Home sellers suffer amid wave of foreclosures Ordinary home sellers have a hard time competing against the cut-rate bank owned properties that are currently dominating the market. NEW YORK (CNNMoney.com) — Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible. …
Requests to delay mortgage payments jump nearly 2,000% as borrowers seek relief during coronavirus outbreak Mortgage payments for the month of April are not even officially late until the 15th, but borrowers are flooding into the government’s mortgage forbearance program. Requests to delay mortgage payments grew by 1,270% between the week of March 2 and …
Potential wave of mortgage delinquencies could bankrupt the payment system Early this year the regulator for mortgage giants Fannie Mae and Freddie Mac announced a forbearance program for borrowers unable to pay their loans because of the effects of the coronavirus. The Department of Housing and Urban Development, which includes the FHA loan program, announced …
Homebuilder confidence index takes biggest monthly dive ever as coronavirus slams economy A crucial indicator of homebuilder sentiment just suffered its biggest monthly drop in the index’s 35-year history as the coronavirus pandemic hammered the American economy. Builder confidence in the market for single-family homes plunged 42 points to a reading of 30 in April, …
Home sales took a deep dive in March as the coronavirus pandemic shut down much of the economy and homebuyers and sellers pulled out of the normally busy spring market. Signed contracts to purchase existing homes, referred to as pending home sales, fell 20.8% compared with February and were 16.3% lower annually, according to the National Association …
These markets could see the sharpest drop in home prices during coronavirus pandemic Both homebuyer and seller demand have weakened dramatically in the last month, as Americans hunker down to help stop the spread of the coronavirus. While some are still shopping online, doing virtual tours, the spring season was essentially over before it started. Although …
