HousingWire Daily

Today’s Daily Download episode features an interview with Walter Huff, who is the Owner and CEO of The Huff Real Estate Team at Keller Williams. In this episode, Huff explains how the growing number of seniors aging in place will impact America's housing supply.During the interview, Huff also touches on how the COVID-19 pandemic may lead to an uptick in multigenerational households as the unemployment rate continues to hover near record lows.According to Huff, one of the major benefits of being a part of a multi-generational living combination is shared expenses and as COVID-19 continues to affect the wages of Americans across the country, saving may be more important than ever.“By bringing in family members and resources together under one roof, families can collectively address their expenses, allocate their finances accordingly, and save even more,” Huff said. “The family household will forever be changed thanks to COVID-19 and I'm waiting to see a study of how that will impact family formations moving forward.”The Daily Download examines the most compelling articles reported from the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Here’s why there aren’t enough homes to buy right now Jobless claims fell to 1.2 million last week Survey: Half of Boomer homeowners plan to age in place Freddie Mac: Seniors are causing the housing shortage

In today’s Daily Download episode, HousingWire covers an announcement that an announcement from Ellie Mae that it has entered a definitive agreement to be acquired by Intercontinental Exchange for approximately $11 billion.For some background on the story, here’s a summary of the article:Ellie Mae announced Thursday it entered a definitive agreement to be acquired by Intercontinental Exchange for approximately $11 billion. The move comes 15 months after Thoma Bravo, a private equity investment firm, announced it would acquire Ellie Mae in an all-cash transaction of $3.7 billion.“We are excited to be joining the Intercontinental Exchange family and having the opportunity to work closely with Simplifile and MERS in helping our industry to realize the true digital mortgage,” said Jonathan Corr, president and CEO of Ellie Mae. “We have been on a journey, as we have long said, ‘to automate everything automatable’ for the mortgage industry, and joining ICE, which has followed a parallel journey in global exchanges, will allow us to further accelerate realizing our vision.”ICE’s decision to acquire Ellie Mae follows the company’s actions over the last four years to strengthen its hold in the residential mortgage industry. Following the main story, HousingWire covers Freddie Mac’s Primary Mortgage Market Survey that shows mortgage rates fell to new record lows this week, and an $80 million fine assessed to Capital One for its cybersecurity and risk management practices.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Intercontinental Exchange to acquire Ellie Mae from Thoma Bravo for $11 billion Mortgage rates tumble to new record lows this week The OCC slaps Capital One with $80M fine over cybersecurity, risk management practices

In today’s Daily Download episode, HousingWire covers an announcement that the Federal Reserve may abandon its longtime strategy of using its benchmark rate to pre-emptivelyprevent inflation from rising above its 2% target, which could lead to an end of rock-bottom mortgage rates.For some background on the story, here’s a summary of the article:Fed Chairman Jerome Powell said at a news conference last week that the central bank was close to wrapping up a review of its policy-making strategy that began in 2019. The results will be announced “in the near future,” Powell said.If the Fed allows inflation to rise above its current 2% target, it would put upward pressure on mortgage rates because investors who buy fixed assets use inflation as the mainstay of their calculation that determines the yield, or return, they are willing to accept.Because higher inflation eats into bond yields, investors demand a higher return for the mortgage-backed securities and other bonds they buy in when inflation is rising. That also boosts yields on Treasuries, which are used as a benchmark for MBS investors.Currently, the problem facing the Fed is sub-target inflation, as the COVID-19 pandemic curbs the consumer spending that accounts for about 70% of America’s GDP. In June, the so-called “core PCE,” the Fed’s preferred inflation gauge that measures consumer prices without volatile food and energy costs, rose 0.95% from a year earlier.Following the main story, HousingWire covers an article that claims whatever plan Congress comes up with to extend or replace the extra $600 a week in beefed-up jobless benefits is likely to be retroactive, and an article that asks, in a virtual learning world, do you still need to buy a house in a good school district?The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Fed inflation plan could end rock-bottom mortgage rates Whatever jobless aid Congress comes up with, it’s likely to be retroactive In a virtual learning world, do you still need to buy a house in a good school district?

