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.