World Property Journal, Jan. 4, 2019–Monsef RachidAccording to the Mortgage Bankers Association’s third quarter of 2018 Commercial/Multifamily DataBook, as researched by Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research; the overall U.S. economic strength in the first three quarters of 2018 has further tightened the job market.
Category: Top National News
Challenges Mount for Mortgage Lenders as Shutdown Persists
American Banker, Jan. 4, 2019–Hannah Lang (subscription)Although the partial government shutdown has not yet been long enough to significantly hamper the mortgage market, lenders and borrowers may already be feeling the strain.
Economists Ask ‘What Recession?’ After ‘Blowout Jobs Report
MarketWatch, Jan. 4, 2019–Robert Schroeder “With the latest revisions, the average job growth over the last three months – at 254,000 – is remarkably strong,” said Mortgage Bankers Association Chief Economists Mike Fratantoni.
Servicers Treating Government Shutdown Like a Natural Disaster
National Mortgage News, Jan. 4, 2019–Paul Centopani (free story)As the government shutdown enters its third week, mortgage servicers are activating the response plans they normally use during hurricanes and wildfires to assist federal workers who may have trouble paying their mortgages.
Housing Bear Who Called 2018 Slowdown Says Worst Yet to Come
Bloomberg, Jan. 7, 2019–Prashant GopalJames Stack, who predicted the 2008 real estate crash and nailed last year’s housing slowdown with uncanny timing, is back with some bad news for 2019.
Regulatory Competition is Hot Again–And That’s Worrisome
American Banker, Jan. 6, 2019–Kevin Wack (subscription)Before the financial crisis, federal and state regulators unabashedly pitched their charters to banks as the better choice. Now regulatory competition is back, despite warnings that such jousting might result in lax oversight.
Future Houses: Bigger But Better
UEXpress, Jan. 4, 2019–Lew SichelmanAccording to the latest data from the U.S. Census Bureau, the average house in last year’s third quarter declined to 2,495 square feet. And the National Association of Home Builders says house sizes have been falling for the last three years as builders add more entry-level houses to their product mix.
Mortgage Applications Plummet Nearly 10% to End 2018, Despite Lower Rates
CNBC, Jan. 3, 2019–Diana OlickTotal mortgage application volume dropped 9.8 percent at the end of last week from two weeks earlier, according to the Mortgage Bankers Association’s seasonally adjusted index.
Mortgage Rates Continue Five-Week Slide, Plunging to Levels Not Seen in More than Four Months
Washington Post, Jan. 3, 2019–Kathy OrtonFor more than a month, mortgage rates have been in a free fall. Stock market volatility, global trade worries and the government shutdown are pushing rates down to their lowest levels since August. (MBA mention)
New Aircraft, Beers on Hold as Businesses Feel Shutdown Pain
Bloomberg, Jan. 4, 2019–Jennifer A Dlouhy, Ari Natter, Alan LevinDecember and January are quiet months in the real estate industry, but “if this goes beyond another week, it’s going to delay closings,” said Pete Mills, senior vice president of policy at the Mortgage Bankers Association.