Today’s Daily Download episode features an interview with Rogers Healy, the owner, and CEO of Rogers Healy and Associates. In this episode, Healy explains how the COVID-19 pandemic has transformed the real estate industry as well as its impact on homeowners and homebuyers.During the interview, Healy also touches on how low mortgage rates have contributed to an uptick in demand, which has created an inventory shortagethat has intensified homebuying competition.  According to Healy, thriving housing markets like Dallas, Austin and Spokane, Washington are experiencing such a boom, that they can only be compared to the Wild Wild West. “I've never seen it this busy and I’ve never worked this much, and I'm not even talking from an ownership perspective, but just from being a realtor as well,” Healy said. “I've been through a bad cycle where you just kind of wait for the bottom to fall out, but this time it makes complete sense.”“We're seeing competitive offer situations like we did back in 2007. It's extremely busy, especially in markets like Austin, Charlotte, DFW and you know, Spokane, Washington, which are like junior versions of LA, New York, Chicago and Miami,” he said. “It's been crazy. It's the Wild Wild West right now.”The Daily Download examines the most compelling articles reported from the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode:·      Making sense of ultra-low mortgage rates·      Driven by low inventory, median U.S. home price reaches record high in July·      42% of people who bought homes during the pandemic engaged in a bidding war

In today’s Daily Download episode, HousingWire covers a letter from the Council of Large Public Housing Authorities addressed to the Department of Housing and Urban Development Secretary Ben Carson, expressing opposition to the termination of the AFFH rule.For some background on the story, here’s a summary of the article:In a joint letter on Monday addressed to Department of Housing and Urban Development Secretary Ben Carson, the Council of Large Public Housing Authorities and its counsel Reno and Cavanaugh expressed opposition to the the actions of the Trump administration regarding the Affirmatively Furthering Fair Housing rule, asking the organization to “withdraw its racist and illegal attempt to eliminate the rule.”The 2015 Obama-era rule and provision of the 1968 Fair Housing Act was eliminated July 23 by HUD and the Trump administration. The rule originally required cities and towns that received federal funding to examine local housing patterns for racial bias and design a plan to address any measurable discrimination.The CLPHA said they were deeply disturbed by an excerpt in a release from Carson that said after reviewing thousands of comments on the proposed changes to the rule, “we found it to be unworkable and ultimately a waste of time for localities to comply with.”In the letter, CLPHA said it was the responsibility of HUD to administer the Fair Housing Act and further fair housing — stating the obligation to do so is an “integral tool to address historic discrimination” in the industry.Following the main story, HousingWire covers an announcement from Zillow that it has resumed its iBuying efforts in all operating markets and a forecast from a Federal Reserve official that claims the nation needs to lockdown again to see robust economic activity.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: CLPHA and others voice opposition to elimination of AFFH rule and reject its new substitute Zillow Offers resumes buying houses in all operating markets Fed official says lock down now or see sluggish recovery

In today’s Daily Download episode, HousingWire covers an exclusive interview between HousingWire’s Editor-in-chief Sarah Wheeler and former Department of Housing and Urban Development  Secretary Julian Castro about the Trump administration’s termination of the AFFH fair housing rule.For some background on the story, here’s a summary of the article:  In the week since the Affirmatively Furthering Fair Housing Act was abolished, both HUD Secretary Ben Carson and President Donald Trump have commented officially and through social media about their reasons for abolishing the rule.  Last  Wednesday, President Donald Trump tweeted: “I am happy to inform all of the people living their Suburban Lifestyle Dream that you will no longer be bothered or financially hurt by having low income housing built in your neighborhood… Your housing prices will go up based on the market, and crime will go down. I have rescinded the Obama-Biden AFFH Rule. Enjoy!”President Trump’s tweet on Wednesday ignited heated reactions from both sides of the fence.  HousingWire’s Editor-in-chief Sarah Wheeler sat down with Julian Castro, HUD Secretary under Obama from 2014-2017 — to talk about the AFFH and what future he sees for it.According to Castro, Trump’s comments are a naked ploy to drum up racial fears about people of color before an election that he knows he may lose. Following the main story, HousingWire covers a report from Black Knight about the mortgage forbearance rate dropping to a three-month low and an announcement from the nation’s biggest purchase mortgage lender about dropping its rates to 1.875%The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Julian Castro on Trump’s AFFH tweet: “It’s a naked ploy to drum up racial fears and white resentment” Mortgage forbearance rate drops to a three-month low UWM now offering 15-year fixed mortgage rates as low as 1.875%</

In today’s Daily Download episode, HousingWire covers the National Association of Realtors’ expressed disappointment in the termination of the AFFH fair housing rule.For some background on the story, here’s a summary of the article:On Wednesday, President Donald Trump tweeted about his administration’s actions in abolishing the Obama-era AFFH fair housing rule – a move which we covered on July 23.In his tweet, President Trump wrote (among other things): “I am happy to inform all of the people living their Suburban Lifestyle Dream that you will no longer be bothered or financially hurt by having low-income housing built in your neighborhood… Your housing prices will go up based on the market, and crime will go down. I have rescinded the Obama-Biden AFFH Rule. Enjoy!”President Trump’s tweet on Wednesday ignited heated reactions from both sides of the fence. We reached out to industry organizations to get their perspectives on the administration’s actions.The National Association of Realtors came out strong on Wednesday, expressing its disappointment that HUD was “retreating” on its decades-long policy requiring that communities receiving taxpayer money address discrimination and segregation. Following the main story, HousingWire covers Fannie Mae’s earnings falling in the second quarter of 2020 and a new partnership between Zillow and homebuilder D.R. Horton.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: NAR comes out strong against AFFH fair housing rule termination Fannie Mae Q2 earnings fell as fee revenue declined Zillow announces partnership with homebuilder D.R. Horton

