Morning Roundup (11/22/2021)– Existing-Home Sales Up, Investors Sue Zillow

Good Morning! Today is Monday, November 11. Kyle Rittenhouse was acquitted on all charges. An SUV that drove into a Wisconsin holiday parade killed at least five people and wounded 40. Two Fox News contributors resigned in protest of a Tucker Carlson documentary featuring debunked conspiracy theories. And in mortgage and housing news… Existing Home Sales: Existing-home sales rose in October for the second month straight, though sales year-over-year are down 5.8%. Zillow Lawsuit: Investors are suing Zillow, saying they made misleading statements about the financial security of Zillow Offers. The law firm helming the claim has put out a call for investors who lost big to join in. Auctions This Week: The Treasury Department is holding auctions for two-,…

Morning Roundup (11/17/2021)– Rent Prices Up 10% YOY, Auctions Prove Popular Alt Buying Option

Good Morning! Today is Wednesday, November 17. A violent clash erupted when migrants attempted to cross the border between Poland and Belarus yesterday. The House will vote today on censuring Paul Gosar, who tweeted a video depicting violence against President Biden. LA’s Staples Center will be renamed Crypto.com Arena. And in mortgage and housing news… Double-Digit Rent Growth: Rent prices rose 10.2.% YOY in September as growth remains at record highs, according to CoreLogic’s Single-Family Rent Index. nCino Acquires SimpleNexus: Fintech nCino is expanding its mortgage market reach by acquiring SimpleNexus for $1.2 billion in stocks and cash. Homes At Auction: More than 60% of US consumers would buy a home at auction, including 75% of Millennials, a ServiceLink survey…

Morning Roundup (11/16/2021)– New Home Applications Up, Investors Bought 90,000 Homes In Q3

Good Morning! Today is Tuesday, November 16. President Biden signed the $1 trillion infrastructure bill into law. Steve Bannon turned himself in after defying a subpoena from the congressional investigation into the Capitol riot. The jury in the Kyle Rittenhouse trial will begin deliberations today. And in mortgage and housing news… Why Wait Until Spring To Sell Your Home?: People are typically reluctant to put their homes on the market during the holiday season, but sellers can expect plenty of buyers this winter. Mortgage Applications Up: Mortgage applications for new home purchases fell 15.2% year-over-year in October but increased 6% month-over-month, setting their fastest pace since January 2021. Investors Break Records: Investors bought a record 90,000 homes in Q3 2021,…

Morning Roundup (11/15/2021)– Forbearances Drop Below 2%, Airbnb To Impact Market In 2022

Good Morning! Today is Monday, November 15. The Glasgow climate summit ended with an agreement by nearly 200 countries to cut their carbon emissions in half this decade. An appeals court barred President Biden’s vaccine mandate for large employers. A New York Times report revealed the US hid an airstrike that killed civilians in Syria. And in mortgage and housing news… Forbearances Drop Below 2%: Forbearance exits jumped week-over-week, with nearly 300,000 borrowers leaving their plans, Black Knight reported. Airbnb Will Majorly Impact 2022 Market: Analysts predict Airbnb will expand its inventory 25% in 2022, suggesting it will have a significant impact on the housing market next year. AEI Response: The AEI Housing Center published a response to FHFA’s proposed…

Morning Roundup (11/10/2021)– Mortgage Credit Remains Tight, Application Volume Up

Good Morning! Today is Wednesday, November 10. Moderna is locked in a patent dispute after excluding three government researchers who worked on the vaccine from its application. General Electric will split into three companies focused on aviation, energy, and healthcare. A federal court denied Donald Trump’s attempt to withhold records from the committee investigating the January 6 riot. And in mortgage and housing news… HUD Awards $36M For Affordable Housing: HUD announced $36 million in “capacity-building” grants to boost affordable housing programs across 250 communities. Mortgage Credit Up: Mortgage credit availability rose slightly in October but remains tight overall, posing “significant” problems for first-time buyers. Applications Rise Alongside Rate Drop: Mortgage loan application volume rose 5.5% last week, responding to…

