HousingWire Daily

In today’s Daily Download episode, HousingWire covers  Tesla’s plans to build a $1.1 billion factory in  Austin, Texas.For some background on the story, here’s a summary of the article:Electric car giant Tesla unveiled plans this week to build a $1.1 billion factory in Austin. Rumors had swirled for months prior that it might be happening, but this week, the news became official.In building the factory on some 2,100 acres, Tesla has said it could hire 5,000 people over time.The news follows 2018 and 2019 announcements by tech giants Apple and Google that they too plan to hire thousands of people in the Austin area in coming years. While the jobs created by Tesla will definitely only fuel the city’s economic boom (Austin has ranked on numerous lists in recent times, including coming in at No. 3 on the Milken Institute’sBest-Performing Cities 2020 report), they will come at a lower salary than those created by the likes of Apple and Google. According to the Austin Business Journal, the factory could employ about 5,000 workers with an average annual salary of $47,147 and a median salary of $68,303.Still, the new factory combined with a continued influx of people moving from both coasts – which has only reportedly increased in the wake of the COVID-19 pandemic– will no doubt lead to an even tighter housing market. And while Austin’s median home price may be significantly lower than say, New York or San Francisco, it’s been on such a rise that many have questioned whether the city remains affordable by Texas standards.Following the main story, HousingWire covers House Speaker Nancy Pelosi’s scathing critique of the Trump administration’s decision to overturn an Obama-era fair-housing rule, and a report from the Commerce Department that indicates sales of new houses jumped to a 13-year high in June.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: News of $1.1 billion Tesla factory revs up already hot Austin housing market Pelosi calls out Trump’s repeal of Obama’s fair housing rule Sales of new houses jump to a 13-year high  

In today’s Daily Download episode, HousingWire covers  The Trump administration’s plan to abolish the Obama-era AFFH fair housing rule.For some background on the story, here’s a summary of the article:  The Trump administration will terminate the Obama-era rule regarding the implementation of the Affirmatively Furthering Fair Housing, or AFFH, provision of the 1968 Fair Housing Act, according to Housing and Urban Development Secretary Ben Carson. In a press release issued on Thursday, Carson alleged the provision has proven “to be complicated, costly, and ineffective.”“After reviewing thousands of comments on the proposed changes to the Affirmatively Furthering Fair Housing (AFFH) regulation, we found it to be unworkable and ultimately a waste of time for localities to comply with, too often resulting in funds being steered away from communities that need them most,” said Secretary Carson in the release. “…Washington has no business dictating what is best to meet your local community’s unique needs.”The 2015 rule requires cities and towns that receive federal funding to examine local housing patterns for racial bias and design a plan to address any measurable bias. Following the main story, HousingWire covers a report from TransUnion that indicates the percentage of accounts in financial hardship began to level off in June, and a report from ATTOM Data Solutions that claims profits on home sales rose 16% in the second quarter of this year.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: HUD to abolish Obama-era AFFH fair housing rule TransUnion: the percentage of accounts in financial hardship began to level off in June Seller’s market: Profits on home sales climb 16% in second quarter for a total ROI of 36%

In today’s Daily Download episode, HousingWire covers  Freddie Mac’s latest Primary Mortgage Market Survey that shows an uptick in mortgage rates.For some background on the story, here’s a summary of the article:  Mortgage interest rates rose from a record low this week, increasing above the 3% threshold, as a resurgence in COVID-19 infections in the U.S. caused lenders to worry about the jobs market.The average rate for a 30-year fixed mortgage is 3.01%, Freddie Mac said on Thursday, up from 2.98% last week, which marked the first time the rate fell below 3%. The 15-year rate averaged 2.54%, up from last week when it was 2.48%, the lowest in a data series going back almost 30 years, according to the mortgage financier.Mortgage rates rose as lenders reacted to news of record-setting COVID-19 infections in some of the nation’s biggest states. The resurgence of the pandemic caused jobless claims to rise this week for the first time since late March, the Labor Department said in a report on Thursday.“The concern is that the pause in economic activity will cause unemployment to remain elevated, which will lead to longer-term labor market distress,” said Sam Khater, Freddie Mac’s chief economist.Following the main story, HousingWire covers the National Association of Realtors announced support of the First Time Homebuyer Pandemic Savings Act and Realtor.com’s newly launched iBuying partnership site.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: Mortgage rates rise on job-market concerns NAR lends support to First Time Homebuyer Pandemic Savings Act com launches new iBuying partnership site to show home sellers all their options

