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
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
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 Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to provide alternative appraisal requirements and employment verifications on loans the agencies service through May 17. The guidance is in response to the COVID-19 outbreak.“To allow for homes to be bought, sold, and refinanced as our nation deals with the challenges of the coronavirus, [Fannie Mae and Freddie Mac] will leverage appraisal alternatives to reduce the need
For the second week in a row, mortgage rates climbed from their lowest levels on record. But economists reminded borrowers that rates continue to be near historic lows. The 30-year fixed-rate is still significantly below what it was a year ago. “Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand,” says Freddie Mac Chief Economist Sam Khater. “On the purchase front, daily loan pu
Existing-home sales performed strongly in February, with three out of the four major regions of the U.S. showing sales increases, the National Association of REALTORS® reported Friday. Home prices also were on the rise last month.Total existing-home sales—accounting for single-family, townhouse, condo, and co-op transactions—increased 6.5% month over month, reaching a seasonally adjusted annual rate of 5.77 million. Sales were up 7.2% year o
The fourth quarter of 2019 was a strong one for the luxury housing sector, as million-dollar sales and prices rose, according to the realtor.com® Q4 2019 Luxury report released Wednesday.Million-dollar sales in the quarter rose 11.4% year over year. The luxury entry point reached $1.27 million, up 2.1% annually, realtor.com® reports. The report is based on the last three months of 2019.The fourth quarter of 2019 was the only period to reach dou
Foreclosures and evictions for mortgages insured by the Federal Housing Administration, Fannie Mae, and Freddie Mac will be suspended for several weeks in response to the coronavirus outbreak.President Donald Trump announced Wednesday that he had directed the Department of Housing and Urban Development to suspend foreclosures and evictions for mortgages insured through the FHA until the end of April. This will “allow households who have an FHA-
Fewer new homes were started last month, and challenges likely lie ahead for the new-home sector during the coronavirus concerns, the National Association of Home Builders reports.Total housing starts in February fell 1.5% to a seasonally adjusted annual rate of 1.60 million units, the Commerce Department reported Wednesday. Housing permits—a gauge of future construction—also dropped last month, tumbling 5.5% to 1.46 million.Still, single-fam
Cities across the country are issuing temporary bans on evictions as the COVID-19 outbreak worsens. From coast to coast, cities such as San Francisco, Miami, and Baltimore are enacting moratoriums on evictions. State lawmakers in New York have proposed legislation for a moratorium on evictions and foreclosures. Further, the Real Estate Board of New York, a trade group that represents developers and property managers, has issued a three-month mora
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