Mortgage Roundup (4/26/21) – Cooper, Rent & Peaks

Good morning! Today is Monday, April 26. The United States is providing vaccine and medical supplies to India as it battles a Covid spike. Vaccination sites in the United States are gearing up to start giving the Johnson & Johnson Covid-19 vaccine again after a pause to look into blood clot reactions. NASA reported that the SPACEX starship had a near miss with a UFO. Astronauts on board were told to buckle up and prepare for a crash.

And in mortgage and housing news …

UNAUTHORIZED WITHDRAWALS: Payments to the Texas-based mortgage servicing company known as Mr. Cooper left checking accounts overdrawn and people unexpectedly without access to their money.

FLIPPING PROFITS: Red hot real estate markets have turned surprising profits for unintentional property flippers.

WHEN WILL IT PEAK?: When the housing market peaks will depend largely on where you live and how the pandemic continues to reorder buyer priorities, but it will hinge on two trends: rising mortgage rates and incredibly tight inventory in some markets.

RENTS RISE: Americans are paying more to rent homes again, as Covid-19 discounts fade with stronger employment and economic news.  

AUTOMATED LOAN DOCUMENTATION: Non-bank servicer Mr. Cooper secures deal with Google Cloud for mortgage servicing platform.

PRICED OUT: With a record share of home searchers looking to move to another metro, out-of-towners are making it difficult for local residents to win bidding wars according to a new report. 

RESPONSIBLE TRAVEL: Airbnb is trying to preemptively cancel post-pandemic large gatherings

LUXURY HOMES: Homes with a median sales price of $925,000 outperformed all other property classes, according to data analyzed by Redfin.

URBAN RECOVERY: Cities are struggling to recover after the pandemic emptied their central business districts. Economic development agencies are stepping in to help. 

SUPPLY MATTERS: The dramatic nature of the housing crunch might convince new tiers of buyers that housing supply matters