Morning Roundup (11/8/2021)– Rocket Beats Expectations In Q3, Zelman Calls Housing Shortage “Grossly Exaggerated”

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.