In today’s Daily Download episode, HousingWire covers the Federal Reserve’s prediction that the fate of the U.S. economy will depend on successful management of the coronavirus pandemic.For some background on the story, here’s a summary of the article:The future of the U.S. economy depends on how well the coronavirus pandemic is controlled, the Federal Reserve’s rate-setting committee said on Wednesday. That’s not good news for a nation that leads the world in COVID-19 infections and deaths.“The coronavirus outbreak is causing tremendous human and economic hardship,” the Fed statement said. “The path of the economy will depend significantly on the course of the virus.”The statement came shortly after the U.S. broke the 150,000 threshold for deaths from COVID-19, as measured by Johns Hopkins University. The U.S. has about 4.2% of the world’s population and has recorded 23% of COVID-19 fatalities. The No. 2 nation for pandemic deaths is Brazil at 88,539, according to the Johns Hopkins data. The way forward for a U.S. recovery is “extraordinarily uncertain,” Fed Chairman Jerome Powell said in a video-call press conference with reporters after the release of the statement.Following the main story, HousingWire covers the difference between the HEROES and HEALS Act and a report from the Census Bureau that indicates the U.S. homeownership rate climbed to a 12-year high in the second quarter of 2020.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Fate of the economy depends on virus control, Fed says  HEROES vs HEALS Act and what they would mean for housing S. homeownership rate soars to an almost 12-year high  

In today’s Daily Download episode, HousingWire covers a report from the Mortgage Bankers Association that indicates loans in forbearance have fallen for the sixth consecutive week.For some background on the story, here’s a summary of the article:The total number of loans in forbearance fell for the sixth week in a row to 7.74% of servicers’ portfolio volume, according to a report by the Mortgage Bankers Association. As the country braces for the end of moratoriums and unemployment benefits under the CARES Act, the MBA estimates 3.9 million homeowners are in forbearance plans.The share of mortgages in forbearance backed by Fannie Mae and Freddie Mac dropped for the seventh week in a row to 5.59% – another three-month low for the GSE’s.According to the report, the pace of borrowers exiting forbearance slowed last week as homeowners wait for deliberation of the HEROES Act, which would grant a 60-day mortgage forbearance automatically if their mortgage became 60 days delinquent between March 13 and the day the bill was enacted.Despite falling 30 basis points the week prior, Ginnie Mae securities – mortgages backed by the Federal Housing Administration, the Veterans Administration, and the U.S. Department of Agriculture – rose slightly by 1 basis point last week to 10.27%.Following the main story, HousingWire covers an announcement that the Senate has confirmed Dana Wade as the new Federal Housing Administration commissioner, and MBA’s weekly mortgage applications survey that shows mortgage applications fell 0.8% last week.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Loans in forbearance fall for the sixth straight week Senate confirms Dana Wade as new FHA commissioner Mortgage applications remain steady amid continued economic stress

In today’s Daily Download episode, HousingWire covers Fannie Mae’s endorsement from CICERO Shades of Green for its single-family homes.For some background on the story, here’s a summary of the article:  Fannie Mae, the largest issuer of green bonds in the world, said on Monday it received an endorsement from CICERO Shades of Green for its mortgage-backed securities that are the first containing loans backed by single-family homes that are energy efficient. Fannie Mae has issued over $40 million of the MBS since the first bond was created on April 22 to commemorate the 50th anniversary of Earth Day, the company said in a statement. The bonds contain mortgages backed by newly constructed single-family homes with ENERGY STAR certification. On average, the homes backing the loans in the MBS are 20% more efficient than single-family homes built to code, Fannie Mae said. CICERO is a global provider of green ratings for bonds. “We’ve heard from investors that there is greater demand than there ever has been for investments that are socially responsible,” said Renee Schultz, Fannie Mae’s senior vice president of capital markets. In the multifamily market, Fannie Mae has issued $75 billion of green MBS since 2012 backed by either green-certified properties or properties targeting a reduction in energy or water consumption, the company said.Following the main story, HousingWire covers a report from Zillow that claims multifamily households will be hit hardest by the loss of CARES Act unemployment benefits, and an outlook on how the HEROES Act could help the nation’s renters and homeowners.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Fannie gets CICERO certification for its single-family green bonds Renter households will be hardest hit by loss of CARES Act unemployment benefits Here’s how the HEROES Act could help renters and homeowners