MND NewsWire

MND NewsWire : Housing and Economic News

Last feed update: Saturday May 26th, 2018 11:55:31 AM

Homebuyers Battle the Trifecta: Rates, Inventory, and Prices

Friday May 25th, 2018 02:18:21 PM Jann Swanson
The May edition of Freddie Mac's monthly Outlook, produced by its Economic & Housing Research Group, is focused on the resiliency of the American homebuyer. It notes that, "Through the first five months of 2018, home shoppers have battled the trifecta of climbing home prices, higher mortgage rates ...

Flipping; Turning into a Dangerous Game?

Friday May 25th, 2018 12:10:12 PM Jann Swanson
CoreLogic says flipping is back.  The term applies to the act of buying, renovating and/or repairing a house, then reselling it, all within a short timeframe.  Investors who specialize in flipping are always out there, but when prices are rising, or appear about to, lots more people join in ...

Existing Home Sales Reverse Course, Down 3%

Thursday May 24th, 2018 03:00:28 PM Jann Swanson
Existing home sales put an end to two straight months of gains, retreating in April on both a monthly and annual basis.  The National Association of Realtors® said the sales of single-family homes, townhouses, condos, and cooperative apartments dropped by 2.5 percent from March's estimate of ...

Home Price Index Shows Signs of Losing Momentum

Thursday May 24th, 2018 02:29:47 PM Jann Swanson
Home prices in the first quarter of 2018 were 1.7 percent higher than at the end of the fourth quarter of last year.  The Federal Housing Finance Agency said its Housing Price Index (HPI) gained 6.9 percent when compared to the level at the end of March 2017.  On a monthly basis prices were ...

Tax Cut Gains Forecast to Fade Away in 2019

Thursday May 24th, 2018 01:08:17 PM Jann Swanson
Fannie Mae is backing down slightly on its economic forecast for the remainder of 2018.  The first quarter GDP growth of 2.3 percent was the slowest in a year, down from 2.9 percent a year earlier.  The company's economists, led by vice president and chief economists Doug Duncan, say they expect ...

April Delinquencies Improve Despite Historic Pattern

Thursday May 24th, 2018 12:41:30 PM Jann Swanson
Loan performance continued to improve in April, even though Black Knight says mortgage delinquencies have a historic pattern of increasing during that month.  The overall delinquency rate declined 1.6 percent from March to a national rate of 3.67 percent.  That rate is down by 10.17 percent ...

Houses Passes S2155, Unwinds Less of Dodd-Frank Than Hoped

Wednesday May 23rd, 2018 03:21:43 PM Jann Swanson
The House of Representatives passed a sweeping overhaul of regulations included in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act on Tuesday.  Senate Bill 2155, which passed the upper house in March, received a 258 to 259 vote in the House.  It now goes to the White House ...

New Home Sales Continue to Improve on Annual Basis

Wednesday May 23rd, 2018 02:44:17 PM Jann Swanson
New home sales dipped in April, a reversal that was expected by many analysts. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes during the month were at a seasonally adjusted annual rate of 662,000 units.  This is 1.5 percent below ...

Freddie Mac to Address Origination Barriers for Young Buyers

Wednesday May 23rd, 2018 01:15:47 PM Jann Swanson
Reams of data have been gathered about what appear to be significant changes in the profile of younger homebuyers and consequently mortgage borrowers.  This usually means the Millennial generation, but recently Gen Z, those born in 1995 and later have begun moving into homeownership as well.  A ...

Refinance Applications Near 18-Year Low

Wednesday May 23rd, 2018 12:17:28 PM Jann Swanson
Mortgage rates surged significantly during the week ended May 18, sending mortgage activity skidding for the fifth straight week.  The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of mortgage loan application volume, dropped by 2.6 percent on a seasonally adjusted ...

Increasing Number of Homes Built as Rental Property

Tuesday May 22nd, 2018 04:18:59 PM Jann Swanson
As if the new home inventory wasn't tight enough, the National Association of Home Builders (NAHB) say a higher proportion of those homes are being built as rentals rather than owner occupancy.  Robert Dietz, writing in NAHB's Eye on Housing blog says the numbers are small, but the increase has ...

Nullification of Auto Loan Rule Has Broad Implications

Tuesday May 22nd, 2018 02:19:28 PM Jann Swanson
It only impacts auto lending, but if Mick Mulvaney, acting director of the Consumer Financial Protection Agency (CFPB) keeps his word, a Congressional resolution signed by the President on Monday is likely to have an eventual impact on mortgage and other lending as well.  The Joint Resolution, S.J. ...

Will "Freeing" Fannie/Freddie Improve Housing Finance?

Monday May 21st, 2018 07:07:24 PM Jann Swanson
In a prior article we summarized the options the Trump Administration might utilize to reform the residential mortgage financing system should Congress continue to drop the ball.  Two noted economists, Jim Parrott and Mark Zandi, writing for the Urban Institute, address the notion of shrinking Fannie ...

Lenders: Income Verification Needs for "Gig" Economy

Monday May 21st, 2018 03:10:55 PM Jann Swanson
Late last year Fannie Mae included questions in one of its National Housing Surveys about working in the "gig" economy.  About a fifth of respondents claimed they earned at least some of their income through such employment.  Gig-economy workers tend to have flexible work arrangements, working ...

Automated Construction - Robot Frames Small Home in Two Days

Monday May 21st, 2018 02:36:00 PM Jann Swanson
Last week the National Association of Home Builders (NAHB) reported that severe shortages of construction tradespeople were slowing homebuilding and increasing costs. The shortages, as reported by NAHB's new home builder members, affected all trades from rough carpenters to plumbers and masons.  ...

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