Good Morning! Today is Tuesday, September 7. Federal pandemic unemployment aid expired yesterday, impacting seven million people. China’s exports unexpectedly expanded at a faster clip in August, shrugging off the impact of a global resurgence of the coronavirus pandemic.The U.S. has evacuated four Americans from Afghanistan into a bordering country, a State Department official said. Disney’s “Shang-Chi” set a box office record of $90 million over Labor Day weekend.
And in mortgage and housing news…
Light At The End Of The Tunnel: The Fannie Mae Home Purchase Sentiment Index stayed mostly the same in August, as homebuyers express more positivity about homebuying conditions.
Wall Street Woes: Wall Street is bankrolling house flippers, but finding properties is a battle. “Investors like me, we’re like ants on a sugar hill all fighting for the same projects,” one fix and flipper told the Wall Street Journal.
Hiring Surge Slows: Nonbank mortgage jobs rose to 391,400 in July, but employment is trending down.
Forbearances Down: Black Knight reported that the number of homes in forbearance fell by 53,000 in the last week of August, as many plans are set to expire this month.
Build And Build Some More: Falling prices and a labor increase led to higher construction spending in July.
CMBS Game Strong: Most commercial mortgage backed securities in the path of Ida are likely to power through with no delinquencies, analysts say.
Don’t Count Your Chickens: Mortgage professionals generally support the Biden administration’s plan to increase affordable housing, but many changes depend on Congress’ response.
WMC Appointments: Western Asset Mortgage Capital Corporation named Bonnie Wongtrakool as CEO and Lisa Meyer as President.
Gen Z Thinking Forward: Gen Z is more interested in homeownership than Millennials, according to a survey by Hana Ben-Shabat.