On Thursday, the Senate passed the fiscal year 2020 domestic “minibus” appropriations bill (H.R. 1865), which now awaits the president’s signature. Significant provisions supported by MBA – such as another $20 million tranche for Federal Housing Administration single-family technology upgrades, specific real-estate-related tax extenders, and a status quo extension of the National Flood Insurance Program through September 30, 2020 – were included in the package.
The Mortgage Bankers Association and other industry trade groups last week commended HUD for making recommended changes to FHA-insured mortgages and urged the department to move forward to implementation.
Zillow, Seattle, said despite slowing home price growth, home buyers are still feeling the pinch because of low housing inventories and rising rents. In a separate report, Redfin, Seattle, said home price value continued to accelerate, reaching their highest levels since July 2018.
In the third quarter, homeowners’ equity in real estate reached $18.7 trillion--continuing a run of consecutive quarterly increases dating back to 2012.