A report from the Wall Street Journal. "Fannie Mae and Freddie Mac said they would impose a new fee to insulate themselves from losses on refinanced mortgages they guarantee, a sign of potential turbulence in the housing market. 'For the GSEs to add a 50 basis-point surcharge on refinances when the nation is struggling with the greatest economic downturn since the Great Depression is outrageous,' said Bob Broeksmit, chief executive of the Mortgage Bankers Association."

From Bloomberg. "An FHFA spokeswoman said Fannie and Freddie requested the changes based on their projected pandemic-related losses. MBA President Bob Broeksmit said in a statement that the announcement 'flies in the face of the administration’s recent executive actions urging federal agencies to take all measures within their authorities to support struggling homeowners.'"

From Mansion Global on New York. "Manhattan sellers added more than 2,700 homes to the market in July, a record number of new listings. The number of new listings in the pricey New York City borough was 86% higher than July of last year. Brooklyn also logged a record jump in new listings last month. Sellers there put 1,724 homes on the market in July, 50% more than a year ago. The median seller in off-market negotiations had to chop 10%, or $117,000, off their initial asking price to secure a deal, the biggest average price cut since StreetEasy began keeping track in 2010."

"'Once this reality sets in, asking prices will inevitably begin to mirror what we’re already seeing in off-market negotiations,' said StreetEasy economist Nancy Wu. 'If the sellers that have returned to the market are serious about making a sale, they will need to come to terms with the effects that Covid-19 has had on buyer demand in New York City.'"

The Augusta Chronicle in Georgia. "Late home payments increased in the Augusta-Aiken metro area in May along with the rest of the nation. CoreLogic’s report shows 8% of mortgages in the seven-county metro area were 30 days or more overdue in May. That exceeds the national average of 7.3% and is three percentage points higher than the metro area’s 5% delinquency rate in May 2019. Holly Lott, a past president of the Augusta Mortgage Brokers Association, said any homeowner having trouble making his or her mortgage payments because of pandemic-related income loss needs to contact their lenders immediately to enroll in a forbearance program."

"'This is the one time you have a free shot,' she said."

The Review Journal in Nevada. "Las Vegas’ mortgage delinquency rate rose again in May after the coronavirus pandemic shut down much of the economy, a new report shows. Payments were at least 30 days late on 10.5 percent of home loans in the Las Vegas area in May, compared with 7.3 percent nationally, according to CoreLogic. In April, payments were at least a month behind on 8.5 percent of Southern Nevada home loans, up more than double from 3.4 percent in March."

"Without further government programs and support, CoreLogic said, the company expects America’s 'serious' delinquency rate to quadruple by the end of 2021, meaning some 3 million homeowners would be at least 90 days behind on their mortgage payments by then."

The Orange County Register in California. "The data cruncher found 3.43% of the first mortgages it tracks in Los Angeles and Orange Counties were 60 days delinquent and 3.59% in Riverside and San Bernardino counties. A year ago, the two markets respectively had 0.55% and 0.83% of loans two months tardy. Both May delinquency levels were the high mark for this yardstick of bill-paying stress in a history provided to the Southern California News Group that dates to 1999."

"On a scale of zero bubbles (no bubble here) to five bubbles (five-alarm warning) … FOUR BUBBLES!"

"I’m not buying the thinking of numerous market watchers that late payments aren’t something to worry about. Even CoreLogic forecasts loan delinquencies won’t likely fix themselves soon."

"'Government and industry relief programs have helped to cushion the initial financial blow of the pandemic for millions of U.S. homeowners,' said CEO Frank Martell. 'COVID-19 and the resulting pressures continue to influence the economic activity of many households. Barring additional intervention from the federal and state governments, we are likely to see meaningful spikes in delinquencies over the short to medium term.'"

From Action News Now in California. "Action News Now Morning Anchor Julia Yarbough recently spent time with a Los Molinos father who says he is struggling to make ends meet. John Schneider says even when he is spending relaxing time with his three children, harvesting fruit and vegetables from their garden, he is worried. 'For those who live paycheck to paycheck this is your worst nightmare,' explains Schneider. 'We’re waiting for the next check to pay the bills; we don’t have savings.'"

"He says he has worked in the construction field but with three children to care for, work options are limited. He says his choice is to work and leave his children without supervision or put the well-being of his children first. Schneider told Yarbough that he has full custody of his children and they don’t have anywhere to go."

"He says he has been paying what he can on existing mortgage and tax debts for his Los Molinos home. Schneider says a job-layoff well before the Coronavirus pandemic had made money-matters tight. Then stay-at-home orders made matters even more severe. Schneider’s plight may be indicative of situations emerging around the country. A recently published memo by a group of housing experts, indicates that based on Covid-19 unemployment states and U.S. Census Bureau data, roughly 30-40 million people in the U.S. are at risk of being evicted or facing foreclosure by the end of the year."

"'It’s happening, it is not just talk or fears that people can be thrown out of their homes, it is happening to me,' says Schneider. 'There seems to be a big division among those two types of people; those who have good bank accounts and those who don’t. They don’t seem to understand what the rest of us could be going through.'"

"Schneider says he has been on a payment plan with his lender but time is running out. He owes more than 10-thousand dollars before the end of the month. He says he is fearful of what comes next. 'I’m fearful of losing my home and being homeless,' says Schneider. He told Yarbough that with his house in foreclosure, like his children, he would have nowhere to go."

The San Francisco Chronicle in California. "As buyers become pickier and shelter in place orders exacerbate the need for private outdoor space, the San Francisco condo market has been beset by rising inventory and declining prices, according to Compass. The young people who would have been shopping for condos may be more likely to be impacted by layoffs, according to the report. There's also increasing demand outside of the city, with those staying showing a vast preference for single-family homes, which have not seen the same level of declining demand."

"'Within San Francisco itself, supply and demand conditions have diverged dramatically between house and condo markets, with the latter being far weaker and rapidly climbing into 'buyer's market' territory," according to the report. Condos were also significantly more likely to fall out of escrow."

"Price reductions typically take place at the end of the spring and fall sales seasons, as owners race to sell a home before summer slowdowns and the mid-winter near halt to the market. But this year, discounts began in earnest in May and have quickly jumped higher. There were nearly 400 price reductions in July, with condos making up over two-thirds of those reductions."

"COVID-19 seems to have brought an end to the overbidding that used to signify the San Francisco market. This may be due to the fact that stricter shelter in place rules have changed how realtors show and market properties. But, it's also the result of a significant shift in supply and demand. "In an environment of increased inventory, buyers see a reduced necessity to c'ompete with each other,' according to the report."