Morning Roundup (11/9/2021)– HPSI Flat, Forbearances Drop

Good Morning! Today is Tuesday, November 9. Four SpaceX astronauts returned to Earth after 200 days in orbit. The Justice Department charged a Russian man with conducting cyberattacks and recovered $6 million in ransom. A missing girl was recovered after a motorist noticed her using an emergency hand signal that has gained attention on TikTok. And in mortgage and housing news… HPSI Stays Flat: Consumers have mixed feelings about the housing market and are slightly more pessimistic about the economy overall, especially when it comes to their personal finances. Forbearances Improve Again: The number of loans in forbearance dropped to 1 million as homeowners exited their plans, most entering modifications. Inflation Fears Climb: Inflation fears rose for the 12th consecutive…

Morning Roundup (11/8/2021)– Rocket Beats Expectations In Q3, Zelman Calls Housing Shortage “Grossly Exaggerated”

Good Morning! Today is Monday, November 8. A federal appeals court in Louisianna temporarily blocked the Biden administration’s vaccine mandate. Foreign travelers may now enter the US with proof of vaccination or a negative Covid test. A “concert surge” in Houston left eight dead and prompted a criminal investigation. And in mortgage and housing news… Rocket Q3 Results: Rocket Companies’ Q3 revenue bested analyst expectations, and the company expects to top 10% market share in 2022. Housing Shortage “A Mirage”: Going against industry consensus, housing analyst Ivy Zelman claims that housing production is already ahead of normalized demand. “We’re Going To Have To Build A Lot Of Homes”: On the other hand, lumber firm Weyerhaeuser’s CEO predicts the housing market will remain strong for five to ten more…

Morning Roundup (11/5/2021)– Forbearances Up, LO Commissions Falling

Good Morning! Today is Friday, November 5. Employers added 531,000 jobs last month, while the unemployment rate fell to 4.6%. Eleven states have filed lawsuits against President Biden’s vaccination mandate for employers. A high school principal is apologizing for lack of sportsmanship after their football team won a game with a score of 106-0. And in mortgage and housing news… Own to Rent?: Forbearance exits picked up in the final week of October, with the number of active plans dropping 23% month-over-month as some owners opt to sell and become renters. Commissions Falling Alongside Refis: Loan officer commission dropped 17% YOY in Q3 2021 as rising interest rates cause refi slowdowns. Meet The New Boss?: The White House is asking…

Morning Roundup (11/4/2021)– Tapering Is On, Affordable Housing Is Up

Good Morning! Today is Thursday, November 4. OSHA is expected to release its ’emergency order’ mandating vaccines for employees of large businesses. The U.K. approved a pill designed to treat symptomatic Covid. The attorney for the armorer on “Rust” suggested the live round that killed a woman may have been an act of “sabotage.” And in mortgage and housing news… Fed Says Tapering Is On: The Federal Open Market Committee laid out a framework for tapering its emergency bond-buying, but rate hikes weren’t discussed. Affordable Housing Up: The supply of affordable homes jumped 13% YOY in Q3, though supply dropped in the luxury market. Will Rising Rates Help Or Hurt?: Rising interest could hurt homebuyers by raising their monthly payments,…

Morning Roundup (11/3/2021)– Zillow Offers Closing, Mortgage Apps Down

Good Morning! Today is Wednesday, November 3. Republican Glenn Youngkin won the Virginia Governor race, while New Jersey’s is too close to call. The Federal Reserve is likely to announce that it will begin steadily reducing its bond-buying program. The Atlanta Braves won the World Series. And in mortgage and housing news… Mortgage Applications Down: Mortgage applications dropped 3.3% last week, according to MBA’s weekly survey. Zillow iBuying Up In Smoke: Zillow is giving up its iBuying arm, Zillow Offers, after losing $381 million last quarter and will be laying off 25% of its staff. October Home Prices Up: Clear Capital’s October 2021 Home Data Index found home price growth was up 5.3% from last quarter, and up nearly 20%…