Morning Roundup (1/20/2022)– Application Surge, Home Price Appreciation Accelerating

Good Morning! Today is Thursday, January 20. President Biden suggested he would break up his climate and social spending bill to improve the chances of passage. Senate Democrats failed to alter the filibuster to pass voting legislation, with Joe Manchin and Kyrsten Sinema voting with Republicans. Starbucks rescinded its vaccination requirement after the Supreme Court struck down Biden’s mandate.

And in mortgage and housing news…

Loan Applications Surge: Mortgage loan application volume rose 2.3% from last week, MBA’s weekly survey reported.

Acceleration In Full Swing: Monthly home value appreciation accelerated for the first time since July as potential buyers continue to outnumber new listings, driving December inventory to an all-time low.

New Home Purchase Apps Down: Mortgage applications for new home purchases fell 7.1% from the same time last year, MBA reports.

Garg Returns: CEO Vishal Garg has returned to the company after a month-long hiatus, angering employees.

Unexpected Rise In Starts: US housing starts rose unexpectedly in December, with homebuilding up to a nine-month high.

Millennial Push: FirstAm’s Potential Home Sales Model for December found a strong market propelled by an ongoing wave of millennial demand.

Open Mortgage CRO: Open Mortgage named Scott Harkless to the newly created position of Chief Revenue Officer.

“Meet The New Mobile Home”: Manufactured homes are gaining steam as buyers are priced out of the traditional home market.

High-End Bidding Wars: Homes priced above $800,000 are driving bidding wars.