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…

Morning Roundup (1/12/2022)– Credit Availability Up, Delinquencies Down

Good Morning! Today is Wednesday, January 12. In an effort to keep kids in schools, the Biden administration will ship five million free rapid Covid-19 tests to K-12 schools each month. Celebrities including Kim Kardashian, Floyd Mayweather Jr., and Paul Pierce are being sued for allegedly leading investors into a cryptocurrency “pump and dump” scam. Maya Angelou has become the first Black woman on a quarter. And in mortgage and housing news… Credit Availability Up: Mortgage credit availability rose in December, according to MBA’s Mortgage Credit Availability Index. Zillow CDO: Zillow has hired Jenny Arden as the company’s first Chief Design Officer. Delinquencies Down: Mortgage delinquency fell to 3.8% in October 2021, down 2.3% YOY, according to CoreLogic’s latest Loan…

Pending Home Sales Fell In November

Pending home sales dropped 2.2% in November, a 2.7% decrease year-over-year (YOY), according to the National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI). The PSHI, which predicts home sales based on contract signings for existing homes, fell to 122.4. An index of 100 is equal to signing activity in 2001. “There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” said Lawrence Yun, NAR’s chief economist.  “While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability.” Signings declined in all four…

Morning Roundup (12/23/2021)– Holiday Buying, Existing Home Sales Up

Good Morning! Today is Thursday, December 23. The F.D.A. authorized Pfizer’s Covid treatment pill for high-risk patients. The Biden administration extended a moratorium on student loan repayments until May 1. Authorities in Texas are investigating a “major industrial accident” at an Exxon Mobil plant.And in mortgage and housing news… A New Home For The Holidays?: It may be the week before Christmas, but that doesn’t mean potential homebuyers aren’t out searching for their perfect piece of real estate. Guaranteed Rate Leadership: Guaranteed Rate has appointed two new Divisional Managers, Ryan Ogata and Tim Sorenson. Existing-Home Sales Up: Existing-home sales rose 1.9% in November to a seasonally adjusted annual rate of 6.46 million, while inventory fell 13.3% YOY, NAR reported. Potential…

Morning Roundup (12/13/2021)– Mortgage Credit Down, OCC Reports Improvement

Good Morning! Today is Monday, December 13. At least 90 people are dead after tornadoes leveled 250 miles across six states. Stock buybacks hit a record $234.5 billion in Q3 as companies responded to pandemic hardship. Chris Wallace is leaving Fox News to join CNN. And in mortgage and housing news… Reality Check: There will be more houses on the market in 2022 because of the number of people who have died due to COVID-19 and its variants, a sobering reality was highlighted during the National Association of Real Estate Editors conference in Miami, Fla., last week. Mortgage Credit Down:  Mortgage credit availability shrank in November, falling by 0.6% to 124.9, according to MBA’s Mortgage Credit Availability Index. OCC Reports…

Pending Home Sales Rebounded In October

Pending home sales rebounded in October after a September drop, though the year-over-year (YOY) numbers were mild, according to the National Association of Realtor’s (NAR) Pending Home Sales Index. The Index, which is based on contract signings, rose 7.5% to 125.2 in October. An index of 100 is equivalent to the level of contract activity in 2001.  However, signings fell 1.4% YOY.  “Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later,” said Lawrence Yun, NAR’s chief economist.  “This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still…

Morning Roundup (11/22/2021)– Existing-Home Sales Up, Investors Sue Zillow

Good Morning! Today is Monday, November 11. Kyle Rittenhouse was acquitted on all charges. An SUV that drove into a Wisconsin holiday parade killed at least five people and wounded 40. Two Fox News contributors resigned in protest of a Tucker Carlson documentary featuring debunked conspiracy theories. And in mortgage and housing news… Existing Home Sales: Existing-home sales rose in October for the second month straight, though sales year-over-year are down 5.8%. Zillow Lawsuit: Investors are suing Zillow, saying they made misleading statements about the financial security of Zillow Offers. The law firm helming the claim has put out a call for investors who lost big to join in. Auctions This Week: The Treasury Department is holding auctions for two-,…

Existing-Home Sales Up 0.8% in October

Existing-home sales rose in October for the second month straight, though sales year-over-year (YOY) dropped, according to the National Association of Realtors. Sales of existing homes rose 0.8% from September to October, at a seasonally adjusted rate of 6.34 million. However, sales fell 5.8% YOY, down from 6.73 million in October 2020. “Home sales remain resilient, despite low inventory and increasing affordability challenges,” said Lawrence Yun, NAR’s chief economist. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.” Though sales were down compared to the same time last year, prices were up: the median price for an existing home was $353,900, up 13.1% from October…

MBA: Purchase Applications Tick Up, Offset Low Refi Rates

Mortgage loan application volume fell 2.8% last week, driven again by low refinance applications, the Mortgage Bankers Association’s (MBA) weekly survey reported. The Market Composite Index, which measures application volume, fell 2.8% on an adjusted basis. The Refinance Index dropped 5% and was 31% lower than a year ago, rebounding from last week’s drop to its lowest level since July 2021. The seasonally adjusted Purchase Index rose 2%, while the unadjusted Purchase Index fell 2% compared to the week before, down 6% from the previous year. “Refinance applications decreased for the seventh time in eight weeks, as mortgage rates moved higher after two weeks of declines,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.  But the…

RPT: Median Home Spent Just One Week on Market, Setting New Record

A typical home spent just one week on the market before going under contract, according to a new report from the National Association of Realtors. Their annual Profile of Home Buyers and Sellers — “real estate’s definitive guide on home buyer and seller trends” — reported on the pace of home sales between July 2020 and June 2021. By comparison, the average in 2012 was eleven weeks. “Buyers moving quickly during the pandemic, coupled with all-time-low inventory, led to a decline in time on market to the shortest ever recorded, which was just one week,” said Jessica Lautz, vice president of demographics and behavioral insights at NAR. “Only a quarter of home sellers offered incentives to entice potential buyers, down from…