Morning Roundup (2/24/2022)– Bidding Wars Rule In Jan, Applications Down

Good Morning! Today is Thursday, February 24. Russian President Vladimir Putin announced a military operation in Ukraine. President Biden will address the nation with an update on the attacks at 12:30 p.m.

The Mortgage Note Reports

“Battling It Out”: A Redfin report found that 70% of homebuyers faced bidding wars in January, making it the most competitive month in Redfin’s data.

Loan Applications Down: Mortgage loan application volume fell 13.1% last week to their lowest level since December 2019, MBA’s weekly survey shows.

And in other mortgage and housing news…

Seeking Comment: MISMO is seeking public comment on updates to Engineering Guideline 7 establishing class words that enable consistency in the naming and structure of data point names.

Panel Market: A new market study published by Global Industry Analysts Inc found that the global building panels market is projected to reach $208.4 billion by 2026.

Overcharged On Their Mortgage: Select Portfolio Servicing will pay a settlement to 1,500 people who were overcharged on their mortgage debt by the company.

Losing Low-Cost Housing: The loss of low-cost rental units is making it increasingly difficult for low- and moderate-income renters to find affordable housing.

Stocks Falling: Rocket Mortgage and UWM stock prices have fallen to all-time lows.

“Wrecked”: Here’s why mortgage REITS get crushed over the last few months.

Open House: A viral video captured a frenzy at an open house in Raleigh, NC, with so many people in attendance that it “looked like they were having an auction.”