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 eligible for a mortgage on a newly constructed home, a report from Knock found.
MSRs Adapting: Higher rates have given the mortgage servicing rights industry a boost, with some lenders eager to buy from holders facing financial pressure.
Clear Capital Hiring: Clear Capital announced it has hired more than 350 people so far in 2021 and is currently accepting applications for 170 jobs.
High-Tech And Midwest: A CoreLogic report found that Millennials dominate the housing market in affordable cities and cities with lots of tech-related employment.
“Downsizing” Office Space: As companies embrace work-from-home policies, office spaces and building owners are adapting to a new normal.
Realty ONE Growth Spurt: Realty ONE Group announced “record-breaking growth” through Q3 2021, with 71 new franchises sold and overall sales volume up more than 60%.