Summary List Placement Housing-market monitors keep repeating the phrase “since 2005,” except when it’s “since 2006.” That’s worrying — both superlatives refer back to the peak of a historic real-estate bubble. Low mortgage rates and massive demand have powered a supercharged rally for US housing over the last year. Americans snapped up nearly all the […]
Summary List Placement A $28.6 billion restaurant aid program received 186,200 applications in its first two days, according to the White House. Bars, restaurants, and other eligible businesses could start applying for the Restaurant Revitalization Fund (RRF) on May 3. The initiative is part of President Joe Biden’s $1.9 trillion American Rescue Plan, and provides […]
Summary List Placement A US federal judge on Wednesday blocked an order from the Centers for Disease Control and Prevention to prevent landlords from evicting their tenants during the coronavirus pandemic. “The CDC order must be set aside,” US District Judge Dabney Friedrich said in a 20-page ruling. The order was initially announced on September […]
Summary List Placement Throughout the pandemic, service workers have had it tough. The ones that didn’t have to contend with massive layoffs have had to safely navigate customer-facing roles, while their industry has been radically disrupted. And evidence is showing that the service workers who were laid off stand a slim chance of getting their […]
The Federal Housing Finance Agency didn’t have a set date for its new refi option targeted to low-income borrowers when it announced the program last week. But on Wednesday, both Fannie Mae and Freddie Mac announced release dates for their versions of the refi product. Fannie Mae’s RefiNow option will be available June 5, while […]
Summary List Placement Various economic indicators are surpassing their pre-pandemic highs as stimulus and reopening drive the country toward a full recovery. US wages are the latest to rebound. Salaries and hourly wages finally leaped above their February 2020 peak in March 2021, according to the Bureau of Economic Analysis. Employee payment across the country […]
Summary List Placement May 5 marks equal pay day for mothers, according to the National Women’s Law Center (NWLC). This means it would take about four months into 2021, or 125 extra days, for mothers to earn what fathers earned in just 2020. The overall wage gap between men and women is smaller than the […]
Summary List Placement President Joe Biden unveiled his $1.8 trillion American Families Plan last week, which focuses on funding for childcare, education, and healthcare. Penn Wharton Budget Model (PWBM) predicted that his plan will actually cost $2.5 trillion over ten years while raising $1.3 trillion in tax revenue. In a report released on Wednesday, PWBM […]
Summary List Placement Small businesses, battered by the pandemic, are flinging their doors back open: 85% were fully open in March 2021, a sizable uptick from the 57% who were open in February. That’s according to a survey of 550 small businesses from Kabbage, an American Express company. The businesses surveyed ranged from the smallest […]
Mortgage applications dropped again, falling 0.9% from the previous week, according to the latest report from the Mortgage Bankers Association for the week ending April 30, 2021. MBA’s Associate Vice President of Economic and Industry Forecasting Joel Kan called last week’s mortgage activity “a mixed bag,” between rates, loan sizes, and government purchase applications. “Mortgage […]
Summary List Placement The White House said Tuesday it will be up to Congress to decide if more direct payments go out the door this year, as they are a costly measure for the federal government to deploy. “We’ll see what members of Congress propose, but those are not free,” White House Press Secretary Jen […]
In April, the Consumer Financial Protection Bureau warned the industry of its plans to keep a much closer eye on servicers as they transition borrowers out of forbearance. On Tuesday, a report from the government watchdog may have just kicked up the incentive. According to the report, in March 2021, consumers submitted more mortgage complaints […]
Summary List Placement Homeownership dreams are fading for some millennials. Nearly a quarter (24%) of 20- and 30-somethings said the pandemic has decreased the likelihood they’ll buy a house, according to Bank of America Research’s sixth annual millennial home improvement survey, which polled over 1,000 members of the generation. That’s slightly more than those who […]
Summary List Placement Treasury Secretary Janet Yellen is among the country’s most experienced economic policy experts. A veteran of the Clinton and Obama administrations, Yellen has long been characterized as an economist closely associated with the center-left. That changed after the slow recovery from the Great Recession saw her transform into an ultra-dove, urging stimulus to […]
Summary List Placement A one-off wealth tax on the wealthiest Argentinians brought in around $2.4 billion to help address pandemic costs, according to the Buenos Aires Times. In December, Argentina’s Congress voted to pass a levy on those with assets over 200 million pesos, Insider’s Joshua Zitser reported. The measure passed by 42 to 26 […]
Summary List Placement Since she was elected to the Senate almost a decade ago, Elizabeth Warren has been fighting to cancel student debt and hold loan servicers accountable. Now one of her closest allies is in charge of the federal student debt pile, and that could be a big deal. Richard Cordray, the former head […]
Summary List Placement Tax hikes are probably on the horizon as President Joe Biden’s infrastructure package begins its slow march to becoming law. Of course, not every provision may end up in the final package. But it is pretty likely, according to Morgan Stanley researchers, that tax filers making over $400,000 will see an increase […]
Summary List Placement Once again, the “who’s really rich?” conversation has reared its head. It was kicked off over the weekend by MSNBC’s Stephanie Ruhle, who said many people who make $500,000 or more in income don’t consider themselves rich — a claim that is true, in my experience. After all, a few hundred thousand […]
Summary List Placement Computer chips An ongoing computer chip shortage has impacted everything from cars to iPads to dog-washing technology. Chipmakers like Intel had already seen production issues pre-pandemic, but as with many industries, the pandemic brought a whole range of new supply-chain issues. The chip shortage is a problem for consumers wanting basically anything […]
