Morning Roundup (12/22/2021)– Home Values Up 31% YOY, Loan Apps Down Slightly

Good Morning! Today is Wednesday, December 22. In yesterday’s speech, President Biden praised Donald Trump’s recent comments about boosters and promised to distribute 500 million free testing kits. The Kellogg strike ended, with workers ratifying a new contract. Southwest Alaska experienced a 5.9 magnitude earthquake.

And in mortgage and housing news…

MBA: Mortgage loan application volume dropped 0.6% last week, though the average purchase loan reached its second-highest amount ever, MBA reported.

Homeowners Gain $9.1T: The value of U.S. homes soared 31% YOY to $38 trillion in November, outpacing last year’s 10% gain, according to a new Redfin report.

Lifestyle Matters:Better Homes and Gardens Real Estate released a market trends report, examining how and why lifestyle is leading homebuyers’ decision-making.

“The Biggest Opportunity Of Our Generation”: MetaSpace Real Estate Investment Trust, a company that will buy and lease virtual real estate, has launched on PancakeSwap.

Rent Continues Surging: CoreLogic’s Single-Family Rent Index found rent rose of 10.9% YOY in October 2021, up from a 3.2% YOY increase in October 2020.

Hidden Inflation: Technology has made home-buying more accessible but also adds to rising homebuying costs, as institutional players increase their fees on certain services with impunity.

Climate Change Report: Truist released a report detailing how its mortgage portfolio could be impacted by climate change.

FHFA Foreclosure Prevention: FHFA’s Q3 2021 Foreclosure Prevention and Refinance Report​ shows that Fannie and Freddie completed 180,566 foreclosure prevention actions in Q3.

CFPB, DOJ Warning To Servicers: Influencers Edwin and Claudia Acevedo, announced their affiliation with Century 21 Real Estate LLC and will operate as CENTURY 21 LOTUS.

Cease And Desist For CA Bank: A CA bank has received a “cease and desist” order saying it violated a consent order by replacing a slate of board members and appointing a new CEO without notifying state regulators.

“Regulators Have Learned And Forgotten Everything”: Fannie and Freddie’s $1 million loans will add to home price inflation, Edward Pinto argues for the AEI Housing Center.

Freddie Falls Behind On Refi: FHFA released the final 2020 housing goals performance determinations, which showed Freddie Mac reached all its goals except low-income refinancing.

NMI Holdings EVP/CFO: NMI Holdings has appointed Ravi Mallela as Executive Vice President and Chief Financial Officer.

SPCP Clarified: HUD Secretary Marcia Fudge issued guidance clarifying that under the Equal Credit Opportunity Act, Special Purpose Credit Programs are compliant with the Fair Housing Act. FHFA acting director Thompson released a statement in support.