Morning Roundup (1/17/2022)– Commercial, Multifamily Delinquencies Down In Q4 2021

Good Morning! Today is Monday, January 17. It’s Martin Luther King Day, and markets are closed. Martin Luther King Jr.’s family will lead a march for voting rights today in DC as congressional Democrats vow to press ahead with legislation. The public can begin ordering free at-home rapid Covid-19 tests through a new government website on Wednesday. Four hostages at a Texas synagogue were freed on Saturday, and their captor killed. And in mortgage and housing news… C&M Delinquencies Fall: Delinquency rates for commercial and multifamily mortgages fell during Q4 2021, according to the MBA. Affordability Down: Housing affordability fell slightly in November, according to NAR’s Housing Affordability Index. Home Sales Fell In December: The stock shortage drove home sales…

Sold For Nearly $3 Million, This House Is No Longer ‘A Nightmare On Elm Street’

By KIMBERLEY HAAS The house made famous by the 1984 horror movie ‘A Nightmare on Elm Street’ has sold in Los Angeles after being on the market for less than three months. In the supernatural slasher film written and directed by Wes Craven, the house was depicted as being in Springwood, Ohio, but the actual street address is 1428 North Genesee Avenue in LA. The photo above is published on seeing-stars.com. Originally put on the market for $3.25 million on October 20, there was a pending sale at that price on November 23. According to Zillow.com, the house was listed for sale again on December 9 at $2.999 million. A pending sale was reported on December 21 and the house…

Commercial And Multifamily Delinquencies Fell In Q4 2021

Delinquencies on commercial and multifamily mortgages fell in Q4 2021, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report. Outstanding loan balances that were current on their payments rose from 96.7% to 97%, with only 1.9% 90 or more days delinquent or in REO, down from 2.2%. Loans 60-90 and 30-60 days delinquent saw no change, at 0.2% and 0.3% respectively. Loans that were less than 30 days delinquent fell 0.1% to 0.7%. Lodging and retail properties continued to be the most delinquent but saw improvement in Q4. For lodging loans, delinquencies fell 3.5% to 10.5%, while delinquent retail loans fell from 8.2% to 7.6%. CMBS loans also saw improvement, with 5.7% of balances non-current, down from 7.2% in…

Morning Roundup (1/14/2022)– Forbearance Exits Remain High, Rates Hit 3.45%

Good Morning! Today is Friday, January 14. The Supreme Court blocked the Biden administration from enforcing a vaccine-or-testing mandate for large employers. Australia canceled Novak Djokovic’s visa for a second time, days before the Australian Open. The leader of the far-right Oath Keepers militia was charged with seditious conspiracy in the Capitol riot investigation. And in mortgage and housing news… Forbearance Exits Remain High: Of single-family homeowners who entered Covid-19 related forbearance, 89% have now exited their plans, according to Black Knight. Rates Climb Again: Mortgage rates jumped significantly this week, up to an average of 3.45% from 3.22%, Freddie Mac reported. Vice Chairwoman: President Biden will nominate Sarah Bloom Raskin, a former top Treasury Department official, to serve as…

Forbearance Exits Remain High

Of single-family homeowners who entered Covid-19 related forbearance, 89% have now exited their plans. Active forbearance plans dropped by 43,000 (-8%) in the first week of January, according to Black Knight’s blog, Vision. The number of loans in forbearance fell across all categories, led by a 22,000 (-8%) drop in forborne loans held by portfolios and PSLs. Forbearances on FHA/VA loans fell by 17,000 (-16%) and GSE loans fell by 4,000 (-1.6%). The number of active plans is down 100,000 (-12%) from last month. An additional 155,000 plans are up for extension or removal in January. However, less than a third are expected to expire, meaning exit volumes will lessen moving forward. New plan starts rose again, reaching their highest…

Interest Rates Jump to 3.45%

Mortgage rates jumped significantly this week, up to an average of 3.45% from 3.22%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.45%. A year ago at this time, the 30-year FRM averaged 2.79%. “Mortgage rates rose across all mortgage loan types, with the 30-year, fixed-rate mortgage increasing by almost a quarter of a percent from last week,” said Sam Khater, Freddie Mac’s Chief Economist. “This was driven by the prospect of a faster than expected tightening of monetary policy in response to continued inflation exacerbated by uncertainty in labor and supply chains. The rise in mortgage rates so far this year has not yet affected purchase demand, but given…

Morning Roundup (1/13/2022)– Foreclosure Filing All-Time Low, Mortgage Applications Up

Good Morning! Today is Thursday, January 13. Donald Trump endorsed booster shots and said politicians who hid their vaccination status were “gutless.” Kevin McCarthy, the top House Republican, said he would not cooperate with the House committee investigating the Capitol riot. More than 8,000 unionized employees at Kroger’s King Soopers stores in Denver went on strike on Wednesday. And in mortgage and housing news… Mortgage Applications Up: Mortgage loan application volume rose 1.4% from last week, though refis once again fell, MBA reported. All-Time Low: ATTOM’s Year-End Foreclosure Market Report found foreclosure filings dropped to an all-time low in 2021, down 95% from a peak of nearly 2.9 million in 2010. Forty-Year High: The BLS’s Consumer Price Index reported that…

More Than $1 Million To Be Given Away During Super Bowl LVI Squares Sweepstakes

By KIMBERLEY HAAS Leaders at Rocket Mortgage say entries are open for the world’s largest official game of Super Bowl squares. The Detroit-based company announced on Wednesday that two grand prize winners will receive $500,000 each that can go toward a dream home. $50,000 will be awarded every time the score changes. Bob Walters, CEO of Rocket Mortgage, said watching the Super Bowl has been a staple of American culture for the last 55 years. Introducing the Rocket Mortgage Super Bowl Squares in 2020 has elevated that experience for millions of viewers across the country, he said. “Past winners have had their lives transformed and we are eager to give more Americans that opportunity again this year,” Walters said in…

Foreclosures Activity Hits Record Low

ATTOM Data Solution’s Year-End 2021 U.S. Foreclosure Market Report found foreclosure filings dropped 29% from 2020 and were down 95% from a peak of nearly 2.9 million in 2010. It is the lowest level since ATTOM began tracking filings in 2005. Properties with foreclosure filings–default notices, scheduled auctions, and bank repossessions– made up 0.11% of all U.S. housing units, down from 0.16% in 2020. “The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company.  The report is heartening from a broad view of foreclosure filings in the US. However, it found that filings increased as protections expired, pushing rates closer to pre-pandemic levels. A total of…

Loan Applications Up, Though Refis Continue Trending Down

Mortgage loan application volume rose 1.4% from last week, though refinances once again fell, the Mortgage Bankers Association’s (MBA) weekly survey reported. The Market Composite Index, a measure of mortgage loan application volume, increased 1.4%. The seasonally adjusted purchase index rose 2%, while the unadjusted purchase index rose 51% and was 17% lower YOY. The refinance index fell 0,1% and was down 50% YOY. Refinances made up 64.1% of total applications, their lowest level in more than a month. Conventional refi applications are at their lowest level since January 2020. The survey attributed the drop in refinances to increasing interest rates. The 30-year fixed rate reached 3.52%, its highest level since March 2020, and the Fed signaled this week that…