Good Morning! Today is Friday, December 7. President Biden accused Donald Trump of spreading a “web of lies about the 2020 election.” The Supreme Court will hear arguments today in cases challenging the Biden administration’s vaccine mandates. Canada’s ban on conversion therapy takes effect today. And in mortgage and housing news… Rates Climb: Mortgage rates rose to their highest level since May 2020, up to an average of 3.22%, Freddie Mac reported. Forbearances Improve: Active forbearance plans dropped by 8% in the first week of January, according to Black Knight’s blog, Vision. December Jobs: The US economy added just 199,000 jobs in December, far below economists’ expectations of 422,000 gains. FHFA Changes Explained: The FHFA this week announced loan-level price…
Good Morning! Today is Thursday, January 6. It’s the anniversary of the January 6 riot, and President Biden will speak today on steps to strengthen democracy in the US. A Philadelphia fire left at least thirteen dead and two hospitalized. The CDC recommended Pfizer boosters for children aged twelve and up. And in mortgage and housing news… Check Out The Photos!: These are the most expensive homes in 2022’s hottest housing markets. Second Home Demand Stays High: December demand for vacation homes topped pre-pandemic levels by 77% as affluent Americans continue to take advantage of remote work and low-interest rates. But it’s so hard to get into the game, some people are comparing it to finding their way into an…
Good Morning! Today is Wednesday, January 5. A snowstorm in Virginia left hundreds of drivers stranded for more than 24 hours. Chicago canceled school today amid a clash with teachers about remote schooling during the Omicron surge. Walmart and Kroger are raising prices for BinaxNOW at-home Covid tests after a White House deal to sell them at cost expired. And in mortgage and housing news… UWM Under Fire: United Wholesale Mortgage is under scrutiny from both state and county health officials in the wake of complaints about the company’s handling of Covid. Loan Applications Down: Mortgage loan application volume dropped 2.7% from the week ending December 31, with refis down 2% as interest rates reached their highest point since April…
Good Morning! Today is Tuesday, January 4. Apple became the first U.S. company to reach $3 trillion in market value. Chuck Schumer threatened to change Senate filibuster rules if Republicans did not allow a vote on voting rights measures. Elizabeth Holmes was found guilty on four counts of fraud related to her failed company, Theranos. And in mortgage and housing news… Bond Market Rally In 2022?: Could a drop in Chinese interest rates spark a bond rally in the US? Some companies think so. Americans On The Move: Vermont, South Dakota, South Carolina, and Florida were the top states to move to in 2021, with most movers saying they chose their new home based on proximity to family, according to…
Good Morning! Today is Monday, January 3. We hope you had a wonderful holiday and wish you the best in 2022!For today’s newsletter, we had Scott Kimbler look into the migration from U.S. metros to suburban and rural areas. Is It A Trend Or Here To Stay? Metros See Migration From Cities: Metros are seeing a migration away from urban areas, and those watching this trend say landlords shouldn’t hold their breath hoping a younger generation of renters will replace them. Affordability Reaches 13 Year Milestone: In Q4 2021, median-priced single-family homes were less affordable in 77% of U.S. counties analyzed by ATTOM Data Solutions, a 13-year high, the company found. New Record For Home Prices: The median home sale…
Good Morning! Today is Thursday, December 23. The F.D.A. authorized Pfizer’s Covid treatment pill for high-risk patients. The Biden administration extended a moratorium on student loan repayments until May 1. Authorities in Texas are investigating a “major industrial accident” at an Exxon Mobil plant.And in mortgage and housing news… A New Home For The Holidays?: It may be the week before Christmas, but that doesn’t mean potential homebuyers aren’t out searching for their perfect piece of real estate. Guaranteed Rate Leadership: Guaranteed Rate has appointed two new Divisional Managers, Ryan Ogata and Tim Sorenson. Existing-Home Sales Up: Existing-home sales rose 1.9% in November to a seasonally adjusted annual rate of 6.46 million, while inventory fell 13.3% YOY, NAR reported. Potential…
Good Morning! Today is Wednesday, December 22. In yesterday’s speech, President Biden praised Donald Trump’s recent comments about boosters and promised to distribute 500 million free testing kits. The Kellogg strike ended, with workers ratifying a new contract. Southwest Alaska experienced a 5.9 magnitude earthquake. And in mortgage and housing news… MBA: Mortgage loan application volume dropped 0.6% last week, though the average purchase loan reached its second-highest amount ever, MBA reported. Homeowners Gain $9.1T: The value of U.S. homes soared 31% YOY to $38 trillion in November, outpacing last year’s 10% gain, according to a new Redfin report. Lifestyle Matters:Better Homes and Gardens Real Estate released a market trends report, examining how and why lifestyle is leading homebuyers’ decision-making. “The Biggest Opportunity Of Our Generation”: MetaSpace Real…
Good Morning! Today is Tuesday, December 21. President Biden will give a speech today outlining his plans to combat the Omicron variant. Omicron accounts for about 75% of new cases in the US. The E.P.A. will require new cars to get 55 miles per gallon starting in 2026. And in mortgage and housing news… Forbearances Improved In November: The total number of loans in forbearance fell from 2.06% of servicers’ portfolio volume to 1.67% in November, according to MBA’s Loan Monitoring Survey. ESR Expectations Change: Commentary from Fannie’s ESR Group showed the year ending on a strong note, with 2021 total home sales for rising 7.1%, but lowered its prediction for 2022’s GDP due to inflation concerns. CFPB, DOJ Warning…
Good Morning! Today is Friday, December 17. France is banning travel to and from Britain due to high levels of Omicron infection. A federal judge overturned Purdue Pharma’s opioid settlement, ruling that members of the Sackler family could not receive protection from civil lawsuits. Haiti announced that the last of the 17 kidnapped US missionaries have been freed. And in mortgage and housing news… Buying Houses With Friends: As the number of homes purchased by people with different last names increases, it is being reported that Millennials are choosing to buy single-family houses with their friends. Rates Up Slightly: Mortgage rates rose slightly over the last week, up from an average of 3.10% to 3.12%, Freddie Mac reported Thursday. Forbearances…
Good Morning! Today is Thursday, December 16. The CDC found Covid-19 tests from early in the pandemic had a basic design flaw that made them inaccurate. Derek Chauvin pleaded guilty to violating George Floyd’s civil rights, as well as those of a 14-year-old in 2017. Bruce Springsteen sold his music catalog to Sony, a transaction that may exceed $500 million. And in mortgage and housing news… Taper Pace Doubles: The FOMC said it would double the pace of tapering and signaled a rate hike will come next year… Industry Responses: …and analyst response to the announcement has focused on rising costs. Fannie MLSS: Lenders reported reduced consumer demand in the last three months, with 65% saying they believe profit margins…
