Good Morning! Today is Thursday, December 2. The first US case of Omicron has been identified in California. Senate Republicans are threatening a government shutdown over the Biden administration’s vaccine mandate. Major league baseball is in a work stoppage after failing to reach a collective bargaining agreement.
And in mortgage and housing news…
Ex-Prez Sentenced: Ronald McCord, founder of First Mortgage Company and former MBA president, will pay $51.8 million in restitution for mortgage fraud and spend 8.5 years in jail.
American Wealth Gains: The median net worth of American households rose 17.6% between 2016 and 2019, according to a new report from MBA’s RIHA.
Better Layoffs: After a $750 million cash infusion ahead of a merger and plan to go public, mortgage startup Better is laying off 900 employees.
Powell Testimony: During testimony before Congress, Jerome Powell said the Fed might speed up tapering by a few months in response to rising inflationary pressure.
Texas Luxury Boom: Austin has become one of the hottest luxury-housing markets in the country, with the price per square foot rising faster than New York and California.
2022 Trends: Zillow predicts earth tones and eco-friendly features will dominate home trends in the coming year.
For-Sale Supply Hits Low: The number of homes for sale hit an all-time low during the week ending November 28, Redfin reported.
86 Cents/Month: In response to limited city-living space, IKEA Japan is renting “tiny homes” of 10m² for less than 1 USD a month.
Tell Your Clients! Why Wait To Sell Your Home? When the holiday season starts, people are typically reluctant to put their homes on the market due to a lack of potential buyers. But this could be the year when that changes.
For-Sale Supply Hits Low: The number of homes for sale hit an all-time low during the week ending November 28, Redfin reported.
Open Mortgage Names President: Open Mortgage has named industry veteran Joe Stephenson its new president.
Competition Will Remain High In 2022: More homes will create opportunities for potential buyers in 2022, but competition will remain fierce, according to Realtor.com’s 2022 Housing Forecast.
Fannie Mae Appointment: Fannie Mae promoted Chryssa Halley from controller to chief financial officer, filling the position after Celeste Brown.