New home sales fell to a four-month low in March to a seasonally adjusted annual rate of 763,000, down 8.6%, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. The massive dropoff can be attributed to the rising cost of buying a home. Home price appreciation and increasing interest rates are pricing potential buyers out of the market. Between rates and prices, monthly mortgage payments are 19.5% higher than they were three months ago and 38% higher than a year ago. Meanwhile, some sellers are opting not to put their homes up for sale, exacerbating the stock shortage and driving up competition. The seasonally‐adjusted estimate of new houses for sale at the end…
Good Morning! Today is Tuesday, March 29. Biden said he was expressing “moral outrage”, not policy, when he said Putin “cannot remain in power.” A federal judge concluded that Donald Trump most likely committed felonies by trying to overturn the 2020 election. Will Smith apologized to Chris Rock for slapping him at the Oscars. The Mortgage Note Reports Russia’s Attack On Ukraine Felt By Builders In America: Some experts say there will be ramifications in the home and commercial markets, Chuck Green reports. Budget Response: The Biden administration’s budget proposal includes big money for housing, which the CHLA says reaffirms the need to scrap its Life of Loan policy. Condo Explosion: Condo prices have hit a record high – up…
In its budget proposal this week, the Biden Administration allotted a 34% budget increase for the Department of Housing and Urban Development of $11.6 billion over the fiscal year of 2022. This proposed budget includes $32 billion for the Housing Choice Voucher Program and almost $2 billion for the HOME Investment Partnership, aimed at affordable housing strategies. The industry has so far applauded the budget for its investments in housing as affordability dwindles and many Americans struggle to find housing within their budget. “A president’s budget is a wish list of policy goals and ambitions,” Shannon McGahn, the National Association of Realtor’s chief advocacy officer, said. “Many changes will be made to this plan, but it is good news that…
Good Morning! Today is Thursday, March 24. Madeleine Albright has died of cancer at age 84. President Biden landed in Brussels for three back-to-back meetings with G7 leaders, NATO allies, and the European Union. The Mortgage Note Reports Biden-Harris Tackle Equity In Lending And Appraisals: Vice President Kamala Harris joined officials from the U.S. Department of Housing and Urban Development on Wednesday to announce the delivery of a plan aimed squarely at dismantling racial bias in the lending and appraisal process. New Home Sales: New home sales dropped in February for a second month, suggesting buyers are taking a step back thanks to high prices and rising mortgage rates. Housing Predictions: A panel of housing experts surveyed by Zillow said they don’t expect inventory or first-time…
New home sales dropped by 2% in February, declining for a second consecutive month, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. Purchase of new single-family homes fell to a 772,000 annualized rate, down from a revised rate of 788,000 in January and 6.2% lower than the expected rate of 823,000. These declines suggest American house hunters are taking a step back as interest rates and inflation rise. The South and West, two regions that have been quite popular with homebuyers in the last year, saw sales decline, while the less popular Northeast and Midwest saw an increase in sales. At month’s end, an estimated 407,000 new homes remained on the market,…
Good Morning! Today is Tuesday, March 15. U.S. tech stocks and oil prices fell Monday as investors assessed new Covid-19 outbreaks in China. The police arrested a suspect in a series of shootings of homeless men in New York City and Washington, DC. Idaho passed an abortion bill similar to the one in Texas. The Mortgage Note Reports Funding Awarded To Help The Homeless: 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. CoreLogic: Single-family rents increased by 12.6% YOY in January to reach another historic high, with Miami seeing 40% growth YOY. Vacation Demand: Demand for vacation homes has cooled down after…
Good Morning! Today is Tuesday, January 25. President Biden was caught cursing about a Fox News reporter on a hot mic. Stocks continued a selloff at the opening bell this morning as investors worry over Fed policies and global politics. The Supreme Court will hear cases challenging affirmative action, focused on Harvard and the University of North Carolina. In mortgage and housing news… The Mortgage Note Reports Victims of Mortgage Ponzi Scheme Can Seek Compensation: People who were victimized by what investigators have called the biggest Ponzi scheme in New Hampshire history can apply for compensation. Big Cities Making A Comeback: More expensive, populated housing markets appeared on the quarterly Wall Street Journal/Realtor.com® Emerging Housing Markets Index, which could signal…
Alanna McCargo has officially been sworn in as the 18th president of Ginnie Mae, becoming the first Senate-confirmed president in five years and the first woman to hold the position. The position has remained empty since 2017 when Obama-appointed president Toed Tozer stepped down. The interim presidents who followed him, Michael Bright and Maren Kasper, both stepped down to take other positions in the private sector. McCargo was nominated in September of 2021 and confirmed by the Senate in December 2021. “It is an honor to lead Ginnie Mae through its next phase of transformation, ensuring our MBS remains a secure, nimble, and reliable vehicle to support the U.S. mortgage market and continues to make affordable homeownership and rental housing…
By KIMBERLEY HAAS Officials from the U.S. Department of Justice have announced a settlement in a lawsuit against a Connecticut town that refused to allow the operation of a group home for people with mental health disabilities.
The DOJ lawsuit alleges officials in Wolcott, Conn. violated the Fair Housing Act when they denied a special use permit to L&R Realty and SELF, Inc. to open a residence for 13 geriatric adults with mental health disabilities.
Lawyers at the Justice Department filed suit last December.
“Local governments do not have the right to use zoning laws and restrictions as a vehicle to discriminate against people with disabilities,” Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division said in…
Good Morning! Today is Tuesday, November 30. The W.H.O called the Omicron variant a “very high” risk to global health. Jack Dorsey stepped down as Twitter’s chief executive. Barbados swore in its first president, officially becoming a republic and cutting ties with England. And in mortgage and housing news… Your Company’s Favorite Charity Could Receive $1,000: Across the country this December, mortgage professionals will be stepping up to help people in need, support community charities, and generally help make the season a little brighter. The Mortgage Note wants to celebrate those efforts by highlighting them in an upcoming edition of this newsletter. One office’s favorite charity will receive a $1,000 donation from The Morgage Note! Details here. SFRhub Teams Up With…
