HousingWire Daily

In today’s Daily Download episode, HousingWire interviews the National Association of Real Estate Brokers President Donnell Williams about the organization’s mission as well as a recent town hall meeting NAREB conducted to gauge strategies that are aimed to increase black homeownership.For some background on the episode:In a town hall meeting hosted by the National Association of Real Estate Brokers on Thursday, members of the real estate community came together to discuss inequalities in Black homeownership and how to remedy them.Strategizing Black homeownership, down payment assistance and fair housing were just some of the topics brought up in the hour-long video discussion. Another large portion of the conversation was directed to Black homeowners with mortgages underwater.Nikitra Bailey, executive vice president at the Center for Responsible Lending, said that Black homeowners lack the same amount of equity as white homeowners due to being in an underwater mortgage, owing more than the home is worth.“We are at a point of reckoning in our country,” Bailey said. “Our nation’s discriminatory practices and how they are at the root of many of the injustices that we see people, leading protests calling for repair for, we know that the COVID-19 pandemic is falling disproportionately on Black communities because of the structural discrimination. So structural and historic discrimination has left our families more vulnerable.”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 that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode:NAREB town hall: Here are strategies to improve Black homeownership

Today’s Daily Download episode features an interview with housing data analyst and expert Logan Mohtashami. In this episode, Mohtashami not only provides unique insight into the latest housing numbers, but he shares the information in a way that leaders are able to understand. Mohtashami also discusses the biggest trends he is following in the housing market data, along with what listeners can expect from housing for the rest of the year. And with the latest purchase application now out from the Mortgage Bankers Association, he digs into how the housing market has officially experienced a V-shaped housing recovery.  When asked what trends he is following right now and why, Mohtashami responded saying, “The first and the most important thing is that the United States housing market just had a legitimate V-shaped housing recovery, and we see that in the purchase application data.”“We’ve had the hottest four-week period on a year-over-year average in the purchase application data,” he said. “If you actually follow housing data, the year-over-year data for purchase applications matters more than anything because it gives you the trend. It doesn’t exactly give you a percentage of sales measure, but it gives you the trend,” Mohtashami said. “After today, we can legitimately say that the United States of America’s V-shaped recovery in housing is complete.” 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 that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: The Good, the Bad and the Ugly of the housing market 5 months into the pandemic Purchase apps fall for the first time in 10 weeks

In today’s Daily Download episode, HousingWire covers the Mortgage Bankers Association’s weekly applications survey.For some background on the story, here’s a summary of the article: Purchase applications fell 3% last week, according to a report from the Mortgage Bankers Association. This marks the first decline for purchase applications in 10 weeks following the highest level of purchase applications in over 11 years the week prior.According to the report, mortgage applications decreased 8.7% from last week. Applications for refinancings dropped to their lowest level in three weeks after they fell 12% from the previous week. However, that is still 76% higher year-over-year, according to the report.“Even with high unemployment and economic uncertainty, activity has climbed above year-ago levels for five straight weeks and was 18% higher than a year ago last week,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.The refinance share of mortgage activity fell to 61.3% of total applications from 63.2% the week prior. But, the MBA is anticipating refinance originations to increase to $1.35 trillion in 2020 – putting it at the highest level since 2012, according to the report.Following the main story, HousingWire covers data from RealPage that indicates rent prices are dropping across the country and a survey from Qualia that claims remote online notarizations have surged 40% during the pandemic.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 that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Purchase apps fall for the first time in 10 weeks Rent is dropping across the country Remote online notarizations surge 40% during pandemic

In today’s Daily Download episode, HousingWire covers the share of loans in forbearance falling for the first time since March.For some background on the story, here’s a summary of the article:The share of mortgage loans in forbearance plans fell to 8.48% last week from 8.55% the week prior, according to the Mortgage Bankers Association’s Forbearance and Call Volume survey. This marks the first time the total number of loans in forbearance decreased since the survey’s inception in March.The MBA approximates 4.2 million homeowners are now in forbearance, a decline from the almost 4.3 million estimated the prior week.Broken down by investor type, Ginnie Mae mortgages – primarily backed by the Federal Housing Administration and the Veterans Administration – had the largest overall share of loans in forbearance at 11.83% for the third week in a row, the MBA reported. Following the main story, HousingWire covers a forecast from the Mortgage Bankers Association that claims mortgage lending will surge to a 14-year high this year and an announcement from the Consumer Financial Protection Bureau about limiting the DTI requirement from qualified mortgage standards.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 that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Share of loans in forbearance falls for the first time since March Mortgage lending will surge to a 14-year high this year, MBA says CFPB to eliminate DTI requirement from qualified mortgage standards

