Morning Roundup (3/2/2022)– Luxury Market, NAHB HBGI

Good Morning! Today is Wednesday, March 2. President Biden delivered a pro-democracy State of the Union speech that also touched on Covid-19 and his domestic agenda. At least 136 civilians and about 2,000 Russian soldiers have died in Ukraine. Major League Baseball postponed the start of the season because of a labor disagreement.

The Mortgage Note Reports

Hot Luxury Market: Demand for luxury housing rose 14.5% YOY in 2021 as the number of affluent individuals worldwide skyrocketed.

NAHB HBGI: Single-family growth cooled in Q4 2021 while multifamily growth in high-density areas surged as apartment demand rises, according to NAHB’s HBGI.

And in other mortgage and housing news…

Labor Shortages: The construction industry needs 650,000 more workers to meet demand in 2022, according to an analysis from Associated Builders and Contractors.

Zillow Job Cuts: Zillow is expected to cut an additional 55 jobs in April due to the failure of its iBuying arm, Offers.

UWM Q4 2021: UWM reported a 42% drop in annual revenue in 2021, with net income down 54% despite increased production.

Construction Spending: U.S. construction spending rose by 1.3% in January, boosted by single-family homebuilding and private nonresidential structures.

Housing And Aging: Harvard’s Joint Center for Housing Studies launched the Housing An Aging Society Program, which will examine the growing number of US households headed by someone older than 65.

Affordable Housing: FHFA announced $1.138 billion for affordable housing initiatives from Fannie Mae and Freddie Mac, the largest amount ever disbursed.

Airbnb Support: Airbnb is offering free short-term housing for up to 100,000 Ukrainians who have been displaced by the war with Russia.

“Unleash The Duplex”: New Jersey-style duplex zoning could help California fix its housing affordability problem, Emily Hamilton argues in Bloomberg CityLab.