By KIMBERLEY HAAS The U.S. Department of Housing and Urban Development has announced over $2.6 billion to fund roughly 7,000 local homeless housing and service programs throughout the country. HUD Secretary Marcia L. Fudge said that access to stable housing is a basic necessity and the safety of a home is essential as the United States continues to fight COVID. “These Continuum of Care program grants, coupled with the historic resources in the American Rescue Plan, will deliver communities the resources needed to ensure that every person in a respective community has the equitable opportunity to a safe and stable home,” Fudge said in a statement released on Monday. The FY 2021 Continuum of Care Competition Awards will provide funding…
Single-family rents rose by 12.6% YOY in January to another record high, with Miami leading U.S. cities in rent growth. CoreLogic’s Single-Family Rent Index (SFRI) found that rent growth exploded in January. The increase is especially shocking compared to January 2021’s mere 3.9% annual increase. “Single-family rent growth extended its record-breaking price growth streak to 10 consecutive months in January,” said Molly Boesel, principal economist at CoreLogic. “Rents increased across the country, and the gains were highest in the Sun Belt, which also had strong population growth last year.” All metro areas analyzed by CoreLogic saw annual growth, with Sun Belt cities leading the pack. Miami once again had the highest YOY growth at 38.6%. In January 2021, Miami rents…
Demand for vacation homes has cooled down after skyrocketing to near-record levels in January, Redfin reported. February saw second home demand reach its lowest level since May 2020 as mortgage rates continued climbing, only 35% above pre-pandemic levels. Rates declined for a few weeks due to uncertainty surrounding Russia’s invasion of Ukraine, but started inching up again last week, reaching 3.85%. While demand is still significantly elevated from two years ago, it’s nothing compared to January’s 87% increase. February was also the first month where primary residence demand beat out vacation home demand since the pandemic began, though only by 1%. “Rising mortgage rates, combined with rising home prices, are hitting the second-home market much harder than the primary-home market,”…
Good Morning! Today is Monday, March 14. Russian forces hit Kyiv with heavy artillery strikes this morning after days of fighting in the suburbs. Barack Obama tested positive for Covid-19. Less than two months after announcing his retirement, quarterback Tom Brady said he will return to the Tampa Bay Buccaneers and play again. The Mortgage Note Reports Help Us Highlight Those Who Are Supporting The People Of Ukraine: The people of the world are watching the horror unfolding in Ukraine, and we at The Mortgage Note want to highlight those in the housing industry who are stepping up to help. AIME Lobbying: AIME is teaming up with lobbying firm Forbes Tate Partners to represent brokers in government affairs. Cash Is…
Homebuyers who offered all cash won more bidding wars in 2021, making it the most effective strategy to beat out other buyers, according to a new Redfin report. Waiving the financing contingency and conducting a pre-inspection also increased potential buyers’ chances when facing off with other bidders, making them 31% and 25% more likely to win, respectively. Escalation clauses and waiving inspection contingencies are frequently seen strategies, but because they’re so common they’re also ineffective. They also do not benefit one buyer over their competition. Redfin also suggests offering more than asking price and waiving the appraisal contingency to set buyers apart from the crowd, as many can’t afford to pay all cash. Buyers planning to offer over asking may…
Good Morning! Today is Friday, March 11. President Biden will call for suspending normal trade relations with Russia, which would raise tariffs for many Russian products. Baseball players and owners struck a deal on a new contract, ending a lockout. The federal government extended the mask mandate on airplanes and other public transportation through mid-April. The Mortgage Note Reports Rate Reversal: Mortgage rates rose to 3.85%, reversing a brief period of declines brought on by uncertainty surrounding Ukraine. Forbearances Down: Forbearance plans dropped to a post-pandemic low this week, falling by 49,800 (-6.5%), according to Black Knight. And in other mortgage and housing news… Inflation Wreaks Havoc: The consumer price index for February rose 7.9% YOY, the highest level since…
Mortgage rates rose last week, reversing a brief period of declines brought on by uncertainty surrounding Ukraine, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.85%. A year ago at this time, the 30-year FRM averaged 3.05%. “Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.” The Consumer Price Index reached another high this week, standing at…
Good Morning! Today is Thursday, March 10. Democrats cut $15.6 billion in Covid-19 aid from the omnibus spending package. It includes $13.6 billion in aid for Ukraine. The Kremlin accused the U.S. of waging an “economic war” as Russia’s currency has lost about 40% of its value in a month. The Mortgage Note Reports Mortgage Fraud: A California man pled guilty to wire fraud related to a foreclosure rescue scheme that took in at least $5 million from thousands of distressed homeowners. Foreclosures In Full-Swing: February foreclosure rates were up 11% from January and 129% YOY as pre-pandemic activity returns And in other mortgage and housing news… Under The Microscope: President Biden ordered a study to assess the risks and…
Overall foreclosure rates were up 11% month-over-month in February as foreclosure starts soared, according to ATTOM’s February 2022 U.S. Foreclosure Market Report. A total of 25,8333 properties had foreclosure filings (default notices, scheduled auctions, or bank repossessions). This is a 129% increase from the same time last year. Rick Sharga, executive vice president at RealtyTrac, an ATTOM company, said foreclosure activity this year will mimic February’s growth. “This isn’t an indication of economic turmoil, or of weakness in the housing market; it’s simply the gradual return to normal levels of foreclosure activity after two years of artificially low numbers due to government and industry efforts to protect financially-impacted homeowners from defaulting,” he said. Foreclosures hit their lowest level ever recorded…
Good Morning! Today is Wednesday, March 9. Major U.S. businesses pulled out of Russia and President Biden banned Russian oil imports. Intelligence officials said Vladimir Putin showed no signs of changing course. A jury found Guy Reffitt, the first Jan. 6 defendant to go on trial, guilty of leading a mob against the police. The Mortgage Note Reports $1M Or More: A record 8.2% of U.S. homes (6 million) were valued at $1 million or more in February, with California leading the pack in share. Rate Slide Pushes Refis Up: Refinances bounced up last week due to a brief drop in interest rates, while overall mortgage loan application volume rose 8.5%. And in other mortgage and housing news… Above Asking:…
