Stitch Fix has announced plans to leave much of its customer representatives from San Francisco to other U.S. cities. Affected employees could buy a house and save a ton of money. Also, home-flipping sales soar but profits tumble, Welk Resorts agrees to $5.4 million settlement with timeshare owners, and a 60-hour work week is…
The COVID-19 pandemic and subsequent shutdown of the economy continued to pound the housing market, with the largest annual drop in sales since November 2007.
Forbearances jump in state
With millions of Californians out of work, the almost 6% of mortgages in forbearance in the state could eventually become homes in foreclosure.
Big profits for sellers — and much equity for owners
Homes sold generated hefty paydays for sellers, and many owners are now equity-rich, owing 50% or less on their mortgage than the current market value of their home.
Long-term rates reached a record low for the week ending June 18, and consumers continued to respond based on the applications for mortgages during the past two months.
30-year: 3.13% vs. 3.21% a week ago
15-year: 2.58% vs. 2.62% a week ago
Source: Freddie Mac