The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey revealed this week that the total number of loans now in forbearance decreased by 7 basis points from 5.29% of servicers’ portfolio volume in the prior week to 5.22% as of February 14, 2021. The share of Fannie Mae and Freddie Mac loans in forbearance decreased to 2.97% – a 4-basis-point improvement. Ginnie Mae loans in forbearance decreased 2 basis points to 7.32%, while the forbearance share for portfolio loans and private-label securities (PLS) decreased by 20 basis points to 8.94%. The percentage of loans in forbearance for independent mortgage bank (IMB) servicers decreased 15Read More →

The rules about how showings and closings can take place and what agents can do will vary depending on local public health regulations, real estate association guidelines and individual comfort levels. You now may need to book an appointment for an open house. There may be waivers to sign before looking at a home. And get comfortable with those masks, sanitizing wipes and booties. These are the new realities of home buying, and agents say many of these protocols are likely to stick around. Buyers should expect hand sanitizer and masks to be part of any home-buying experience. But other aspects of house hunting andRead More →

  As I speak to clients in these times of lockdown and COVID-19 there are similar questions that kept coming up for most people. Following are some of the questions that we feel are on the minds of several property owners and I wanted to clarify a few things. Question One Can I skip my mortgage payment as per Governor’s announcement and what does that mean. Answer Please do not have any misconceptions about missing payments and permission granted by our Governor. Be sure to speak to your bank before you miss 30 to 60 or 90-day payment. All banks require that you have aRead More →

COVID 19 PREDICTION FOR REAL ESTATE NOT POSSIBLE  March /25 How does one even begin to predict the future or such uncertainty?  This one without a doubt took all of us with a surprise. with accepted offer pulling away suddenly. With sellers not knowing if they should halt all expectations or regret why they did not move forward with the last offer before covid came around. Buyer wondering what hit them closing prolonged but apparently still going to happen. With all this chaos I humble myself and say there is no way to predict an outcome. There are a few things we do know. LifeRead More →

Faruqi Team - No recession in 2020

All the news in 2019 about a recession coming our way has fizzled out and most experts now agree it would be very unlikely. Even Federal Reserve officials saw a decreased likelihood of a recession over the next couple of years, according to minutes from their policy meetings in December 2019.1 Even if so — with the exception of the Great Recession of 2008 — the housing market has weathered other recessions since 1980, as year-over-year existing-home sales growth barely declined in all other previous recession in the last 40 years.2 Because of the the talk of recession, many buyers have been waiting for home prices to drop like theyRead More →