Good Morning! Today is Tuesday, September 28. Rocket Mortgage will continue to sponsor the PGA’s Rocket Mortgage Classic through 2027. The presidents of Boston and Dallas’s Federal Reserve banks are resigning following reports of investment trading. Federal Reserve Chairman Jerome Powell will tell Congress today that inflation will stay high for a few months before moderating. Senate Republicans blocked a bill that would prevent a government shutdown.
And in mortgage and housing news…
Forbearances Keep Falling: The share of loans in forbearance fell yet again, dropping to 2.96%. It’s the first time they’ve dipped below 3% since March 2020.
Natural Disasters Cause Concern: More than half of respondents to a Realtor.com survey said they considered natural disasters when choosing where to live, especially Millennials and Gen Z.
FHFA HPI: House prices rose 1.4% nationally in July and 19.2 percent YOY, according to the latest Federal Housing Finance Agency House Price Index.
HUD/VA/Grants: HUD and the VA have awarded $4.4 million in housing grants to 28 Tribes and Tribally Designated Housing Entities, including $1 million in expansion grants that will help house nearly 100 additional veterans.
Howard Hanna Founder Dies: Howard Hanna Jr., the founder of Howard Hanna Real Estate Services, died Saturday at 101 years old.
FHA Extends Pandemic Relief: FHA announced it’s extending its pandemic relief for borrowers who are “recently or newly struggling to make their mortgage payments” and for seniors with HEMCs.
HAUS: The price of the most common U.S. home was $351,178 last week, according to the weekly Common Haus Price Index.
New York, New York: A post-Labor Day listing surge could make this fall the busiest for New York real-estate in years.
Appraisal Gap Widening: Low home valuations are happening more frequently thanks to the hot housing market. In 2021, 19% of purchase transactions had a contract price above the appraisal valuation.