The trend we address in this short narrative is the shrinking playing field for first-time homebuyers who are more and more being shut out of buying opportunities by institutional cash buyers and losing the attendant opportunity for the creation of generational wealth.
Category: News and Trends
May Mortgage Application Payments Rise to $1,897
Homebuyer affordability was largely unchanged in May, with the national median payment applied for by applicants up slightly to $1,897 from $1,889 in April, according to the Mortgage Bankers Association’s monthly Purchase Applications Payment Index.
Freddie Mac Multifamily Investment Index Drops
Freddie Mac, McLean, Va., said multifamily market investment conditions deteriorated in the first quarter as price appreciation and rising mortgage rates more than offset net operating income growth.
Dealmaker: M&T Realty Capital Corp. Provides $39M
M&T Realty Capital Corp., Baltimore, provided $39.1 million to refinance apartment communities in Connecticut and New York.
CoreLogic: 7.8 Million U.S. Properties at Risk of Hurricane-Force Wind, Storm Surge Damage
CoreLogic, Irvine, Calif., said its risk modeling shows nearly 7.8 million homes with more than $2.3 trillion in combined reconstruction cost value are at risk of hurricane-related damages.
ACES: 4Q Critical Defect Rate Rises to 1.95%
The company’s Q4 Mortgage QC Industry Trends Report found the overall critical defect increased 0.08% to 1.95%, a change of 4% from the prior quarter, as lenders transitioned to a purchase-heavy lending environment.
Home Flipping Spikes; Profits Don’t
ATTOM, Irvine, Calif., reported a sharp increase in home flipping in the first quarter—but profits did not necessarily follow suit.
People in the News June 23, 2022: Sandra Thompson Sworn in as FHFA Director
Sandra L. Thompson was sworn in June 22 to a five-year term as the third Senate-confirmed Director of the Federal Housing Finance Agency.
MBA Human Resources Symposium Sept. 8-9
The Mortgage Bankers Association’s annual Human Resources Symposium takes place Sept. 8-9 in Arlington, Va.
Call for Entries: MBA DEI Leadership Awards–Deadline Aug. 5
The Mortgage Bankers Association is now accepting entries for its annual Diversity, Equity and Inclusion Residential Leadership Awards; entry deadline is Friday, Aug. 5.