Good morning! Today is Tuesday, January 5. The U.K. issued a stay-at-home order until mid-February amid spiraling infection rates caused by a new variant of the coronavirus. The new Covid-19 variant was detected in New York, Colorado and California. Google employees formed a union.
And in mortgage and housing news …
PACKING UP: Americans packed up the moving vans and fled New Jersey and New York at a higher rate than any other state in 2020, with the U.S. migration patterns continuing to be to the West and South, according to the annual United Van Lines national migration study.
MORTGAGE RATES: 30-year rates start 2021 more than a full point below where they were this time last year. That’s a lot.
HOCKEYTOWN: United Wholesale Mortgage will be the official mortgage provider for the Detroit Red Wingsand their home Little Caesars Arena under a multiyear partnership, the Red Wings and Pontiac, Michigan-based UWM announced Monday.
GROWING MARKETS: For several housing markets, their growth in 2020 is expected to continue this year, particularly in cities where tech and government jobs are more plentiful. Realtor.com analyzed the 100 largest U.S. markets poised for the most growth in 2021.
NON-QUALIFYING MORTGAGES: Good news for self-employed borrowers. Nonqualifying mortgages are staging a comeback.
HOMEBUILDING: Spending on U.S. construction projects increased 0.9 percent in November as strength in homebuilding offset weakness in other parts of the construction industry.
CONUNDRUM: Tenants can’t pay rent. Landlords won’t pay bills. What happens next?
HOUSING SHORTAGE: As the demand for residential real estate has increased, the scarcity of homes for sale has created a logjam on the supply side. Will 2021 be a turning point?
ASSET-BACKED BONDS: Securities that have recovered only haltingly from last spring’s rout are getting fresh attention.
MARGIN CALL: A margin call occurs when your equity in a margin account goes below a certain threshold, and it can become very bad very quickly.