In today’s Daily Download episode, HousingWire covers a forecast from Fannie Mae’s Chief Economist Doug Duncan that projects mortgage lending is set to top $3 trillion this year.For some background on the story, here’s a summary of the article: Mortgage lending is set to reach $3.14 trillion this year, the highest since 2003, as the annual average rate for a 30-year fixed home loan falls to a record low of 3.2%, according to Doug Duncan, chief economist of Fannie Mae. Next year, rates are heading even lower, he said.In 2021, the annual average rate probably will fall to 2.8%, said Duncan, who spoke to HousingWire via a video conference call on Monday in an exclusive interview. That would be the lowest ever recorded.Duncan said his forecast is based on the open-ended commitment by the Federal Reserve to purchase $40 billion a month in mortgage-backed securities, coupled with the expectations that “margins” – meaning the difference in the yields for 10-year Treasury yield and mortgage bonds – will continue to shrink as the lending industry adjusts to doing business amid the COVID-19 pandemic. Mortgage rates are set by bond investors who decide what yield, or return on investment, they’re willing to accept. Market-watchers compare rates between long-term Treasuries and MBS to see what kind of “risk premium” lenders are adding, meaning a buffer to protect profits in case some loans go bad or other problems arise. Following the main story, HousingWire covers a report from The Mortgage Bankers Association that claims the forbearance rate has dropped to a 2-month low and a report from Unison that shows a direct correlation between a housing market’s performance and its economic resilience.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: Mortgage lending set to top $3 trillion as mortgage rates tumble Forbearance rate drops to 2-month low Housing market performance directly correlates with economy’s resilience  

Today’s Daily Download episode features an interview with Varci Media CEO Shondell Varcianna. In this episode, Varcianna explains why content strategy is important for mortgage and real estate companies as they try to reach more consumers.During the interview, Varcianna also discusses why companies in the housing space need to “bridge the gap” when educating customers. According to her, as more consumers rely on the internet for answers to their homebuying questions, financial institutions will need to reach them online.“While working on the inside [as a mortgage originator], I found that a lot of financial institutions have a lot of information inside, but that information doesn't always make it out to the public,” Varcianna said. “For example, a lot of homebuyers will ask questions in Facebook groups and on forums online. Sometimes they get answers from people who are real estate investors or people who have bought a few properties. But they're not usually from the experts.”Varcina says this discrepancy inspired her to create Varci Media as she believes that bridging the educational gap between consumers and housing companies will lead to more sales.“The content you provide to your audience needs to speak them. So, whether that be answering questions or solving problems online, you've got to know your audience extremely well so you're able to provide content that resonates with them,” Varcianna said. “Financial institutions need to be providing the answers to the questions consumers are searching on Google or social media, and that's where good content comes in.”To listen to the rest of the interview, make sure to catch today’s Daily Download episode!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.

In today’s Daily Download episode, HousingWire covers a 10-year study by QuestSoft that reveals since 2019, the percentage of “Outstanding” ratings on Community Reinvestment Act performance evaluations has dropped across the board.For some background on the story, here’s a summary of the article:A 10-year study by QuestSoft revealed that since 2019, the percentage of “Outstanding” ratings on Community Reinvestment Act performance evaluations dropped across the board for large, intermediate and small institutions.However, the decline was greatest for large institutions, which saw a 10.4% drop, compared to a 2.32% drop for intermediate institutions and a 4.44% drop for small institutions.The 2010 to 2020 study reviewed 14,765 CRA performance evaluations on large, intermediate and small institution exams from the Federal Reserve Bank, Federal Deposit Insurance Corporation, Office of the Thrift Supervision and Office of the Comptroller of the Currency with recently appointed acting head, Brian Brooks.Even with their 10% drop, the report revealed large institutions were more than three times as likely to receive an “Outstanding” rating on CRA performance evaluations when compared to small institutions.Large institutions were also more than twice as likely to receive an “Outstanding” rating compared to intermediate institutions, though nearly 79% of large institutions received a “Satisfactory” rating.Following the main story, HousingWire covers a report from Ellie Mae that claims the average FICO score rose across the board in June and data from the U.S Census Bureau that indicates new home construction continued to recover from April’s five-year low in June.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: It’s getting harder to get an “Outstanding” rating on CRA performance evaluation Average FICO scores rise across the board, according to Ellie Mae New home construction jumps 17.3% in June

In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire columnist Logan Mohtashami discuss why the U.S. housing market is winning in spite of the COVID-19 pandemic’s economic impact.For some background on the interview, here’s a brief summary of Mohtashami’s latest HousingWire column:The U.S. economy started the year off in an expansionary mode. Retail sales were positive year over year, job openings were roughly at 7 million and the housing data for the first time in a long time started to outperform other sectors of the economy. Existing and new home sales hit cycle highs, purchase application data showed steady double-digit year over year growth and housing starts had almost 40% year over year growth in February. Then we were hit with COVID-19, and the fear of this virus along with the economic decline due to the stay-at-home orders whipped the housing bubble boys into a frenzy of crash calls.My long-standing core thesis has been that the housing market would have the weakest recovery from a crash in the years 2008 to 2019, but it would improve in years 2020-2024 because U.S. demographics would become favorable for housing. This is the time frame where we should see 1.5 million total housing starts and the purchase application index will get over 300.  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:It’s official: The U.S. won’t see a housing bubble crash anytime soon

