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…
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…
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,…
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%…
Good Morning! Today is Election Day, 2021, Tuesday, November 2. Voters will elect governors in Virginia and New Jersey, and mayors in New York City, Boston, and Atlanta. Senator Joe Manchin said he would not support President Biden’s spending plan without “greater clarity” about its economic effects. World leaders at the climate summit in Scotland agreed to a deal to reverse deforestation by 2030.And in mortgage and housing news… Forbearances Drop To Lowest Rate Since March 2020: The volume of loans in forbearance dropped this week, with Fannie and Freddie seeing forborne loans dip below 1%. CRA Requirements For Nonbanks: Gov. New York expanded the state’s version of the Community Reinvestment Act to apply anti-redlining law to nonbank mortgage lenders.…
Good Morning! Today is Monday, November 1. World leaders are gathering in Glasgow for a climate summit. American Airlines scrubbed more than 1,900 flights over the weekend, the latest in a series of cancellations to disrupt travelers’ plans. White House Press Secretary Jen Psaki tested positive for Covid-19. And in mortgage and housing news… Rocket Mortgage Partners With Salesforce: Rocket Mortgage announced a new partnership with Salesforce in a bid to expand its market share. 60% Of Households Priced Out Of New Construction: Prices for newly-constructed homes outpaced median income, pricing out most Americans, according to a study from real estate tech firm Knock. Haunting History: Halloween may be over, but it’s never a bad time to find out how many deaths have been reported in your home. New CFPB Leadership: The…
Good Morning! Today is Friday, October 29. Congressional Democrats failed to get enough votes to pass the basic infrastructure bill on Thursday as President Biden requested. Andrew Cuomo was charged with a misdemeanor sex crime, forcible touching. Facebook changed its corporate name to Meta, a reference to the online “metaverse.” And in mortgage and housing news… Black Knight: The number of loans in forbearance rose marginally this week, while forbearance starts ticked up. “They’re Coming To Get You, Barbara”: A new report from ATTOM shows a drop in the number of vacant “zombie” properties, but suggests increases to come. Pending Home Sales Down: Pending home sales fell in September, down in every region both year-over-year and month-over-month. Americans Priced Out: …
Good Morning! Today is Friday, October 29. Congressional Democrats failed to get enough votes to pass the basic infrastructure bill on Thursday as President Biden requested. Andrew Cuomo was charged with a misdemeanor sex crime, forcible touching. Facebook changed its corporate name to Meta, a reference to the online “metaverse.” And in mortgage and housing news… Black Knight: The number of loans in forbearance rose marginally this week, while forbearance starts ticked up. “They’re Coming To Get You, Barbara”: A new report from ATTOM shows a drop in the number of vacant “zombie” properties, but suggests increases to come. Pending Home Sales Down: Pending home sales fell in September, down in every region both year-over-year and month-over-month. Americans Priced Out: With home construction prices soaring, 60% of Americans are not…
Good Morning! Today is Thursday, October 28. The Biden White House announced a framework for the $1.75 trillion in social spending known as “Build Back Better.” Iran said it would rejoin negotiations to revive the 2015 nuclear deal. The Taliban have allowed some teenaged girls to go back to school. A study found that a cheap anti-depressant may reduce the chance of hospitalization for those with Covid-19. And in mortgage and housing news… Freddie Mac: Interest rates rose again this week, reaching 3.14%. Fraud On The Rise: Mortgage fraud is back up to pre-pandemic levels as low-risk refinances lose favor and purchase applications tick up. Pace of Home Sales Picking Up: One-third of houses sold in the last four weeks…
Good Morning! Today is Wednesday, October 27. The nor’easter battering the East Coast has left 400,000 without power in Massachusetts. Progressive Democrats proposed a plan to tax the unrealized capital gains of the super-wealthy. Atlanta beat Houston 6-2 in the first game of the World Series. And in mortgage and housing news… MBA: Mortgage applications rose slightly from last week, but refis dropped to their lowest point since January 2020. FHFA Housing Index: FHFA’s House Price Index reported a 1% increase in house prices from last month and an 18.5% increase year-over-year. Maxwell Makes More: Digital mortgage platform Maxwell has raised another $52.5 million in funding, backed by Wells Fargo. First American RHPI: First American’s Real House Price Index shows…
