MBA Newslinks Archive

“We believe that this Administration has an opportunity to align fair lending policy with Supreme Court precedent and address constitutional concerns regarding the consideration of race in decision-making.”–From an MBA/trade group letter to Attorney General Jeff Sessions requesting a meeting to discuss federal fair lending policies.

“Purchase applications reached their highest level in two weeks based on ongoing strength in employment and other factors that contribute to a healthy housing market, such as consumer confidence and sentiment.” –MBA Associate Vice President of Economic Forecasting Joel Kan.

“For current homeowners, the strong run-up in prices has boosted home equity and, in some cases, spending. For renters and potential first-time homebuyers, it is not such a pretty picture. With price appreciation and rental inflation outstripping income growth, affordability is destined to become a bigger issue in most markets.”–CoreLogic President and CEO Frank Martell.

“That combination of accelerating home price growth and slowing wage growth, along with mortgage interest rates that are up nearly 50 basis points from a year ago, eroded home affordability nationwide to the lowest level in nearly nine years and pushed the highest share of markets beyond the threshold of normal affordability in nearly eight years.”–Daren Blomquist, senior vice president with ATTOM Data Solutions, Irvine, Calif.

“The American people rely on a housing finance system that enables them to rent a quality, affordable apartment, buy their first home or build a nest egg to pass on to their children. We owe it to them to proceed with the hard work of reform without delay.”–MBA President and CEO David Stevens, CMB, in testimony yesterday before the Senate Banking Committee.

“Millennials are already starting to set trends in the real estate industry. They are three times more likely than Baby Boomers to make an offer sight-unseen, and they’re more likely than older buyers and sellers to negotiate commission savings.”–Nela Richardson, Chief Economist with Redfin, Seattle.

“We’re seeing indications that entry level buyers continue to come into the market as jumbo borrowers looking at bigger homes step back.” –MBA Chief Economist Mike Fratantoni.

“Inventory has been falling for years with supply no longer meeting demand, and there are multiple reasons for the worsening situation. On the demand side, simple demographic change is contributing to incredibly high demand as millennials reach their prime home-buying years and begin to enter the market in droves. This is coupled with relatively low levels of new home construction on the supply side insufficient to keep pace with demand, and what is built is largely priced beyond the reach of many of the first-time and entry-level home buyers in the market.” –Zillow Chief Economist Svenja Gudell.

“The slow motion recovery in new home sales has made the sector more susceptible to quirks in the seasonal adjustment process, which has been particularly apparent in recent months. New home sales have been knocked around quite a bit this year by unseasonably mild winter weather, which boosted sales earlier this year. In addition, this year’s late Easter pulled sales forward into March and then weakened them in April.”–Mark Vitner, senior economist with Wells Fargo Securities, Charlotte, N.C.

“There are a lot of good Republicans and good Democrats out there who are working together to find the right solutions on issues. We’re moving forward on a lot of little things that matter to people.” –Rep. Steve Stivers, R-Ohio, chairman of the National Republican Congressional Committee.