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 house prices hit record increases for the third month in a row when costs are controlled for home-buying power.
“Pricey Lumber Is Back”: The price of lumber has climbed again due to labor shortages and supply cuts, despite the industry entering an ordinarily slow season.
OCC Action: The OCC issued a consent order to mortgage servicer Cenlar FSB, saying it hasn’t established adequate controls and risk management practices.
Don’t Waste Your Dollars: Stratmor’s October Insights reports that tech spending doesn’t necessarily lead to higher profitability for lenders.
Inside Zillow Offers: Zillow Offers accumulated debt and more than $1 billion in unsold properties prior to the service pause it announced last week.
JPar #1: JPar Real Estate was named the number one fastest growing franchise based on office growth by percentage.