A senior campaign official said a Biden administration would take aim at "like-kind" exchanges, which allow investors to defer paying taxes on the sale of real estate if the capital gains are reinvested in another property and said they would prevent investors from using real-estate losses to lower their income tax bills.

After rising from 3.2% in January to 7.8% in May, the national delinquency rate improved for the first time in five months, falling to 7.6% in June as the overall number of past-due mortgages declined by 98,000.

Americans are fleeing big cities as the COVID-19 pandemic sparks a newfound appreciation for socially-distanced space in the suburbs. The mass migration has created an opportunity for millennials and other first-time home-buyers to take advantage of record-low mortgage rates.

Millions of Americans have relocated this year due to the COVID-19 outbreak, according to the Pew Research Center. New data released last month shows that 22% of Americans have either moved or know of someone who did.