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Another Massive Jump in Builder Confidence

New Home Sales Expected to Surge

Mortgage Application Volume is Up, Forbearances Continue to Wane

Forecasters See Surprisingly Strong Housing Rebound, But There...

Delinquencies Spike in April as Pandemic Data Rolls In

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New Home Sales Expected to Surge; Mortgage Apps Increase; Rates Resilient

Published: 7/15/2020

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Forbearance Volume Continues, but at a Slower Pace

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by Jann Swanson on May 15 2020, 8:37 AM

In its May 5 report on the number of COVID-19 forbearance plans in effect, Black Knight said the rate of new plans had slowed , but speculated they could pick up again as the May mortgage payments came due. As of May 12, that had not happened. The company...
Despite Record Unemployment, Delinquencies are Still Down From Last Year

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by Jann Swanson on May 14 2020, 10:27 AM

The national delinquency rate rose significantly in the first quarter of 2020, driven largely by a surge in the early stage rates. The Mortgage Bankers Association said the rate of loans on one-to-four-unit residential properties rose 59 bps (bps) compared...
FHA Borrowers Offered New Option for Catching Up on Loans

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by Jann Swanson on May 14 2020, 8:08 AM

The Federal Housing Finance Agency (FHFA) and both GSEs (Fannie Mae and Freddie Mac) have announced a new option for homeowners in COVID-19 forbearance plans , to eventually return their mortgages to performing status. As part of the CARES Act, a borrower...
Refi Boom Remains Steady as Purchase Demand Continues to Heal

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by Jann Swanson on May 13 2020, 6:11 AM

Last week was yet another good one for purchase mortgage activity and refinancing, while continuing to fade, was still at double its pace of a year ago. The Mortgage Bankers Association (MBA) said the upshot was a slight increase in its Market Composite...
Pre-Lockdown Home Prices Increase by Double-Digits in Some Metros

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by Jann Swanson on May 12 2020, 12:10 PM

Home prices really ramped up in the first quarter of 2020 as inventory failed to make significant gains. The National Association of Realtors® (NAR) said the median single-family home in the quarter sold at $274,600, a 7.7 percent annual increase...
Calm Before the Storm: Delinquency Rates Hit New Lows in February

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by Jann Swanson on May 12 2020, 6:18 AM

CoreLogic's Loan Performance Insights Report has shown only incremental changes, primarily declines, in most of its measures of delinquency. The most recent report, covering February, is more of the same, marking the 26 th straight month that delinquency...
Local Governments are Preparing for Forbearance Fallout

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by Jann Swanson on May 11 2020, 9:22 AM

The economic consequences of the COVID-19 pandemic are increasingly clear, and so are the results of some efforts to alleviate financial hardships. Ginnie Mae and the Federal Housing Finance Agency have mandated servicers of FHA, VA, and GSE (Fannie Mae...
Servicers on the Hook as 4.1 Million Loans Now in Forbearance

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by Jann Swanson on May 08 2020, 10:58 AM

Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report which covered plans put into effect by mortgage servicers through April 30. The new total represents 7.3 percent of all...
Fannie Mae Sentiment Index Plunges to Nine-Year Low

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by Jann Swanson on May 07 2020, 5:05 PM

Fannie Mae's Home Purchase Sentiment Index (HPSI) plummeted 17.8 points in April. Combined with its 11.7-point loss in March the Index is at 63.0, its lowest reading since November 2011. Several of its components are now in net negative territory. The...
FHFA Extends Emergency Loan Processing Changes

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by Jann Swanson on May 06 2020, 2:07 PM

The Federal Housing Finance Agency (FHFA) has extended several of the " flexibilities " it announced in March to assist mortgage originators in processing loans for Fannie Mae and Freddie Mac during shutdown associated with the COVID-19 emergency. The...
Purchase Volume on Three-Week Winning Streak

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by Jann Swanson on May 06 2020, 4:59 AM

Applications for purchase mortgages increased for the third straight week, keeping overall activity during the week ended May 1 virtually unchanged from the previous week. Refinancing, while drifting lower, still provided the largest share of the market...
Agencies are Cutting Access to Mortgage Data for Low-Income Borrowers

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by Jann Swanson on May 05 2020, 11:57 AM

Two Urban Institute (UI) analysts have raised an alarm about changes to federal regulations that threaten to limit access to important data about the mortgage market and credit availability for low and moderate-income borrowers and communities. Most of...
Home Price Growth Slows, Mostly Unchanged in April

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by Jann Swanson on May 05 2020, 7:48 AM

CoreLogic's Home Price Index for March showed that the spring market started out strongly, with price appreciation from the previous month of 1.3 percent compared to a gain of 0.6 percent from January to February. The annual increase was 4.5 percent,...
Forbearance Problem Remains Huge, But The Pace is Slowing

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by Jann Swanson on May 04 2020, 4:05 PM

The Mortgage Bankers Association (MBA) has confirmed the findings that Black Knight reported on Monday morning that, while the number of forbearances in effect as a result of the COVID-19 pandemic continues to rise, the rate of increase slowed as April...
Healthcare and Public Safety Expenditures Boost Construction in April

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by Jann Swanson on May 04 2020, 10:29 AM

Construction spending posted a gain in April, rising 0.9 percent to a seasonally adjusted annual rate of $1.36 trillion from a revised estimate of $1.35 trillion in February. This was a 4.7 percent rate of growth compared to March 2019 when the rate was...

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