MBA Newslinks Archive

“The fact is that without independent and non-depository companies stepping up in the years after the Great Recession–as some big banks and other lenders pulled back–credit would have been tight and home sales and prices would have recovered at a snail’s pace. Additionally, think of the many first-time buyers, military members and veterans, low- and moderate-income borrowers, and minority households that would still find themselves locked out of homeownership.”–MBA President and CEO Bob Broeksmit, CMB.

“Nearly two-thirds of Baby Boomer respondents said home values are going up in their area. With home prices generally healthy across the country, two-thirds of these homeowners are turning to financing options like home equity lines of credit or cash-out refinances to complete their upgrades. On average, homeowners are financing about $18,000 per household with more than half saying they intend to start remodeling within a year.”–Amy Bonitatibus, Chief Marketing Officer for Chase Home Lending.

“To date, we have not seen a comprehensive statement from the White House and Treasury Department under the Trump Administration providing their views on regulation of the housing finance system. Additionally, your comments call into question the independence of the FHFA under your leadership.”–House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and Senate Banking Committee Ranking Member Sherrod Brown, D-Ohio, in a letter to Acting Federal Housing Finance Agency Director Joseph Otting requesting details of an Administration plan to remove Fannie Mae and Freddie Mac from federal conservatorship.

“With total gifts from the MBA Board topping $1.13 million in 2018, more than 800 families across the country will be helped by our 38-member board. I could not be more proud of their commitment to this very important cause.”–MBA President and CEO Robert D. Broeksmit, CMB, and member of the MBA Opens Doors Foundation Board of Directors.

“Our ongoing efforts on LIBOR transition involve active engagement with interested members, including commercial real estate finance firms and other market participants. Although the expected LIBOR transition is still a few years away, it’s important that market participants begin considering the items presented in the primer. We are grateful to the members on MBA’s Commercial/Multifamily LIBOR Outreach Committee as the industry prepares for what’s next.”–Thomas Kim, MBA Senior Vice President of Commercial Real Estate Finance, on an MBA Primer on LIBOR released yesterday.

“Similar to what we saw in our own purchase mortgage application data, a lot of the weakness to end the year was likely caused by a combination of factors, including a lack of confidence in the broader economic outlook, stock market volatility and the higher mortgage rates seen most of 2018. Looking ahead, many potential homebuyers still face affordability challenges, but we do expect this to dissipate slowly, as there have been more signs of moderating home-price growth and accelerating wage growth, which should help bridge the affordability gap.”–MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

“December may feel like a foot on the brake, but the housing market was going over the speed limit. Home prices have been growing faster than wages since 2012, and that can’t go on forever. Now that price growth has slowed down and more homes are sitting on the market, buyers will have the upper hand in 2019.” –Redfin chief economist Daryl Fairweather.

“Factors such a volatile stock market and economic uncertainty both here and abroad likely kept some prospective buyers away. This pullback in activity was in spite of falling mortgage rates and a job market still running on all cylinders. Looking ahead, if mortgage rates remain low, home-price growth continues to moderate and housing inventory rises, we do expect to see a rebound in purchase activity come spring.”–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.

“The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow and the job market maintains its strength, we do expect to see a solid spring market. The 11 percent gain in purchase volume compared to last year is a promising sign.”–Mike Fratantoni, MBA Senior Vice President and Chief Economist.

“It’s hard to buy what’s not for sale.”–First American Chief Economist Mark Fleming, on how lengthening homeownership tenure has driven up prices and shrunk housing supply.