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Central Ohio home sales fell sharply in April and dropped to their lowest level in a decade nationally, as the coronavirus pandemic took full hold of the real estate market.

As the growth rate in forbearance requests downshifts, a vast stockpile of loans await modifications.

With mortgage rates reaching all-time lows in the opening quarter, refinance originations were up in 97% of housing markets during 1Q, according to Attom Data Solutions.

Mortgage rates declined this past week, further continuing to help attract previously reluctant buyers back into the purchase market, according to Freddie Mac.

Sales of previously owned homes fell in April by the most since mid-2010 as the coronavirus hollowed out demand across the country at the start of the key spring selling season.

It's the surprise of a spring selling season that's been anything but normal: Buyers returning to the housing market have been battling over the few available properties.

Not only is FHFA Director Mark Calabria preparing the GSEs to raise capital, but he must also help them decide just what they are selling to private investors in the way of equity returns and risk.

The much-anticipated proposal, which would not go into effect until after Fannie Mae and Freddie Mac are privatized, reflects Director Mark Calabria’s aggressive efforts to get the companies on a strong financial footing.

The lenders also are receiving warrants to purchase New Residential stock.

The MBA also said it has been lobbying for a measure that would enable cash-out refinances in forbearance to be sold to the GSEs.

The private equity firm's REIT arm is seeking to price a second CRE loan portfolio for May, this time led by an industrial portfolio of warehouses and logistics centers. No hotel or shopping mall loans are included.

Mortgage applications decreased 2.6% from one week earlier, as tighter underwriting drove the refinance index to its lowest level since March, according to the Mortgage Bankers Association.

The Mortgage Bankers Association's forecast anticipates tremendous coronavirus stimulus-related debt coming on to the market.

To deal with the crunch, servicers should combine cloud and digital workflow automation technologies.

Director Mark Calabria, who abandoned the Fannie and Freddie capital proposal written by his predecessor, said he expects a revised framework to be ready “very soon.”

Sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices. That estimated gap, which is likely wider in specific cases, has put a freeze on deals.

The Federal Housing Finance Agency clarified that borrowers with Fannie Mae- or Freddie Mac-backed mortgages who have entered into forbearance plans can be eligible for a refi or new purchase once they are considered “current” on their mortgage.

Home construction starts plunged in April by the most in records back to 1959, as the nationwide lockdown to control the spread of the coronavirus hammered the housing market and broader economy.

The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.

The two mortgage giants said they would begin the process of hiring outside firms to help raise capital that will be needed to exit conservatorship.