it’s extending its grace period for homeowners to renew flood insurance policies to 120 days. Typically, FEMA allows a 30-day grace period to renew policies through the National Flood Insurance Program to help customers avoid a lapse in coverage. But FEMA’s unprecedented step to extend that period comes in response to the coronavirus pandemic. “The extension will allow additional time f
Pending home sales, a forward-looking indicator based on contract signings, rose 2.4% month over month and 9.4% year over year in February—a fresh sign that the underpinnings of the real estate market are strong, even as the coronavirus outbreak poses significant challenges, the National Association of REALTORS® reported Monday. All four major regions of the country saw an increase in pending home sales last month.Downward pressure on those nu
The U.S. Senate passed a $2 trillion COVID-19 economic relief package Wednesday night with overwhelming bipartisan support. The bill now goes to the U.S. House at 9 a.m. EDT on Friday, where it is expected to pass. President Donald Trump has said he will sign it into law.The measure includes $350 billion for the Small Business Administration 7(a) loan program. Under the terms, eligible businesses of 500 employees or fewer can get up to $10 millio
The National Association of REALTORS® announced a new hotline that members can call if they have questions about the association’s response to the COVID-19 pandemic. Members also can call the hotline for the latest information on what programs and services are being developed to help them in their business during this time.“Our members’ well-being and their businesses are of paramount importance to us at this unprecedented time,” NAR sai
Mortgage giants Fannie Mae and Freddie Mac unveiled a payment deferral option for homeowners struggling to make their mortgage payments, regardless of whether the reason is related to COVID-19. Homeowners could be eligible to defer two months of their mortgage payments until the end of their mortgage, depending on their circumstance.The GSEs had intended to announce a payment deferral program later this year, but the agencies decided to roll out
The U.S. Department of Housing and Urban Development announced Wednesday that it will award $40 million to help nonprofit organizations address fair housing violations across the U.S. and combat housing discrimination. The National Association of REALTORS® was quick to commend HUD’s action.“HUD is committed to supporting efforts to rid discrimination from our society,” HUD Secretary Ben Carson said in a statement. “The grants we are awar
After reaching a 13-year high in January, sales of newly built homes posted a decrease last month. Builders predict sales of new homes to temporarily recede over the coming weeks due to the COVID-19 pandemic.New-home sales dropped 4.4% in February compared to the previous month, the Commerce Department reported Tuesday. Sales were at a seasonally adjusted annual rate of 765,000 in February, and with the dip largely predating the coronavirus outbr
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