Mortgage Roundup (3/16/21) – Reserves, Appraisals & Jobs

Good morning! Today is Tuesday, March 16.  President Biden is eyeing the first major tax hike since 1993. FEMA was deployed to help process an increasing number of children and teenagers who have filled detention facilities at the southwest border. A modernized version of the historic Mayflower ship powered by artificial intelligence is set to make its autonomous maiden voyage across the Atlantic next month. 

And in mortgage and housing news …

FORBEARANCE REPORT: The Mortgage Note reports that the share of mortgages in forbearance in the United States declined slightly again the first week in March, according to the latest report released by the Mortgage Bankers Association.

RESERVES TO PROFITS: In the coming months, banks are expected to free up tens of billions of dollars in reserves they set aside to cover soured loans—losses that still haven’t materialized a year into the pandemic. 

COMMISSIONS FALL: Real estate commissions fall to new lows as homes fly off the market. The commission trends seem to indicate that consumers have room to negotiate with their realtors, a reality that intensified during the seller’s market of 2020.

TIPPING POINT: The housing market stands at a tipping point after a stunningly successful year during the pandemic.

FED FORECAST: Fannie Mae’s chief economist shares predictions ahead of this week’s Federal Reserve board meeting. 

APPRAISALS: Assessed value versus market value – what is the difference?  

NEW JOB MORTGAGE: Three tips for getting a mortgage when you just got a new job. 

RENOVATION VALUE: Which upgrades add the most value to your home sale? 

HOTEL RECOVERY: 2020 left hotels reeling after pandemic cancellations. Will 2021 usher in their recovery?

CLOSING COSTS: The closing costs for home purchase originations increased in 2020.