A week ago Housingwire reported, “Homeowners in Italy are seeing many of their bills suspended – including mortgages – as the country deals with the coronavirus pandemic, and now other European nations are considering similar moves.” You can read the article here: Italy is canceling mortgage bills – can the U.S. do that?
Sure enough, just yesterday Housingwire posted again but this time it’s an article that Bank of America will allow borrowers to pause their mortgage payments. “Bank of America announced Thursday afternoon that it is extending additional support for consumer and small business clients experiencing hardship from the impact of the coronavirus.” About the same time yesterday, NPR reported the U.S. Orders Up To A Yearlong Break On Mortgage Payments! “The federal government is telling lenders to lower or suspend mortgage payments for homeowners who have lost income because of the coronavirus outbreak.”
2. MITIGATING CIRCUMSTANCES
From Forbes on March 14th: “As the nation responds to the coronavirus outbreak, moratoriums on evicting renters take hold in cities and counties as means to curb the spread of the novel virus and mitigate the social and financial distress caused by it.” Update: “On March 18, President Donald Trump announced that the Department of Housing and Urban Development will suspend evictions and foreclosures until the end of April. Government-backed mortgage buyers, Freddie Mac and Fannie Mae will do the same for at least 60 days. Read the entire article: U.S. Cities And Counties Halt Evictions Amid Coronavirus Pandemic.
3. MOVING CHALLENGES
There is a level of excitement when you move, “But those moving now and in the coming weeks face an additional set of challenges: they must set up their homes in the midst of an evolving coronavirus epidemic, at a time when the rest of the world is hunkering down. But it is possible, with a little foresight and planning, to navigate these uncharted waters, even when the shelves at the store are bare.” Ronda Kaysen from (The New York Times) has a few ideas for moving in her article Here Are the House Keys, Now What?
4. B.C. – A PLAY ON WORDS
Recently, Logan Mohtashami (Housingwire) found himself reminiscing about the times of B.C. “Not the era “Before Christ” of the Gregorian calendar, but those glorious days “Before Coronavirus,” when March Madness Basketball was around the corner, the weekly jobless claims were solid and purchase application data just showed its seventh-straight week of double-digit growth year over year at cycle highs in demand!” In his article Time will tell how coronavirus impacts the housing market – Here are 2 areas to monitor in the meantime. There is a great visual in the article where you can see the weekly purchase application data from 1990-2020.
5. POSTED BUT NOT FORGOTTEN
I posted this Realtor Magazine article on the Top Agent Portfolio Facebook page earlier this week but I think it’s important to share here as well. How to Disinfect a Home Correctly. “Real estate pros are taking disinfectant wipes to home showings and in their car to clean frequently touched surfaces as they interact with clients to help slow the spread of COVID-19. But are you disinfecting correctly?” There are a couple of links inserted in the article from Apartment Therapy and HouseLogic that have more detailed information if you need it.
BONUS: I believe being up-to-date on the news is important that’s why I try to bring it to your attention here, but as we all know it could be a black hole. I think five minutes a day is enough and Coronavirus Is Serious, But Panic Is Optional!