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What happens to homeowners and landlords when the federal, state, and local protections put in place during the pandemic go away? The Consumer Financial Protection Bureau (CFPB) is warning that the answer is hanging in the balance. Moratoria on foreclosures and evictions coupled with widespread availability of forbearance plans have held disaster at bay, but CFPB says 2.1 million families are behind at least three months on mortgage payments, and another 8.8 million are behind on rent. The aggregate 11 million represent 10 percent of total U.S. households. Homeowners alone are estimated to owe almost $90 billion in missed payments. The last time this many families were behind on their mortgages was during the Great Recession. "Put simply," the report says, " we have very little time to prevent
Housing News
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What happens to homeowners and landlords when the federal, state, and local protections put in place during the pandemic go away? The Consumer Financial Protection Bureau (CFPB) is warning that the answer is hanging in the balance. Moratoria on forec... (read more)
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Housing News
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CoreLogic says home prices in January were 10 percent higher than a year earlier. It was the first double digit increase in the company's Home Price Index (HPI) since November 2013 . The company had reported a 9.2 percent annual increase in December.... (read more)
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MBS Commentary
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Much Better Day For Bonds. Dare We Discuss It?
A fairly flat morning gave way to an afternoon rally, especially for MBS. 10yr yields made "lower highs" for the 3rd day in a row today. Getting... (read more)
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Mortgage Rate Watch
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Rising rates have been on the menu for months, but the drama kicked into a higher gear this week. Maybe you heard about this? We've certainly been discussing it in recent newsletters ( especially last week's ). The rising rate narrative hit the mains... (read more)
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Rob Chrisman
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As a kid, magic tricks are amazing because we think there is magic. As an adult, magics tricks are amazing because we know there is no magic. Lenders know that financing a home is not magic, done through sleight of hand. Quite the opposite. Getting a... (read more)
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Housing News
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Construction expenditures started 2021 displaying the same imbalance between the growth of residential and non-residential spending that had dominated much of 2020. The U.S. Census Bureau said overall spending in January was at a seasonally adjusted ... (read more)
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