Good Morning! Today is Friday, September 24. The Congressional Committee investigating the January 6 riot issued four subpoenas, all for former advisers to Donald Trump. China is cracking down on cryptocurrencies, saying it will root out “illegal” activity and ban crypto mining. The House approved $1 billion for an Israeli missile defense system.
And in mortgage and housing news…
Fed Correction: FHFA and HUD released a joint statement clarifying Freddie Mac’s policy on buying mortgages secured by group homes.
Homeowner Equity Up In Q2: Homeowners with mortgages gained $2.9 trillion in equity in the second quarter of 2021, up 29.3% year-over-year, according to a CoreLogic report.
Housing Boom May Not Be Over: Early homebuyer demand reached its highest point in at least three years, according to Redfin’s Homebuyer Demand Index.
Fed Tapering Expected In November: The Fed indicated after its two-day meeting that it could begin tapering its monthly $120 billion in bond purchases as soon as November.
Climate Impact: A new report from MBA’s Research Institute For Housing America found lenders and investors are unprepared for the impact climate change will have on the housing market.
Investors Beware: As money pours into investment properties and rents soar, financiers could face regulatory backlash.
Migration Interest Falls, But Remains High: The number of people house-hunting outside their metro fell over the summer, but migration is still up compared to earlier in the pandemic, Redfin reported.
Delinquencies At Lowest Point Since March: The percentage of mortgages late by 30 days or more but not in foreclosure dropped to 4% last month, closer to pre-pandemic norms, according to Black Knight.
Local Govs Need To Step Up: The Biden administration is doing what it can, but local governments need to do more to fight housing price inflation, Willy Walker argues in NMN.