The U.S. Senate passed a $2 trillion COVID-19 economic relief package Wednesday night with overwhelming bipartisan support. The bill now goes to the U.S. House at 9 a.m. EDT on Friday, where it is expected to pass. President Donald Trump has said he will sign it into law.The measure includes $350 billion for the Small Business Administration 7(a) loan program. Under the terms, eligible businesses of 500 employees or fewer can get up to $10 millio
The National Association of REALTORS® announced a new hotline that members can call if they have questions about the association’s response to the COVID-19 pandemic. Members also can call the hotline for the latest information on what programs and services are being developed to help them in their business during this time.“Our members’ well-being and their businesses are of paramount importance to us at this unprecedented time,” NAR sai
Mortgage giants Fannie Mae and Freddie Mac unveiled a payment deferral option for homeowners struggling to make their mortgage payments, regardless of whether the reason is related to COVID-19. Homeowners could be eligible to defer two months of their mortgage payments until the end of their mortgage, depending on their circumstance.The GSEs had intended to announce a payment deferral program later this year, but the agencies decided to roll out
The U.S. Department of Housing and Urban Development announced Wednesday that it will award $40 million to help nonprofit organizations address fair housing violations across the U.S. and combat housing discrimination. The National Association of REALTORS® was quick to commend HUD’s action.“HUD is committed to supporting efforts to rid discrimination from our society,” HUD Secretary Ben Carson said in a statement. “The grants we are awar
After reaching a 13-year high in January, sales of newly built homes posted a decrease last month. Builders predict sales of new homes to temporarily recede over the coming weeks due to the COVID-19 pandemic.New-home sales dropped 4.4% in February compared to the previous month, the Commerce Department reported Tuesday. Sales were at a seasonally adjusted annual rate of 765,000 in February, and with the dip largely predating the coronavirus outbr
American renters still are looking to move, even as a pandemic causes mass closures across the country. In a survey of 6,000 people searching for rentals, 56% said that finding an apartment remains a priority despite the COVID-19 outbreak, according to the results published by RentCafe, a rental listing service.Finding an apartment remains a priority for many of the renters surveyed. Forty-five percent of respondents said they have no concerns ab
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to provide alternative appraisal requirements and employment verifications on loans the agencies service through May 17. The guidance is in response to the COVID-19 outbreak.“To allow for homes to be bought, sold, and refinanced as our nation deals with the challenges of the coronavirus, [Fannie Mae and Freddie Mac] will leverage appraisal alternatives to reduce the need
Cybersecurity firm Check Point Software Technologies has found a surge in coronavirus-themed malware and malicious software that is targeting the growing number of people working from home due to the COVID-19 outbreak. Cybercriminals are infecting home computers that may not have the same safeguards that employees use at their offices.“The hackers are out in force, and they know that everybody’s home, so I think working from home without appr
Farmhouse-style home design is the most Googled type of interior decoration in the U.S. Terms related to the design trends draw about 318,950 searches a month, according to data analyzed by the firm SellHouseFast.uk. Though designers recently have called the style overdone, farmhouse still appears to have the public’s affection. The next-highest Googled interior design style—rustic—was a distant second at 190,240 searches a month, the data
For the second week in a row, mortgage rates climbed from their lowest levels on record. But economists reminded borrowers that rates continue to be near historic lows. The 30-year fixed-rate is still significantly below what it was a year ago. “Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand,” says Freddie Mac Chief Economist Sam Khater. “On the purchase front, daily loan pu
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