Good Morning! Today is Wednesday, September 15. Californians voted not to recall Gov. Gavin Newsom. Senate Democrats proposed a compromise voting rights bill that includes voter ID requirements. Facebook documents reportedly show Instagram is harmful to teenage girls. North Korea violated U.N. resolutions by testing two ballistic missiles.
And in mortgage and housing news…
Purchase Applications Up: MBA’s weekly survey showed mortgage applications bouncing back from last week’s low, driven by purchase applications.
Debt Burdens: More than half of non-homeowners say their student debt delayed them from buying a home, a NAR poll found.
PSPA Provisions Suspended: FHFA and the Department of the Treasury suspended certain provisions from the Preferred Stock Purchase Agreements, FHFA announced in a press release.
Delinquencies Down 2x: The MBA jointly released two reports showing delinquency rates of mortgages back by commercial and multifamily properties improved in recent months.
Hidden Fees: Forty four percent of homeowners said they weren’t aware of the additional costs that come with buying a home, like inspections, title fees, and insurance, according to a Realtor.com® survey.
CHHPI Up: The weekly Common Haus Home Price Index showed prices up 8.5% year over year. The price of the most common U.S. home was $349,889.
“Flood Zone”: An NPR investigation found that foreclosed homes flipped by HUD are disproportionately located in flood-prone areas, compared to all homes sold in the U.S.
“Brace For The Storm”: Real-estate firms need to prepare for incoming profit margin compression, Sundance Brennan argues in Forbes.
Lowest In Two Decades: CoreLogic reported that June foreclosure rates declined for their tenth straight month, the lowest foreclosure rate in twenty years.