Morning Roundup (4/7/2022)–Home Purchase Sentiment, Foreclosure Suspensions

Good Morning! Today is Thursday, April 7. More than 2,000 Ukrainians have made their way to the U.S. border from Mexico. Some Biden administration officials tested positive after attending a black-tie event in Washington. The Supreme Court reinstated a Trump administration rule limiting states’ power to enforce the Clean Water Act.

The Mortgage Note Reports

Love It Or List It? Americans Are Renovating Rather Than Moving: New data shows that 79% of Americans would rather renovate their current home than move to a different one and with $420 billion spent on remodeling projects in 2020 those in the mortgage, real estate, and building industries are taking notice. Editor Kimberley Haas reports.

Housing Market Pessimism: Consumer sentiment towards home buying fell in March as 69% of respondents said they expect mortgage rates to keep rising.

Foreclosure Suspension: Freddie Mac and Fannie may require servicers to suspend foreclosure activities for up to 60 days if the servicer has been informed that the borrower applied for federal housing assistance.

And in other mortgage and housing news…

FOMC Minutes: The Fed will reduce its bond holdings at a maximum pace of $95 billion a month, further tightening credit across the economy as it works to fight inflation.

Buyer Beware: BofA Securities published an investor note predicting that the Fed will trigger three consecutive 50-basis point hikes at the May, June, and July meetings.

Rent Discrimination: Renters of color pay security deposits more often than white renters, and the deposits they pay are typically $150 higher, a Zillow report found.

What To Watch: “Overvalued” markets like New York, Miami, Seattle, Las Vegas, and Dallas are ones to watch as home price appreciation decelerates.

Rates Reach A New High: Mortgage rates topped 5%, which is great news for the housing market.

Home Of The Future: PulteGroup homebuilders unveiled two model homes that are testing the latest advancements in sustainable new home technologies and innovations.

Canadian Ban: Canada will ban most foreigners from buying homes for two years in an attempt to cool off a surging real estate market.