Good Morning! Today is Wednesday, September 29. Consumer confidence dipped in September, as President Biden’s poll numbers on the economy continue to slip. A Wall Street Journal investigation found that 130 federal judges broke the law by overseeing cases involving companies in which they or their families owned stock. The FTC is considering bypassing Congress to strengthen online privacy protections.
And in mortgage and housing news…
Loan Applications Fall: Mortgage loan application volume fell 1.1% last week, MBA’s weekly survey reports.
Commercial/Multifamily Debt Up: The level of outstanding commercial/multifamily mortgage debt rose by $60.7 billion in Q2 2021, according to the MBA’s Commercial/Multifamily Mortgage Debt Outstanding quarterly report.
Yellen, Powell See Inflation Ahead: In testimony before the Senate Banking Committee, America’s top two financial regulators said inflation is higher than expected and likely to linger.
Credit Scores Climbing: Americans’ average credit scores rose seven points from 2020 to Q2 2021, reaching 695, the highest average in more than 13 years.
“Where Is The Cliff?”: Experts predicted a “tsunami” of evictions when the Biden administration’s moratorium was lifted. Now they struggle to explain why it hasn’t happened.
New Zillow Report: Despite the inventory squeeze, in 2021 the typical buyer submitted only two offers, while only 1 in 10 waived an inspection, and nearly all saw a house in-person before making an offer.
FUSE: At their national Fuse conference, AIME announced a new member portal and pledged to focus on access to healthcare, training programs, lobbying, and consumer advocacy.
S&P Corelogic: The S&P CoreLogic Case-Shiller U.S. National Home Price Index reported a 19.7% year-over-year increase in July, up from 18.7% in June.
“The Question Is, How Big?”: A supply shock is coming, but it’s still unclear how big it will be, Lance Lambert argues in Fortune.
Top 10 Commercial Markets: Half of NAR’s Top 10 commercial office markets are in Texas or Florida. Asking rents for offices are down even as residential rents climb.
Drama In Germany: Residents of Berlin voted to take property from big landlords and turn it into public housing.
The Most Neighborly City In America:Madison, WI residents are the happiest in America and have the most positive interactions with their neighbors.