MBA’s President and CEO Bob Broeksmit, CMB, released the following statement on the “ROAD to Housing Act,” a broad housing bill recently introduced by Senator Tim Scott (R-SC) and seven of his Senate Banking Committee colleagues:
Category: News and Trends
Nearly Half of Renter Households Cost-Burdened, Census Bureau Reports
Over 21 million renter households spent more than 30% of their income on housing in 2023; representing nearly half of the renter households for whom rent burden is calculated, the Census Bureau reported.
ATTOM: Home Flipping Activity Dips, but Profits Up in Q2
ATTOM, Irvine, Calif., released its second-quarter 2024 U.S. Home Flipping Report, finding that 79,540 single-family homes and condos were flipped in the quarter.
MBA Honors Mortgage Cadence’s Melissa Kozicki with 2024 Ken Markison Legacy Achievement Award
The Mortgage Bankers Association presented its annual Ken Markison Legacy Achievement Award to Melissa Kozicki, CMB, CMCP, Director of Compliance at Mortgage Cadence.
Servicing Quote Tuesday, Sept. 24, 2024
“For the third consecutive month, the percentage of loans in forbearance increased across all loan types.”
–Marina Walsh, CMB, MBA’s Vice President of Industry Analysis
MBA: Share of Mortgage Loans in Forbearance Increases to 0.31% in August
The Mortgage Bankers Association’s monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.31% as of August 31, 2024.
MBA Chart of the Week: Target Fed Funds Rate
The FOMC lowered the target Fed Funds rate by 50 basis points at its September meeting and signaled that this is the first cut in a series that is expected to bring the Fed Funds rate down by about 2 percentage points by the end of 2025.
ACES Quality Management: Critical Defect Rate Up in Q1
ACES Quality Management, Denver, released its Mortgage QC Industry Trends report for the first quarter, finding a modest increase in the critical defect rate to 1.58%.
NAR: Existing-Home Sales Down 2.5% in August
The National Association of Realtors, Chicago, reported existing-home sales fell 2.5% in August from July, to a seasonally adjusted annual rate of 3.86 million.
Fed Cuts Interest Rates 50 Basis Points; MBA Economist Weighs In
The Federal Reserve cut interest rates by 50 basis points Sept. 18.