The Mortgage Bankers Association’s monthly Loan Monitoring Survey reported loans in forbearance decreased by 7 basis points to 0.74% of servicers’ portfolio volume as of July 31, from 0.81% in June. MBA estimates 370,000 homeowners remain in forbearance plans.
Home builder confidence has turned into downright pessimism. The National Association of Home Builders/Wells Fargo Housing Market Index fell in August for the eighth straight month to its lowest level in more than two years.
Commercial real estate executives are expressing concern about upcoming economic headwinds but believe CRE will avoid the most severe damage, reported Trepp LLC, New York.
This week’s MBA Chart of the Week highlights the relationship between MBA’s mortgage delinquency rate and two economic indicators, the unemployment rate, and year-over-year changes in headline inflation – measuring the price of goods and services in the economy.
The Federal Housing Finance Agency promoted three employees to its executive staff. Naa Awaa Tagoe will serve as the Deputy Director for the Division of Housing Mission and Goals; Joshua Stallings will become Deputy Director for the Division of Bank Regulation; and Chris Dickerson will continue in his role as Senior Advisor to the Director in a permanent capacity.