In today’s Daily Download episode, HousingWire covers Freddie Mac’s weekly Primary Mortgage Market Survey that shows mortgage rates have now fallen below 3% for the first time ever.For some background on the story, here’s a summary of the article: The average mortgage rate fell to 2.98% this week, breaking the 3% threshold for the first time, as investors concerned about a resurgence of the COVID-19 pandemic fled to the safety of the bond markets and the Federal Reserve continued to scoop up securities backed by home loans.The average rate for a 30-year fixed mortgage fell to the lowest in almost five decades of data, down from 3.03% last week, Freddie Mac said in a statement Thursday. The average 15-year rate fell to 2.48%, the lowest in a data series going back almost 30 years, according to the mortgage financier. Mortgage rates have hit a series of new lows in recent weeks as investors poured money into U.S.-dollar-denominated bonds – mainly Treasuries and mortgage-backed securities. Money managers are reacting to a stream of bad news about the coronavirus pandemic, with some of the nation’s biggest states setting records for new infections this week.The Federal Reserve has continued to support the mortgage markets by purchasing about $4.5 billion a day of securities containing home loans packaged by Fannie Mae, Freddie Mac and Ginnie Mae.Following the main story, HousingWire covers a report from Buildfax that claims June’s construction activity experienced the greatest annual decline since 2015 and data from Clever that indicates 34% more homes sold within two weeks in June this year.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: Average U.S. mortgage rate falls below 3% for the first time June’s new construction activity sees greatest year-over-year decline since 2015 34% more homes sold within two weeks in June this year  

In today’s Daily Download episode, HousingWire covers a request from Quicken Loans and the National Association of Realtors for the Department of Housing and Urban Development to take a look at deeper causes of systemic discrimination.For some background on the story, here’s a summary of the article: In recent days, both Quicken Loans, the nation’s largest lender, and The National Association of Realtors, the nations’ largest trade organization, have called on the Department of Housing and Urban Development to withdraw its proposed rule to amend the HUD interpretation of the Fair Housing Act’s disparate impact standard.Bill Emerson, vice chairman of Quicken Loans, expressed his company’s concern about the impact of the proposed rule changes during the pandemic in a letter sent to HUD Deputy Secretary Brian Montgomery on Friday.“We recognize that the proposed changes are intended to clarify the use of disparate impact in housing discrimination cases. We agree that unclear rules in the housing and mortgage markets can, and often do, constrain lending and investment in the space, harming those the rules are intended to help. “However, legitimate concerns have been raised about how the proposed rule proposed would make it difficult to address some of the more challenging systemic issues of discrimination that the Fair Housing Act should be used to address,” the letter continues.Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly mortgage applications survey and a survey from the Pew Research Center that claims young adults are more likely to have moved because of COVID-19.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: Quicken and NAR ask HUD to withdraw proposed amendments to Fair Housing Act Mortgage applications increase 5% from last week Young adults are more likely to have moved because of COVID-19

In today’s Daily Download episode, HousingWire covers a report from the Mortgage Bankers Association that claims the share of mortgage loans in forbearance has fallen for the fourth consecutive week.For some background on the story, here’s a summary of the article: The share of mortgage loans in forbearance fell for the fourth week in a row to 8.18% according to the Mortgage Bankers Association’s Forbearance and Call Volume survey. The MBA approximates 4.2 million homeowners are now in forbearance. Broken down by investor type, Fannie Mae and Freddie Mac loans fell for the fifth week in a row to 6.07%, according to the report.Ginnie Mae mortgages – primarily backed by the Federal Housing Administration and the Veterans Administration – fell to 10.56%. As loans were brought out of Ginnie Mae pools and into bank portfolios, the share of portfolio loans and private-label securities in forbearance increased to 10.93%.“These buyouts enable servicers to stop advancing principal and interest payments, and to work with borrowers in the hope that they can begin paying again before they are re-securitized into Ginnie Mae pools,” said Mike Fratantoni, MBA’s senior vice president and chief economist.Following the main story, HousingWire covers data from Redfin that indicates more than half of home offers were in a bidding war in June and an announcement from Apple that it will spend $400 million this year to support affordable housing in California.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: Redfin: Over half of home offers were in a bidding war in June Share of mortgage loans in forbearance falls for the fourth week in a row Apple spending $400 million to support affordable housing in California this year