Good Morning! Today is Tuesday, November 16. President Biden signed the $1 trillion infrastructure bill into law. Steve Bannon turned himself in after defying a subpoena from the congressional investigation into the Capitol riot. The jury in the Kyle Rittenhouse trial will begin deliberations today.
And in mortgage and housing news…
Why Wait Until Spring To Sell Your Home?: People are typically reluctant to put their homes on the market during the holiday season, but sellers can expect plenty of buyers this winter.
Mortgage Applications Up: Mortgage applications for new home purchases fell 15.2% year-over-year in October but increased 6% month-over-month, setting their fastest pace since January 2021.
Investors Break Records: Investors bought a record 90,000 homes in Q3 2021, totaling $63.6 billion worth of homes.
Biden Weighing His Options: President Biden is deciding between Jerome Powell or Lael Brainard as his appointee for Fed Chairman, but monetary policy likely won’t change much with either choice.
HUD Releases MMIF: HUD released its FY 2021 report on the FHA’s Mutual Mortgage Insurance Fund, which showed continued very strong increases in FHA’s Capital Ratio – to over 8% – more than 4 times the required minimum.
Premiums To Stay: …but the FHA did not indicate it will be cutting insurance premiums, citing uncertainty about the effects of the pandemic.
AEI Critique: The AEI Housing Center published a critique of Freddie Mac’s note on racial gaps in appraisals, saying “it was premature to publish a note based only on ‘exploratory research’ limited to a single race-based correlation, with no attempt to present a rigorous analysis regarding other potential explanations. “
Meanwhile, FairPlay Eyes Bias: FairPlay, a “Fairness-as-a-Service solution” for AI that reduces algorithmic bias for disadvantaged groups, raised $4.5 million in seed funding.
SitusAMC Releases Political Field Guide: SitusAMC launched a Field Guide for mortgage professionals that explains the housing landscape in Washington, D.C. and the major political players.
Household Debt Rose In Q3: Mortgage balances rose by $230 billion in Q3, as total household debt climbed 1.9% to $15.24 trillion.