HousingWire, Sept. 21, 2017–Kelsey RamirezAcross the nation, home prices increased in July, however on region in the Midwest a decrease from the month before, according to the latest House Price Index from the Federal Housing Finance Agency.
Category: Top National News
Fed Says Total U.S. Household Net Worth Rose in Second Quarter
Wall Street Journal Sept. 21, 2017–Eric Morath (subscription)The total net worth of U.S. households pushed further into record territory, climbing by $1.7 trillion in the second quarter, to $96.2 trillion, the Federal Reserve said.
Refis to Pull Down Mortgage Originations in 2018
Mortgage Daily, Sept. 21, 2017National mortgage production from all U.S. home lenders is then projected to fall to $413 billion during the final-three months of this year. That is according to the September 2017 Economic & Housing Market Forecast from Freddie Mac.
Mortgage Rates Rise, VA Rates Lowest
Mortgage Daily, Sept. 21, 2017–Sam GarciaAfter nearly two months without an increase, mortgage rates moved higher this past week. Rates on home loans for veterans remain the lowest, said Ellie Mae.
Mortgage and Banking Groups Express Concern Over Efforts to Derail an Overhaul of Fannnie Mae, Freddie Mac
The Hill, Sept. 21, 2017–Vicki Needham (MBA mention)The groups on Thursday wrote a letter to Treasury Secretary Steven Mnuchin and Mel Watt, director of the Federal Housing Finance Agency, calling on them to help usher through bipartisan legislation in Congress to reform the housing finance system and end government control of the two entities.
GOP Undeterred on Arbitration Rule Repeal Despite Wells, Equifax
National Mortgage News, Sept. 21, 2017–Ian McKendry (subscription)Democrats have striven to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering on their desire to overturn it.
Second FHA Tour Would Be Much Different for Montgomery
National Mortgage News, Sept. 21, 2017–Brian Collins (subscription)Nominated last week as FHA commissioner, Brian Montgomery would lead an agency with a much better delinquency rate, but face new challenges.
Leading Economic Indicators Increase 0.4 Percent, More than 0.2 Percent Expected
CNBC, Sept. 21, 2017–Michael SheetzLeading indicators increased 0.4 percent in August, greater than the 0.2 percent increase economists polled by Reuters anticipated. This is up from a gain of 0.3 percent in the prior month, according to the Conference Board.
U.S. Jobless Claims Fall; Hurricanes Still Affecting Data
Reuters, Sept. 21, 2017–Lucia MutikaniAmericans filing for unemployment benefits unexpectedly fell last week, but the near-term outlook for the labor market was muddied by the continuing impact of Hurricanes Harvey and Irma.
One Crucial Lesson from Canada’s Crazy Housing Market
GoRion, Sept. 20, 2017–Sam BourgiAnalysts have rightly noted strong parallels between Canada’s current housing market and the one that precipitated the U.S. subprime mortgage crisis back in 2007. But there’s one saving grace that may help our northern neighbor avoid a similar fate. Canada’s mortgage standards have grown stricter as the market runs hotter, which is the opposite of what happened when U.S. housing prices approached their peak in 2007.