Good Morning! Today is Friday, February 4. Islamic State’s leader died during a nighttime raid by U.S. special forces in northwestern Syria. The US is short on blood due to below-average donations amid Covid-19. The House is set to approve a $350 billion initiative to boost U.S. competitiveness with China and others, but the Senate may fight it.
The Mortgage Note Reports
Standing Up For Independent Mortgage Bankers In 2022 And Beyond:The executive director of Community Home Lenders Association is working to educate policymakers in Washington, D.C., while articulating the perspective of independent mortgage bankers.
Forbearances Drop: Active forbearance plans fell by 45,000 plans (-5%) last week, according to Black Knight’s blog, Vision. More than 90% of homeowners who entered Covid-related forbearance have exited their plans.
Rates Unchanged: Mortgage rates stayed the same last week, once again averaging 3.55%, Freddie Mac reported Thursday.
And in other mortgage and housing news…
Employers Bet On Surge Ending: U.S. employers added 467,000 jobs in January, the Labor Department said, showing the resilience of economic recovery against Omicron’s crest.
Stimulus Down Payments: One in four first-time homebuyers are using stimulus money for their down payment, Redfin reported. Stimulus money is the second-most common way of accumulating money for a down payment, after saving from paychecks.
Homeowners Equity-Rich: ATTOM’s Q4 U.S. Home Equity & Underwater Report found that almost 42% of mortgaged residential properties in the United States were considered equity-rich.
AIME Sponsors: AIME announced its 2022 sponsors, including twenty-five wholesale industry partners committed to growing the broker channel further.
Kid-Friendly: Home values are growing fastest in areas with the highest share of kids, showing the impact of millennial families on family-friendly neighborhoods.
BOA #1: Bank of America has been recognized as number one in customer satisfaction in the J.D. Power 2022 U.S. Merchant Services Satisfaction Study.
Q4 Improvements: Homeownership and residential vacancy rates improved slightly during Q4 2021, according to new Census Bureau data.
SB-9: A new California law allows four units on most lots zoned currently for one unit, paving the way for a “free-market housing fix,” Ed Pinto and Tobias Peter argue in WSJ.
Canadian Price Drop?: A Canadian regulator warned that home prices could fall by 20% in some markets as the “speculative fever” dies and rates rise.