In today’s Daily Download episode, HousingWire interviews the National Association of Realtors’ Chief Economist Lawrence Yun on the organization’s five-point plan for supporting Black homeownership.For some background on the episode, here’s a brief summary of the article:The National Association of Realtors laid out a five-point plan for how the real estate industry can step up to provide support in increasing the number of Black American homeowners. While the homeownership rate for Black households has slightly improved and now sits at 44%, compared with an overall U.S. rate of 65.3%, it was only a year ago that it fell to 40.6%, which not only was the lowest level in the Census Bureau’s quarterly data going back to 1994 but was also the smallest share recorded for Black households since the 1950 decennial Census when it was 34.5%The five-point plan includes:  Build more homes to increase supply: Yun stated that since the pool of potential first-time buyers is higher in the minority population, if the industry can increase supply, it could help minority households lock in a home.  Build more homes in Opportunity Zones: Yun posed the question: “Since the industry needs to build so many homes, why not build or sell homes in the Opportunity Zones to help revive some of those areas?” He added that there is even a tax break in certain geographically defined opportunity zones for developers to go in and build homes, helping the revitalization of economically-distressed areas. Increase access to down payment assistance: While family members are stepping in to help address affordability issues, NAR stated that it is still much more difficult for Black Americans to obtain substantial financial assistance from family members. They added that increased access to federal down payment assistance based on a certain income threshold is vital, particularly for Black Americans. Strengthen FHA’s loan program: Yun explained that many minority households are able to become first-time buyers by using FHA mortgages, making the product an important source of financing. NAR stated that shifting federal dollars to strengthen the FHA program could lower mortgage insurance premiums and monthly mortgage payments.  Expand alternative credit scoring models:NAR outlined that expanding credit scoring models to include rent and utilities payments would help Black Americans boost their credit score. Yun also shared an estimate from the National Association of Real Estate Brokersthat alternative credit scoring would open up buying to 115,000 Black Americans annually. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping  Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode:NAR’s plan to help increase Black American homeownership</

In today’s Daily Download episode, HousingWire covers data that shows the real estate market is beginning to heat back up to pre-pandemic levels.For some background on the story, here’s a summary of the article:Demand for houses continues to skyrocket, according to a report from Redfin CEO Glenn Kelman. Seasonally adjusted demand for houses during the week of June 1 through June 7 was 25% above pre-pandemic levels. Kelman said that bidding wars have caused listings to move quickly, and sales prices are up 3.1% year over year. The percentage of newly listed homes to accept an offer within 14 days increased from 42% in May to 47% in June.“Our abiding concern in May was about the number of homes for sale, but that’s improving too,” Kelman said. “After falling to 21% below last year’s level the week of May 25-31, new listings last week continued their recovery; last week’s new listings were 15% below last year’s level.”Following the main story, HousingWire covers data from Realtor.com that indicates housing markets in tech hubs are likely to recover faster from the COVID-19 pandemic and a survey from  72Point and the National Association of Realtors that claims 47% of homeowners have considered selling their home due to the pandemic.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 that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: The real estate market heats up: Housing demand is 25% above pre-pandemic levels Housing markets in tech hubs likely to recover faster from pandemic Even with mortgage assistance, 47% of homeowners have considered selling their home due to pandemic  

In today’s Daily Download episode, HousingWire covers the Federal Housing Finance Agency’s extension of its foreclosure mortarium.For some background on the story, here’s a summary of the article:The Federal Housing Finance Agency on Wednesday extended the foreclosure and eviction moratorium for borrowers with mortgages backed by Fannie Mae and Freddie Mac until “at least” Aug. 31, the federal watchdog said.“During this national health emergency no one should worry about losing their home,” said FHFA Director Mark Calabria, who oversees the two mortgage companies that back more than half of the outstanding mortgages in the U.S.The FHFA will continue to monitor the COVID-19 pandemic and “update policies as needed,” the agency said in a statement.The moratorium would primarily apply to the 2 million mortgages that were in default at the end of February, as measured by Black Knight. Both the delinquency rate and foreclosure rate for mortgages reached multi-decade lows before the pandemic began hitting the U.S. at the end of February.Borrowers with Fannie Mae and Freddie Mac mortgages are eligible for forbearance of up to one year if they are impacted by COVID-19, as mandated by the CARES Act passed by Congress. But, borrowers have to be current on their mortgage payments to qualify.Following the main story, HousingWire covers Federal Reserve Chairman Jerome Powell’s plea for examiners to go easy on forbearances, and Freddie Mac’s Primary Mortgage Market Survey that indicates rates have now fallen to another all-time low.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 that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: FHFA extends foreclosure moratorium to end of August Powell urging examiners to go easy on forbearances Mortgage rates tumble to another all-time low

