Good Morning! Today is Thursday, February 17. The Education Department will cancel loans for students defrauded by DeVry University. Ukraine accused Russian-backed separatists of shelling a Kindergarten, calling it “a big provocation.” Retail sales rose by a seasonally adjusted 3.8% in January.
The Mortgage Note Reports
Office Spaces Are Not A Thing Of The Past: Despite many employees working from home and companies adopting hybrid work models, investors are still attracted to the land of cubicles.
“Stronger Than Ever”: Real estate investors bought a record 18.4% of all homes sold in Q4 2021, nearly three-quarters of which were all-cash purchases.
Climate Damage: More than 14.5 million single- and multifamily homes were impacted by natural disasters in 2021, causing an estimated $56.92 billion in property damage.
And in other mortgage and housing news…
FOMC Minutes: Federal Reserve officials said they would start raising interest rates soon and were on alert for persistent inflation that would justify a faster pace of tightening.
Records On Records:Home value appreciation hit a record 19.9% gain YOY as inventory tanked to a record low, but rents cooled slightly from last month, Zillow reported.
First Mortgage Defaults: Defaults on first mortgages rose in January, according to S&P/Experian’s Consumer Credit Default Indices.
Builder Confidence: Builder sentiment fell slightly in February due to costs and delayed projects, but remains generally high thanks to strong demand.
“We Must Do Better”: Equipping families with “reliable and affordable financing tools” to compete for newly built homes is essential to solving the affordable housing crisis, according to the vice president for the Housing Finance Policy Center at the Urban Institute.
Charity Spotlight: Wells Fargo and FHLB Dallas awarded a $750,000 Affordable Housing Program subsidy to Catholic Charities Housing to help build a $15.4 million apartment complex for older adults in Rio Rancho, New Mexico.
BH In Michigan: Berkshire Hathaway further expanded in Michigan, adding its 11th network location in the state.
Appraising The Appraisal: Fannie Mae published further research looking at divergent appraisal values for Black and white borrowers refinancing their homes.
LO Fraud Settlement: The man behind a recent fraudulent LO continuing education scheme, Danny Yen, has agreed to settle with CA financial regulators for $75,000.
“Storyliving”: The Walt Disney Company announced plans to build Disney-inspired residential communities, with the first coming to CA’s Coachella Valley.