Morning Roundup (11/29/2023) — BOA

Good Morning! Today is Wednesday, November 29. The wife of Ukraine’s military intelligence chief was poisoned but is recovering in the hospital. A commercial plane crossed the Atlantic without using fossil fuels for the first time. Google will delete Gmail and YouTube accounts that have been idle for two years or more.

The Mortgage Note Reports

BOA Penalized: The second largest bank in the country will pay a $12 million penalty after it was found that hundreds of loan officers falsified forms about mortgage applicants.

Applications Up: Mortgage applications rose for yet another week, though the increase was mild, inching up just 0.3% as refinances tanked.

2024 Predictions: Will 2024’s housing market be better? Experts expect to see the beginning of a turnaround that won’t fully flower until 2025.

Rent-To-Own: The rent-to-own concept has gained popularity again and for people who want to buy a home but lack the funds, it can be an alternative route to homeownership despite the costs and risks. Writer Erin Flynn Jay has the story.

In other mortgage and housing news…

GSE Loan Limits: The conforming loan limit for mortgages backed by Fannie and Freddie will be $766,550 in 2024, an increase of $40,350 (+5.5%) from 2023.

Economy Picks Up: Q3’s GDP accelerated at a 5.2% annualized pace, revised estimates showed, more than economists expected and mixed news for inflation.

Best Day To Buy: ATTOM says buyers who close on January 9th pay only a 3.8% premium, the lowest premium above the automated valuation model.

Property Value Freefall: Homeowners in 25 markets have lost up to $223 in value every day since they bought their homes last year.

Company News: MBA named Rachel Kelley VP of Legislative Affairs; Freddie Mac veteran Sam E. Oliver III joined Argyle’s Board of Advisors.

“Corporate Vultures”: Investors became public villains for scooping up homes during the pandemic, but corporate buyer panic obscures the housing market’s real problems.