Morning Roundup (2/19/25) – Applications Slip
| Good Morning! Today is Wednesday, February 19. American and Russian leaders met in Saudi Arabia. Volodymyr Zelensky accused President Donald Trump of repeating disinformation after he falsely accused Ukraine of starting the war with Russia. Pope Francis has pneumonia in both lungs. The Mortgage Note Reports Apps Down: Mortgage applications hit their slowest pace since the beginning of 2025, reversing an upward trend. Starts Tumble: New construction indicators floundered in January as tariff anxiety and unsold inventory put homebuilders on edge. |
| Quote Of The Day “While builders hold out hope for pro-development policies, particularly for regulatory reform, policy uncertainty and cost factors created a reset for 2025 expectations… Uncertainty on the tariff front helped push builders’ expectations for future sales volume down to the lowest level since December 2023.” Carl Harris, chairman of the National Association of Home Builders |
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In other mortgage and housing news… FHA Layoffs: The White House is planning to lay off at least 40% of the FHA’s workforce, which accounts for about three-quarters of HUD’s personnel. Power Imbalance: There were 3.7 months of for-sale supply in January, the most in six years and a buyer’s market indicator, but buyers don’t feel like they control the flow. LA Fire Fallout: CA’s insurance commissioner turned down a 22% home insurance rate hike request from State Farm, saying the company hadn’t proven it was warranted. Looking Good: Despite the LA fires and a surge in forbearance requests, forbearance exits sent overall numbers tumbling, reflecting recovery in other parts of the country. Company News: Independence Home Loans hired Gil Arbitsman as its CFO and Christian Kasa as its Financial Controller; Snapdocs became the first eVault provider to achieve MISMO certification. Shelling Out: Buyers are willing to pay nearly 4% more than expected for a home that is already remodeled, skipping over formerly chic fixer-uppers. |