Morning Roundup (1/11/2022)– Multifamily Projections, Origination Activity Down

Good Morning! Today is Tuesday, January 11. The SEC has begun work on a plan requiring companies to routinely disclose information about their finances and operations. Chicago schools will reopen after the teachers’ union and the city struck a deal over Covid safeguards. The Biden administration announced that private insurers will cover the costs of eight at-home Covid tests per person per month.

And in mortgage and housing news…

Jaws Are Dropping: “The One” hit the market. This megamansion with 21 bedrooms and 42 bathrooms in Bel Air is listed for $295 million.

Freddie’s Multi-Family Outlook: Freddie Mac’s annual multifamily outlook suggests another strong year with rent growth in all markets, led by the Sun Belt.

Black Knight: Origination activity fell again in December, with rate locks down 35% YOY in response to both higher rates and a seasonal slowdown in home purchases.

Best Markets For First-Timers: Magna, Utah and Chalco, Nebraska topped’s list of 2022 Best Markets For First-Time Home Buyers Report.

“This Is Not A Healthy Market”: Deals by investors helped push home prices up this year, squeezing out normal buyers, according to an analysis by Mark Zandi, chief economist for Moody’s Analytics.

Additional Hike Expected: Goldman Sachs now predicts the Fed will raise interest rates four times this year, not three.

From Student To Single-Family: Harrison Street and Core Spaces, firms known for building student housing, entered into a $1.5 billion joint-venture to build single-family rentals in cities like Austin, Denver, and Nashville.

CoreLogic Hail Product: CoreLogic will be expanding their AXA Climate-designed Hail Protection product to help businesses recover from financial losses following hail storms.

House-Stealing Ring Busted: Seven people have been arrested and an eighth person is being sought in connection with a series of elaborate real estate thefts that cost property owners more than $900,000.

Industrial Rent Way Up: Chicago industrial rent reached an all-time high as e-commerce companies compete for warehouse and distribution space.

nCino Deal: nCino has completed its acquisition of SimpleNexus for about 12.76 million shares of nCino common stock plus cash consideration of about $270 million.

Compass Expands: Compass announced its expansion to New Hampshire with 15 agents in Portsmouth representing more than $135 million in 2021 sales volume.

PennyMac Rebrand: PennyMac announced that it is changing the name of its broker direct division to Pennymac TPO in a further commitment to the wholesale channel.