Good Morning! Today is Tuesday, Aug. 31. The war in Afghanistan ended yesterday when the final US military plane left Kabul. President Biden, who was silent yesterday, is expected to address the nation this afternoon. Hurricane Ida left more than one million people with no electricity or water on the Gulf Coast. California ordered an evacuation along Lake Tahoe due to the Caldor fire.
And in mortgage and housing news…
Forbearance Numbers Hold: The number of mortgage loans in forbearance remains unchanged from last week, holding at 3.25% according to the latest report from the Mortgage Bankers Association.
Freddie’s Here To Help: Freddie Mac reminded homeowners and mortgage servicers of its immediate disaster relief options for those affected by Hurricane Ida.
In Further Freddie News: Freddie Mac now projects that average mortgage rates for a 30-year fixed loan will be 3.7% in 2022.
Supply/Demand: A 2008-style housing market crash won’t happen, and the number one reason is supply, Lance Lambert argues in Fortune.
Hit Pause: The Treasury Department, Department of Justice, and Department of Housing and Urban Development are encouraging state and local government leaders to take eviction prevention actions, now that the SCOTUS has declared the administration’s moratorium unconstitutional.
CA Housing Takes Center Stage: Boosting housing production in California has become a focal point in the campaign to recall Governor Gavin Newsom.
Prepare For The Unexpected: Collin McDowell says “unpredictable” might be the new normal in the real estate industry.
Still Sizzling:A local broker says Raleigh, North Carolina, recently ranked the second most popular city to live in the US, isn’t seeing any cool down in the housing market.
Asia-Pacific Surging: As homebuyers and international investors take advantage of pandemic-induced stimulus, housing prices across Asia-Pacific are surging— in some cases by as much as 37%.