Top National News Jan. 6, 2023
Here’s a summary of Top National News Items from major news sites and industry trade publications. To get started, click on the headline above:
Mortgage Rate Watchers are Closely Tracking the Labor Markets
HousingWire, Jan. 5, 2023–Flávia Furlan Nunes
Bob Broeksmit, MBA’s president and CEO, said “Although mortgage rates have increased slightly in recent weeks, MBA expects them to fall to around 5.2% by the end of 2023. We project lower rates and rising inventory levels as two positives for households wanting to buy a home in 2023.”
https://www.housingwire.com/articles/mortgage-rate-watchers-are-closely-tracking-the-labor-market/
Mortgage Interest Rates Expected to Drop in 2023–Here’s By How Much
CNBC, Jan. 5, 2023–Mike Winters
After home financing costs nearly doubled in 2022, some relief is in sight for potential homebuyers in 2023.
https://www.cnbc.com/2023/01/05/mortgage-interest-rates-expected-to-drop-in-2023.html
FTC Proposes Banning Noncompete Clauses for Workers
Wall Street Journal, Jan. 5, 2023–Dave Michaels (subscription)
The Federal Trade Commission on Thursday issued a plan to ban noncompete clauses, a proposal that would allow workers to take jobs with rival companies or start competing businesses but raises the prospect of legal opposition from companies that say the practice has a legitimate purpose.
https://www.wsj.com/articles/ftc-proposes-banning-noncompete-clauses-for-workers-11672900586?mod=hp_lead_pos4
Home Equity Lines, Second Mortgage Lending Spikes as Consumer Debt Soars
Orange County Register, Jan. 5, 2023–Jeff Lazerson
“Let the good times roll” might be the perfect tagline for credit card companies financing consumer debt in 2022. With consumer debt piling up, many homeowners might be unaware their home equity could offer lower interest rates and quicker debt resolution. (MBA mention)
https://www.ocregister.com/2023/01/05/home-equity-lines-second-mortgage-lending-spikes-as-consumer-debt-soars/
A Busy Year for Mortgage Legislation? Not Likely
Inside Mortgage Finance, Jan. 5, 2023–Brandon Ivey
It’s unlikely that any legislation with a significant impact on the residential finance sector will be signed into law in the next two years, according to industry analysts. With split control of Congress, any successful bills will require bipartisan support, which is hard to come by these days. “It will be a different kind of gridlock,” said Bill Killmer, senior vice president of legislative and political affairs at the Mortgage Bankers Association.
https://www.insidemortgagefinance.com/articles/226650-a-busy-year-for-mortgage-legislation-not-likely?v=preview
Housing Market Drops to Multi-Year Low in December
MortgageOrb, Jan. 5, 2023–Ariana Fine
Downward pressure on home prices continued in December largely due to reduced market activity and high interest rates as the for-sale inventory shortage persists, said HouseCanary Inc.
https://mortgageorb.com/housing-market-drops-to-multi-year-low-in-december
This Year, Luxury Homebuyers Will Look Further Afield for Deals
Bloomberg, Jan. 5, 2023–James Tarmy
Following 2022, where luxury real estate stayed relatively stable, even as interest rates jumped and the stock market slumped, the coming 12 months will see sustained demand, according to a new 2023 luxury outlook report from Sotheby’s International Realty.
https://www.bloomberg.com/news/articles/2023-01-05/this-year-luxury-homebuyers-will-look-further-afield-for-deals?srnd=premium
What to Expect From the CRE Finance Markets This Year
GlobeSt.com, Jan. 5, 2023–Lynn Pollack
Distressed office loans will likely “pile up” into 2023, according to experts from Trepp, who predict there will be billions in unresolved office loans by year-end.
https://www.globest.com/2023/01/05/what-to-expect-from-the-cre-finance-markets-this-year/?
Mortgage Rates Inch Up As Home Sellers Offer Generous Incentives
ValueWalk, Jan. 5, 2023–Phil Hall
Freddie Mac reported the 30-year fixed-rate mortgage averaged 6.48% as of Jan. 5, up from last week when it averaged 6.4%; a year ago at this time, it averaged 3.22%. The 15-year fixed-rate mortgage averaged 5.73%, up from last week when it averaged 5.68%; a year ago at this time, it averaged 2.43%. (MBA mention)
https://www.valuewalk.com/mortgage-rates-inch-up-as-home-sellers-offer-generous-incentives/
Agency Market Staggers in December, Ginnie the Largest Issuer in 4Q at 38%
Inside Mortgage Finance, Jan. 5, 2023–John Bancroft
Agency single-family mortgage business sank to $256.66 billion in the fourth quarter of 2022, a 31.2% sequential decline, according to a new ranking and analysis from Inside Mortgage Finance. It marked the lowest output since early 2019.
https://www.insidemortgagefinance.com/articles/226648-agency-market-staggers-in-december-ginnie-the-largest-issuer-in-4q-at-38?v=preview
Here’s What to Expect in the Housing Market This Year
CNN, Jan. 5, 2023–Anna Bahney
Last year was a wild ride in the U.S. housing market. Mortgage rates doubled and sales plummeted, triggering the longest month-to-month slump on record. A lot of would-be buyers and sellers watched from the sidelines. So what’s in store for the housing market this year?
https://www.cnn.com/2023/01/05/homes/what-to-expect-in-the-housing-market-in-2023/index.html
Something Big is Happening in the U.S. Housing Market—Here’s Where 27 Leading Research Firms Think It’ll Take Home Prices in 2023
Fortune, Jan. 5, 2023–Lance Lambert
To get a better idea of what’s coming for national home prices in 2023, Fortune tracked down the latest housing forecasts from 27 of the nation’s leading housing researchers. Of that group, four expect U.S. home prices to grow in 2023, while the other 23 believe U.S. home prices have further to fall.
https://fortune.com/2023/01/05/housing-market-something-big-is-happening-home-prices-2023-2024-forecast-prediction/
Multifamily Investors Face the New Year Concerned About Capital, Values
Multi-Housing News, Jan. 5, 2023–Gail Kalinoski
A new year always means new opportunities for multifamily investors and developers. But this year begins with a set of challenges that were not present at the start of 2022. Rising interest rates, a slowing economy, and the impasse over pricing between buyers and sellers are creating a turbulent capital markets environment. (MBA mention)
https://www.multihousingnews.com/multifamily-investors-face-the-new-year-concerned-about-capital-values/
