August 6, 2020
2 MINUTE READ
Isn’t it weird how the months are flying by, but life stills feels at a standstill? Strange. In any case, it’s still summer and we’re sharing some trending stories in real estate and other headlines sure to make you say: hmmm.
In case you missed it, last week President Trump tweeted that thanks to him, suburbanites “will no longer be bothered or financially hurt by having low-income housing built in your neighborhood.”
The tweet references a rule put in place by the Obama administration – the Affirmatively Furthering Fair Housing rule – which requires cities and towns that receive federal funding to examine local housing patterns for racial bias. The new rule mandated that local municipalities report on the barriers of entry to housing in their cities. Its goal was to find ways to undo the effects of Redlining and other policies that have directly contributed to the segregation of neighborhoods.
Post WWII, a number of federal programs were created to provide American families access to homeownership, but Black Americans were systematically excluded from them. This resulted in deeply segregated communities, where Black families were prevented from homes in the same neighborhoods as white families. Pulling back provisions from the AFFH threatens to undo its efforts towards correcting these practices and fostering diversification and inclusive communities.
Mortgage rates set another record low last week, dropping to an average of 3.14%. Applications to refinance a home were down 7% for refi and 2% to purchase a new one.
We think it means those who wanted to refinance already have, and those eager to buy a home are having a tough time finding “the one.” It also means the initial rush has subsided, and processing times are returning to normal. So if you were thinking about buying or refinancing, there’s still never been a better time to get a loan.
Don’t miss our webinar on August 20: How to Get a Mortgage Pre-Approval in 3 Steps.
The pandemic has also underscored the importance of home as not only a shelter, but also a solid investment, too. If you’re curious about entering the market, or already have an investment property, Reali Invest is here to help you buy and sell faster, for less, without the stress.