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Mark Hemingway

Mortgage Market Update for March 20th

Tuesday, March 24, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The National Association of REALTORS reports that Existing Home Sales rose 6.5% in February from January and was the strongest reading since February 2007. Sales rose 7.2% from a year ago. The median price was $272,100, up 8% from February 2019. Inventories are at a low 3.1 months, well below 6 months that is seen as normal. First-time buyers were responsible for 32% of sales in February.

Due to the fallout from the coronavirus that has sent many Americans to the unemployment lines there are several measures that are currently being undertaken to help struggling homeowners. The Bank of America will be allowing mortgage holders and equity customers to request to defer payments while the virus crisis with the deferred payment being added to the end of the loan. Fannie Mae and Freddie Mac will suspend foreclosures and evictions for at least 60 days. In addition, New York State will let some residents skip three months of mortgage payments as the coronavirus spreads.

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