In today’s Daily Download episode, HousingWire covers Federal Reserve Chairman Jerome Powel’s statements to Congress about the nation’s economic vitality.For some background on the story, here’s a summary of the article: Failure to provide additional legislative support to an economy reeling from COVID-19 will worsen the inequality that has led to mass protests in America in recent weeks, lead to more small-business failures, and extend the recession, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee on Tuesday.Powell said he wouldn’t comment on whether or not specific programs should be enacted or extended, including the beefed-up unemployment benefits scheduled to expire at the end of next month. But he did say more help was needed from Congress. “If a small or medium-sized business becomes insolvent because the economy recovers too slowly, we lose more than just that business,” Powell said. “The small businesses of America, that’s where the jobs are created on net, and while there are people going in and out of business all the time, what you don’t want is a wave of insolvency that will weigh on the economy for years.”Following the main story, HousingWire covers a forecast from Fannie Mae that claims mortgage rates will remain at record lows throughout 2021, the Mortgage Bankers Association’s Weekly Applications Survey that indicates purchase applications now sit at an 11-year high, and a forecast from the National Association of Realtors that projects home building will continue to lag household formation.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 that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Economy needs more help from Congress, Powell says Fannie Mae sees record-low mortgage rates through 2021 Purchase applications reach highest level in over 11 years Here’s why there aren’t enough homes to buy right now

In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews Movement Mortgage’s Director of Corporate Strategy Montell Watson about his HousingWire [PULSE] article, titled 3 ways to increase and empower black homeownership.For some background on the story, here’s what Watson had to say in the article:Over the last several months, I’ve read many articles talking about the homeownership gap for black Americans. Each article fuels me to speak with more families to bring awareness to the importance of homeownership and how owning a home can have a positive generational impact on their households. Although the current gap is staggering, I believe we have an opportunity to change the systemic long-term trust issues black households have with financial institutions while empowering all potential homeowners to believe homeownership is for them.Today, the homeownership gap for black households stands at 44%. This rate has ticked up from a recent staggering 50-year low that traces back to the passing of the Fair Housing Act. This gain is positive, but we have a long way to go. Homeownership is still one of the best ways to grow wealth and low homeownership rates in black communities has a direct correlation to net worthThis results in a lack of opportunity for home equity growth and a natural built-in savings account earned by making mortgage payments vs. a rental payment. According to “The Road to Zero Wealth” report by Prosperity Now, the median wealth of black Americans will fall to zero within 23 years if current trends continue. This is daunting. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: [PULSE] 3 ways to increase and empower black homeownership The Urban Institute’s Alanna McCargo on black homeownership after COVID-19

IIn today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd discusses and announcement from Google that the company will now make it impossible for lenders and Realtors to target consumers based on ZIP code and other demographics.For some background on the story, here’s a summary of the article:Google announced it is tightening its policies, prohibiting employment, housing and credit advertisers from targeting or excluding ads based on certain demographics and ZIP codes.The company explained that it has long prohibited advertisers from targeting users based on “sensitive categories” related to their identity, beliefs, sexuality or personal hardships. This means the company doesn’t allow targeting based on categories like race, religion, ethnicity, sexual orientation, national origin or disability.But now, Google is adding several new categories to that list to improve access to housing, employment and credit opportunities. The new policy will prohibit impacted advertisers from targeting or excluding ads based on gender, age, parental status, marital status or ZIP code. The company expects these changes to take effect by the end of 2020.Following the main story, HousingWire covers data from Black Knight that indicates U.S. mortgage forbearances declined last week for the second consecutive week, and an announcement that Ithaca, New York has become the first city in the U.S. to cancel rent payments in response to COVID-19.The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Google will make it impossible for lenders and Realtors to target consumers based on ZIP code, demographics Mortgage forbearances fall for the second straight week Ithaca, New York says it will cancel rent payments