Independent mortgage banks and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $534 on each loan they originated in the second quarter, an improvement from the reported loss of $1,972 per loan in the first quarter of 2023, according to the Mortgage Bankers Association’s Quarterly Mortgage Bankers Performance Report.
Category: News and Trends
Net Lease Cap Rates Expand For Fifth Consecutive Quarter
Single-tenant net lease cap rates increased for the fifth consecutive time in the second quarter, the Boulder Group reported.
Redfin: New Builds Make Up More Than 30% of Single-Family Market
Redfin, Seattle, reported that newly built properties made up 31.4% of single-family homes on the market in the second quarter, due in large part to continued supply constraints.
To the Point With Bob: Rent Control Will Deepen the Affordable Housing Crisis
In a new blog post, MBA President and CEO Bob Broeksmit, CMB, explains why rent control policies will perpetuate the housing supply-demand disconnect.
Agustin Del Rio: Bulls, Bears and Mortgages
As the financial winds of the pandemic swirled, the mortgage market took center stage in the economic theatre. Its performance? Spellbinding highs followed by precipitous lows, a dramatic rollercoaster that even seasoned Wall Streeters couldn’t ignore.
Housing Starts Increase in July
Housing starts in July were at a seasonally adjusted annual rate of 1,452,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced.
Quote: Aug. 18, 2023
“After 11 consecutive quarters of increases, origination costs declined by over $2,000 per loan during the second quarter of 2023.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis
Builder Confidence Falls as Mortgage Rates Rise
Homebuilder confidence retreated in August as mortgage rates approached 7% and stubbornly high shelter inflation further eroded housing affordability, the National Association of Home Builders and Wells Fargo reported.
CONVERGENCE: Navigating the Obstacles in Multifamily Housing: Perspectives from the Affordable Rental Housing Advisory Council–Aug. 29
The demand for affordable housing continues to outstrip supply, and steep rental increases exacerbate the problem. Policy measures alone won’t solve these issues. MBA members have sought innovative ways to address the ongoing challenges in this space.
Industry Briefs Aug. 18, 2023
Industry briefs from Mobility Market Intelligence, Valligent and Xactus.