The Mortgage Bankers Association, in an updated baseline forecast, said total commercial and multifamily mortgage borrowing and lending is expected to fall to $766 billion this year, down 14 percent from 2021 totals ($891 billion).
On Wednesday, in a follow-up to last week’s White House meeting, MBA President and CEO Bob Broeksmit, CMB, sent a letter to key Biden administration officials, reiterating MBA’s recommendations on addressing housing supply and affordability challenges across the country. House and Senate lawmakers passed a Continuing Resolution ahead of the September 30 government funding deadline to avert a federal shutdown.
CoreLogic, Irvine, Calif., said Mortgage Delinquencies fell in July, marking the 16th consecutive annual drop. The Loan Performance Insights Report said foreclosures rose slightly from a year ago in two-thirds of metro areas, but the national rate remains near a record low.
Last week, the Federal Housing Finance Agency released its Purchase-Only House Price Index for July. The HPI was down 0.6% from the previous month, although up 13.9% from July 2021. The HPI has increased by nearly 120% since March 2012 (yellow line), and is up 39% since the start of the COVID-19 pandemic in March 2020.
Redfin, Seattle, reported 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went under contract that month. That’s up from 12.1% a year earlier and is comparable with July’s revised rate of 15.5%.