Good Morning! Today is Monday, October 4. New Covid cases have fallen by 35% since September 1. Migrants are surging at the southern U.S. border due to the economic devastation wreaked by the pandemic on South America. Vice President Kamala Harris sold her Washington, D.C., condo for $1.85 million.
And in mortgage and housing news…
Is Mat Ishbia Leading UWM Into A Title IX Lawsuit?: Ishbia’s monthly stipends for male student athletes could lead to Title IX challenges.
Worst Since 2008: The median American household would need to spend 32.1% of its income to cover mortgage payments on a median-priced home, the most unaffordable mortgage payments have been since the 2008 recession.
PennyMac: PennyMac is raising conforming loan limits by almost 14% through broker and correspondent channels, anticipating cap increases in November.
Stocks, Bonds, And Real Estate: The prices of stocks, bonds, and real estate, the three major asset classes in the U.S., are overpriced simultaneously for the first time in modern history.
LendingTree: A LendingTree study showed that most homebuyers’ credit scores will rebound within a year of taking out a mortgage.
“Predatory Inclusion”: Black homeowners can face financial discrimination even after they buy homes, according to McArthur grant winner Keeanga-Yamahtta Taylor.
Selling To Millennials: NYC and Detroit top HireAHelper’s survey of cities with the most people under 40 and the most homes for sale.
Zillow Buys ShowingTime: Zillow completed its $500 million acquisition of home viewing platform ShowingTime, as federal regulators did not extend their window to review the deal.
Eligibility Criteria: FHA has added to its list of “unacceptable assets,” items that can’t be included in calculations used to determine participant eligibility for mortgage companies.
$1 Billion In Loan Volume: Guaranteed Rate’s managing director/senior vice president of Mortgage Lending Ben Cohen crossed the $1 billion mark in total loan volume for the second consecutive year.