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Biggest Drop yet in Forbearances Brings us Back to April's...

Sure, Rates Are Low, But It's Getting Harder to Get a Loan

Realtors Report that their Customers are Back

Housing Market Confidence Continues to Bounce Back

Mortgage Application Volume Recovers its Momentum

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Biggest Drop Yet in Forbearances; Big Scary Reversal in Rates?

Published: 7/10/2020

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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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Biggest Drop yet in Forbearances Brings us Back to April's Levels

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by Jann Swanson on July 10 2020, 8:42 AM

Black Knight's weekly report on the numbers of mortgage loans in COVID-19 forbearance plans shows that a decline in those numbers of nearly a half million last week. More than 435,000 homeowners exited the plans, the largest drop yet. As of July 7, 4...
Sure, Rates Are Low, But It's Getting Harder to Get a Loan

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by Jann Swanson on July 09 2020, 3:03 PM

Credit tightening is becoming more evident according to the Mortgage Bankers Association (MBA). Its Mortgage Credit Availability Index fell to a reading of 125.0 in June, a loss of 3.3 percent . A decline in the index indicates stricter lending standards...
Realtors Report that their Customers are Back

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by Jann Swanson on July 09 2020, 10:36 AM

A new survey by the National Association of Realtors® (NAR) has found that the vast majority of its members feel as though their businesses are back on track. NAR says, "After enduring months of setbacks brought on by the coronavirus pandemic... more...
Housing Market Confidence Continues to Bounce Back

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by Jann Swanson on July 08 2020, 12:19 PM

Fannie Mae's Home Purchase Sentiment Index (HPSI) continued to rebound last month from its sharp retreat to near record lows in the Spring. The Index, based on selected responses to the company's National Housing Survey (NHS) fell an aggregate 29.5 points...
Mortgage Application Volume Recovers its Momentum

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by Jann Swanson on July 08 2020, 9:21 AM

Mortgage application volume bounced back into positive territory last week , even though banks and many businesses were closed on Friday for the Independence Day Holiday. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure...
Study Shows Low Housing Supply Leads to Gentrification

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by Jann Swanson on July 07 2020, 2:54 PM

A study by the Urban Institute (UI) has found a strong correlation between the home price to income ratio in an area and its rate of gentrification. The results are published on UI's Urban Wire blog in a post written by analysts Ellen Seidman, Jun Zhu...
2021 Could See First Decline in Home Prices in 9 Years

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by Jann Swanson on July 07 2020, 9:21 AM

Did the housing happy talk just get a little less so? CoreLogic's Housing Price Index Forecast (HPI) over the May 2020 to May 2021 window is seeing more rapid price deceleration in the face of the COVID-19 situation than did their previous 12-month forecast...
Construction Spending Showing Promise

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by Jann Swanson on July 06 2020, 1:48 PM

Despite any impact from the COVID-19 pandemic, construction spending is still largely managing to stay ahead of its 2019 levels . The U.S. Census Bureau said total spending in May was at a seasonally adjusted annual rate of $1.356 trillion, down 2.1 percent...
More Covid Data Rolls in, Are Refis Here to Stay?

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by Jann Swanson on July 06 2020, 11:24 AM

Black Knight has again taken a look at the number of Americans who could benefit significantly from refinancing their first mortgages, but the facts are shifting almost faster than they can report them. In its current Mortgage Monitor , the company reports...
Forbearance Plans Resume Downtrend After Last Week's Uptick

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by Jann Swanson on July 03 2020, 9:33 AM

The number of homeowners in COVID-19 forbearance dropped sharply this week, to the lowest level since the first week of May. The number of plans which hit a peak on May 22 then declined slowly over the next three weeks but shot up by nearly 80,000 loan...
CFPB Proposes New Escrow Rule

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by Jann Swanson on July 02 2020, 12:43 PM

The Consumer Financial Protection Bureau (Bureau) today issued a notice of proposed rulemaking (NPRM) that would amend Regulation Z of the Truth-in-Lending (TIL) Act. The rule would provide a new exemption for some insured depository institutions and...
Freddie Mac's Growth Slowed, Delinquencies Spiked in May

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by Jann Swanson on July 01 2020, 9:48 AM

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 5.5 percent in May compared to a 14.3 percent gain in April. The portfolio balance at the end of the period was $2.407 trillion compared to $2.396 trillion...
Purchase Apps Retreat Again as Inventory Dries Up

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by Jann Swanson on July 01 2020, 6:56 AM

Applications for both refinancing and purchase mortgages retreated last week , pulling the Mortgage Bankers Associations (MBA's) Market Composite Index lower for the second time in as many weeks. MBA said the index, a measure of application volume, declined...
Home Prices "Remarkably Stable" in April

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by Jann Swanson on June 30 2020, 9:51 AM

Home prices continued to hold up on a national basis in April. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.7 percent annual gain in April, up from 4.6 percent in March. The National...
Supreme Court Rules Single CFPB Director Unconstitutional

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by Jann Swanson on June 29 2020, 1:32 PM

The Supreme Court, in a 5-4 decision along partisan lines, took a chunk out of the intentions the Dodd-Frank Act had for the Consumer Financial Protection Bureau (CFPB) when it created it. The court ruled that the single-director structure of the agency...

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