MBA’s President and CEO Bob Broeksmit, CMB, released a statement on the “ROAD to Housing Act,” a broad housing bill recently introduced by Senator Tim Scott (R-SC) and seven of his Senate Banking Committee colleagues.
Category: News and Trends
MBA Thanks Princess Mackie Book Challenge Participants
MBA launched the Princess Mackie Book Challenge to promote financial education and develop new tools to help children and families learn more about homeownership. This week, MBA would like to highlight Fargo Home Mortgage.
NAR: Existing-Home Sales Down 2.5% in August
The National Association of Realtors, Chicago, reported existing-home sales fell 2.5% in August from July, to a seasonally adjusted annual rate of 3.86 million.
ATTOM: Home Flipping Activity Dips, but Profits Up in Q2
ATTOM, Irvine, Calif., released its second-quarter 2024 U.S. Home Flipping Report, finding that 79,540 single-family homes and condos were flipped in the quarter.
MBA: Commercial and Multifamily Mortgage Debt Outstanding Increased Modestly in Second-Quarter 2024
The level of commercial/multifamily mortgage debt outstanding increased by $31.4 billion (0.7%) in the second quarter of 2024, according to the Mortgage Bankers Association’s latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.
Quote: Sept. 19, 2024
“Mortgage rates likely had this cut–and this expected rate path–priced in, and lower mortgage rates, now close to 6%, have resulted in much more refinance and some additional purchase activity in recent weeks. We do expect that if mortgage rates remain near these levels, it will support a stronger than typical fall housing market and suggest that next spring could see a real rebound in activity.”
–Mortgage Bankers Association SVP and Chief Economist Mike Fratantoni
Fed Cuts Interest Rates 50 Basis Points; MBA Economist Weighs In
The Federal Reserve cut interest rates by 50 basis points Sept. 18.
Housing Starts See Bump in August
The U.S. Census Bureau and U.S. Department of Housing and Urban Development announced an increase in housing starts in August.
Nearly Half of Renter Households Cost-Burdened, Census Bureau Reports
Over 21 million renter households spent more than 30% of their income on housing in 2023; representing nearly half of the renter households for whom rent burden is calculated, the Census Bureau reported.
Joey Halligan–The Importance of Portfolio Management Within Client Services [Sponsored by Selene Finance]
Joey Halligan, Senior Vice President of Portfolio Management at Selene Finance, provides his thoughts on the importance of portfolio management within client services.