Morning Roundup (3/24/2022)– New Home Sales, Housing Predictions

Good Morning! Today is Thursday, March 24. Madeleine Albright has died of cancer at age 84. President Biden landed in Brussels for three back-to-back meetings with G7 leaders, NATO allies, and the European Union.

The Mortgage Note Reports

Biden-Harris Tackle Equity In Lending And Appraisals: Vice President Kamala Harris joined officials from the U.S. Department of Housing and Urban Development on Wednesday to announce the delivery of a plan aimed squarely at dismantling racial bias in the lending and appraisal process.

New Home Sales: New home sales dropped in February for a second month, suggesting buyers are taking a step back thanks to high prices and rising mortgage rates.

Housing Predictions: A panel of housing experts surveyed by Zillow said they don’t expect inventory or first-time homebuyers to bounce back until 2024.

And in other mortgage and housing news…

First Look: The national delinquency rate remains near pre-pandemic levels heading into March, Black Knight reported.’

America’s Most Trusted: Homebuilder KB Home was named to Newsweek’s 2022 list of America’s Most Trusted Companies.

Investor Flex:UWM introduced Investor Flex, a 30-year fixed Debt-Service Coverage Ratio loan option for real estate investors.

Rule Change: StreetEasy is slightly modifying an unpopular policy that punished agents who posted their listings elsewhere first, but some say it’s not enough.

Renters Struggling: About 4.4 million Americans said they were either “somewhat likely” or “very likely” to have to leave their home within the next two months due to eviction, according to the U.S. Census Bureau’s Household Pulse Survey.

Millennial Squeeze: Struck by major recessions at critical points, many millennials are missing out again on the chance to buy a home and start a family.

“Jumping Into Homeownership”: …though Millennials now make up 43% of home buyers – the most of any generation – an increase from 37% last year, NAR reported.