Good Morning! Today is Monday, November 8. A federal appeals court in Louisianna temporarily blocked the Biden administration’s vaccine mandate. Foreign travelers may now enter the US with proof of vaccination or a negative Covid test. A “concert surge” in Houston left eight dead and prompted a criminal investigation.
And in mortgage and housing news…
Rocket Q3 Results: Rocket Companies’ Q3 revenue bested analyst expectations, and the company expects to top 10% market share in 2022.
Housing Shortage “A Mirage”: Going against industry consensus, housing analyst Ivy Zelman claims that housing production is already ahead of normalized demand.
“We’re Going To Have To Build A Lot Of Homes”: On the other hand, lumber firm Weyerhaeuser’s CEO predicts the housing market will remain strong for five to ten more years.
Employment Improving: New data from the Bureau of Labor Statistics showed improvement in unemployment overall though a large group continues to opt out of the labor market.
Cases Piling Up: Analysts voiced fears about evictions “tsunamis,” but instead eviction rates have been rising steadily in areas without housing protections.
“Renewed FOMO”: October saw unseasonably high prices and fast sales, which may be the result of rising rates giving buyers a reason to move fast.
Commercial Loans Surge: Commercial and multifamily mortgage loan originations rose 119% YOY in Q3, up 19% from Q2.
NAR Responds: NAR released a statement applauding the bipartisan infrastructure bill but noting its concerns regarding GSE guarantee fees.
Mortgages For Medical Pros: Guild Mortgage is offering flexible loans up to $850,000 for medical professionals designed to work with their medical debt.
NewRez Launch: Newrez LLC has partnered with Schmidt Family of Companies to launch its joint venture mortgage company, Coast One Mortgage.