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The reopening of the economy in several states from the COVID-19 shutdowns has moved Fannie Mae's Economic and Strategic Research (ESR) Group to raise its estimate for the 2020 full year GDP from the 5.4 percent decline it predicted in June to a 4.2 percent downturn. The economists say this improvement is almost entirely due to a stronger pace of recovery than they had anticipated. They caution that the current surge of cases in many areas will drag on growth in the future, however, they expect any future shutdowns and behavioral changes will be less severe than in the first round. Furthermore, given that consumer spending is still down, future behavioral responses will likely translate into only a drag on growth rather than a sharp decline, as occurred in the early spring. They also revised
Housing News
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The reopening of the economy in several states from the COVID-19 shutdowns has moved Fannie Mae's Economic and Strategic Research (ESR) Group to raise its estimate for the 2020 full year GDP from the 5.4 percent decline it predicted in June to a 4.2 ... (read more)
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MBS Commentary
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Bonds Surprisingly Resilient After Last Week's Scare
After last week's somewhat scary move higher in rates, the bond market has shown a decent amount of resilience so far this week as the jury remains out in ... (read more)
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Rob Chrisman
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Here's your life graphically under COVID. Many in our business will argue that homes should not be used as piggy banks, COVID or no COVID. For others it is their lifeblood of business. Others say that good moms let you lick the beaters, but great mom... (read more)
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Housing News
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April's data is here, and CoreLogic is reporting that early stage delinquencies, that is mortgages 30 to 59 days past due, soared to levels even higher than those seen in the Great Recession. That delinquency bucket now contains 4.2 percent of active... (read more)
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Mortgage Rate Watch
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It should no longer come as a surprise that the pandemic continues to create never-before-seen circumstances in all corners of society. Here in the housing and mortgage markets, one of the first major manifestations of the crisis was a quick move to ... (read more)
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Housing News
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Black Knight's weekly report on the numbers of mortgage loans in COVID-19 forbearance plans shows that a decline in those numbers of nearly a half million last week. More than 435,000 homeowners exited the plans, the largest drop yet. As of July 7, 4... (read more)
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