The Week Ahead Aug. 23, 2021: Another Busy Week for Housing
Good morning! We hope you are enjoying this summer and are safe from forest fires, triple-degree temperatures, hurricanes, tropical storms, locusts, frogs and blight. Oh, and the apparent return of “murder hornets.”
It’s another busy week in Washington. Here are some topics we’re keeping an eye on:
First, Congress. The House is back for at least part of this week, as House Speaker Nancy Pelosi, D-Calif., has scheduled debate and votes beginning today (Aug. 23) on H.R. 3684 – Infrastructure Investment and Jobs Act, which passed the Senate earlier this month. Expect a lot of bipartisan debate this week. The debate/vote is scheduled to end on Tuesday, Aug. 24, but, as we always say, stay tuned.
The Senate remains in recess and is not scheduled to return until Sept. 9.
Second, the Mortgage Bankers Association kicks off another busy week of housing reports. The MBA weekly Forbearance & Call Volume Survey comes out this afternoon at 4:00 p.m. ET. The survey has shown drops in loans in forbearance for 24 consecutive weeks. MBA Chief Economist Mike Fratantoni will provide analysis and commentary in Tuesday’s MBA NewsLink.
MBA also releases its Weekly Mortgage Applications Survey this Wednesday, Aug. 25, with commentary and analysis from MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.
Third, Economic Reports. The monthly parade of housing reports continues this week, starting this morning with the Existing Home Sales report from the National Association of Realtors 10:00 a.m. ET). On Tuesday, the monthly New Residential Sales report from HUD/Census comes out, along with the S&P CoreLogic Case-Shiller Home Price Indices.
Other reports of interest this week: Chicago Fed National Activity Index (Monday); Philadelphia Fed Non-Manufacturing Survey (Tuesday); Richmond Fed Survey (Tuesday); Advance Durable Goods (Wednesday); Gross Domestic Product 2nd Release (Thursday); Initial Claims (Thursday); Personal Income and the PCE Deflator (Friday); and the University of Michigan Consumer Survey (Final) (Friday).
Fourth, the upcoming MBA Annual Convention & Expo, which takes place Oct. 17-20 at the San Diego Convention Center. Keynote speakers include New York Times best-selling authors Malcolm Gladwell and Brad Meltzer; and Academy Award- and Presidential Medal of Freedom Award-winning actress Rita Moreno.
Gladwell, whose newest book, The Bomber Mafia: A Dream, a Temptation, and the Longest Night of the Second World War, was inspired by the four-part series about General Curtis LeMay on his podcast “Revisionist History.” In it, Gladwell weaves together the stories of a Dutch genius and his homemade computer, a band of brothers in central Alabama, a British psychopath and pyromaniacal chemists at Harvard to examine one of the greatest moral challenges in modern American history. Gladwell will discuss his book with MBA Chair-Elect Kristy Fercho on Tuesday, Oct. 19.
Meltzer uses his trademark storytelling to emphasize the importance of knowing what really matters in your life. While saving the house where Superman was created, Meltzer started a quest to find out what his legacy might be. His funny, inspiring, and entertaining story will never let you look at your own life the same way again. Weaving together the historical stories of Abraham Lincoln, Amelia Earhart and even Superman, Meltzer helps you reevaluate what’s truly important: family, friends and those whole lives you touch by making an impact in your workplace. Meltzer will speak on Monday, Oct. 19.
Moreno is among just a handful of entertainers who have completed the “EGOT:” winning an Emmy (twice), a Grammy, an Oscar (for West Side Story) and a Tony Award. Her countless credits span more than seven decades, beginning with her Broadway debut at age 13. She has starred on Broadway and London’s West End, appeared in more than 40 feature films and countless television shows. And like Gladwell, she is a New York Times best-selling author with her first book, Rita Moreno: A Memoir, published by Celebra Books. She received the Presidential Medal of Freedom by President George W. Bush and the National Medal of Arts by President Barack Obama. Moreno will keynote the mPower Luncheon on Monday, Oct. 18.
The MBA Annual Convention & Expo is largest annual gathering of real estate finance professionals, this is the one event you need to gain access to the industry’s power players and innovators.
Be inspired and get informed by engaging speakers on the Main Stage; meet with hundreds of exhibitors in THE HUB and get hands-on access to the latest products and services; dive deep into Breakout Sessions to get the insight you need on all the facets of the business; connect with industry peers through unparalleled networking opportunities; Leave with actionable takeaways for future success.
For more information and to register for MBA ANNUAL 21, click here.
For information about other upcoming MBA conferences, click here.
For the most up-to-date information regarding legislative activity at the state and local level, visit the MBA State Legislative Database here.
For information about MBA Education events, visit http://www.mbaeducation.org.
For information about the National Association of Minority Mortgage Bankers of America (NAMMBA), visit https://www.nammba.org/.
Enjoy the week!
