The Centers for Disease Control (CDC) announced today that it is extending its nationwide eviction moratorium through June 30, 2021.
The order was put into place Sept. 4, 2020, but has been challenged in court across numerous states and localities in the months since. In addition to the court challenges, the National Association of REALTORS® has fought successfully for federal rental assistance-and will continue to advocate to ensure the moratorium doesn't lead to a spiraling crisis for housing providers and tenants.
Under the terms of the CDC order, residents must declare that they have pursued all appropriate government assistance; met certain income and employment requirements; and are using best efforts to make timely partial payments, among other qualifications. Today's announcement expands the order to include people "who are confirmed to have, who have been exposed to, or who might have been exposed to COVID-19 and take reasonable precautions to spread the disease." Click here to read more.
By Christal Park-Keegan, NVR Legal Information Line Attorney
Christal Keegan
The article in the adjacent link addresses a popular issue often discussed on the Legal Information Line. NVR Legal Information Line Attorney Christal Keegan answers a prevalent question about multiple offers and best practices -- My buyer wants to put offers on three different properties simultaneously. Is this allowed?.
Do you know how Nevada law reads on the subject? Read this short legal-themed FAQ article and learn all you need to know. If you have any questions, please email the Legal Information Line at InfoLine@NVRealtors.org. You can view the Legal FAQ document on the subject by clicking here.
A 40-plus basis point rise in mortgage rates over the past month resulted in approximately 7 million high-quality refi candidates who are no longer able to lock "forever rates," according to a recent report from Black Knight.
On Feb.11, the mortgage data and analytics provider estimated there were 18.1 million borrowers who met broad-based underwriting criteria and could save at least 0.75% on their mortgage rate through a refi. That was back when rates were as low as 2.73%, which some coined "forever rates" because it is unlikely they'll be as low again for decades.
But on the news that mortgage rates jumped to 3.17% last week, Black Knight reported that there are now just 11.1 million "high quality" refi candidates. That is the smallest number of potential refi candidates in a year. Read the full article by clicking here.
If your real estate business continues to feel the effects of the pandemic, you now have an additional two months to apply for a loan through the Small Business Administration's Paycheck Protection Program. Last week, by a bipartisan vote of 92-7, the U.S. Senate passed the PPP Extension Act of 2021, which extends the application deadline through May 31, 2021.
It also gives SBA lenders an additional 30 days, through June 30, to process those applications. The bill passed the House of Representatives earlier this month, also by a bipartisan vote, 415-3. Since the Senate made no changes to the language of the bill, it goes directly to President Joe Biden for signature.
Roughly 20% of NAR members working in residential real estate and nearly 40% of commercial members have reported taking out a PPP loan. Click here for the full article.
