Hi ,
The Covid-19 pandemic continues to plague the nation's economy and the real estate and note investing industries are not immune to both the short-term and long-term effects of the crisis. Remember back in March when it was just a 2-week quarantine to "slow the spread"? That was four months ago and now here we are, still facing the economic uncertainty of a prolonged shutdown.
In this week's edition of the newsletter, I am sharing articles demonstrating the ongoing headaches suffered by renters and landlords, homeowners and mortgage lenders, and - of course - real estate and note investors.
Home Foreclosures And Evictions Banned Through Summer
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The Federal Housing Finance Agency (FHFA) announced in June that it would extend its ban on foreclosures and evictions until at least Aug. 31. This is the second time the FHFA has lengthened its moratorium, which it adopted in the wake of the COVID-19 pandemic. The move has the potential to impact millions of homeowners.
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Commercial Mortgage Delinquencies Near Record Levels
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As thousands of restaurants, hotels, and local businesses in the U.S. struggle to stay open, delinquency rates across commercial mortgage-backed securities (CMBS) – fixed-income investments backed by a pool of commercial mortgages – have tripled in three months to 10.32%.
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Could 20 Million Renters Be at Risk of Eviction?
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As some federal unemployment benefits set in place as a result of the pandemic are about to expire at the end of this month, millions of Americans could be faced with uncertainty—particularly renters.
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Scammers Are Trying to Dupe Homeowners Who Need Help
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As some homeowners struggle from the economic toll of the COVID-19 outbreak, scammers are looking to take advantage of those looking for help. They may call owners offering immediate relief from foreclosure or relief from making mortgage payments.
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Lack of Inventory was Buyers’ Biggest Hurdle in June
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June housing data released by Realtor.com reveals that despite continued declines in newly listed properties compared to last year, and despite the pace of home sales continuing to slow, home listing price growth continued to display sustained strength.
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“Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves."
~ Former President Ronald Reagan
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