Summary List Placement The US Department of Education announced that Richard Cordray, the former director of the Consumer Financial Protection Bureau, was selected to head the Office of Federal Student Aid. “It is critical that students and student loan borrowers can depend on the Department of Education for help paying for college, support in repaying […]
Economists came into their own last year as their ability to model likely future scenarios and interpret the numbers were crucial to lenders surviving and thriving in the pandemic. That information is still critical this year, that’s why we’ve invited Doug Duncan, senior vice president and chief economist at Fannie Mae, to speak at HousingWire’s virtual Engage Marketing event […]
Summary List Placement Low-wage workers and workers of color have seen a slower recovery than the rest of the labor force, Fed Chair Jerome Powell said on Monday. In a speech for the National Community Reinvestment Coalition, Powell highlighted data from an upcoming Federal Reserve survey, showing how low-wage workers and workers of color bore […]
The total number of servicers’ loans in forbearance fell for the ninth straight week. However, due to a slowdown in exits, forbearance portfolio volume dipped just two basis points last week to an average of 4.47%, according to the Mortgage Bankers Association. Several investor types were down by just a single digit basis points, with Fannie Mae and […]
Summary List Placement Just a few months ago, in February, the National Association of Home Builders (NAHB) released shocking data about how the historic appreciation in lumber prices was crimping the housing market. A newbuild was $24,000 more expensive, on average. Three months later, that number now stands at $35,872. The housing market took off […]
Summary List Placement When he first stepped into the national spotlight, Joe Biden made a big gamble seeking to sweep aside the legacy of a Republican president who came to power pledging to diminish the reach of the federal government. President Ronald Reagan was nearly done putting his imprint on national politics in the fall […]
Summary List Placement Factories can’t keep up with the reopening of the American economy. Popular metrics tracking the US manufacturing industry indicated strong growth in April. The Institute for Supply Management’s purchasing managers’ index dipped 4 points to 60.7, while IHS Markit’s own gauge rose to a record high of 60.5. Readings below 50 indicate […]
Summary List Placement After the first $1,200 stimulus check arrived in Americans’ pockets, the US Census Bureau found the majority of recipients were using the money on basic expenses, like food and households supplies. But priorities have changed for the most recent $1,400 stimulus check to paying off debt. LendingTree, an online lending marketplace, released […]
While they’ve long been the backbone of companies trying to navigate the cyclical nature of the industry, housing finance executives took center stage last year. With housing demand already high, the Federal Reserve introduced a new quantitative easing program in response to the COVID-19 crisis that pushed mortgage rates to historical lows and the housing […]
Summary List Placement Treasury Secretary Janet Yellen reiterated her support for President Joe Biden’s spending plans on Sunday, pitching the measures as strong investments in the country’s future. The president on Wednesday rolled out a $1.8 trillion spending proposal that includes funding for paid family and medical leave, universal pre-K, and childcare. The measure follows […]
Summary List Placement The rapidly accelerating economic recovery is running up against labor shortages. The snags are temporary, but they hint at permanent changes to the US job market because of the coronavirus pandemic, according to Bank of America economists. Stimulus, COVID-19 vaccinations, and reopening all helped hiring rebound in recent months. March job additions […]
Summary List Placement The Biden boom is in full swing and people like what they see. Investors and business owners around the world are largely optimistic that the Biden administration’s economic policies will fuel a robust recovery and leave them on better footing, according to a recent UBS survey. Some 64% of respondents view the […]
Summary List Placement More than 2 million people have so far signed a petition calling for monthly stimulus checks in the amount of $2,000 to support Americans as the pandemic continues. The petition, which was first posted on Change.org last year, was started by Colorado restaurant owner Stephanie Bonin. “I’m calling on Congress to support […]
Summary List Placement By at least one popular measure, the US economy will fully recover and exceed its pre-pandemic strength in the second quarter. US gross domestic product is expected to grow at an annualized rate of 10.4% through the quarter that ends in June, according to the Federal Reserve Bank of Atlanta’s GDPNow model. […]
Summary List Placement America is getting ready for its post-pandemic glow-up. Peak sweatpant has passed and high heels are hot again, in the ultimate symbol of an economy ready to let loose. Americans are booking beauty services, buying going-out clothes again, and readying for a “hot vax summer” as they emerge from lockdown looking and […]
Summary List Placement More and more workers are moving to Florida during the pandemic — and the sunny climate isn’t the only reason why. Top companies are opening new offices in the state, and the rise in remote working is giving staff more freedom to choose where they want to live. Florida’s population grew by […]
Summary List Placement President Joe Biden’s policies have been targeted at Americans who need an economic uplift, with everything from fresh stimulus checks, newly extended additional unemployment benefits, and tax credits that put more money into America’s poor and parents. But there’s another prosperous beneficiary of Biden’s presidency so far: America’s 100 wealthiest people. According […]
Summary List Placement Shipping vessels have grown larger by multiples in just a few years, adding to worries among some industry insiders that a single mistake made by a massive ship could cause a global supply chain disruption, as the world saw with the Ever Given. That ship, which was stuck in the Suez Canal […]
After a record year of mortgage originations, the GSEs released their Q1 earnings for the year on Thursday and Friday, revealing that Fannie Mae and Freddie Mac are still riding the tail end of the market’s highs. With both enterprises posting strong quarterly and year-over-year results, earnings calls reminisced of a quarter that had yet […]
Housing Market Crash image ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=1024″ loading=”lazy” width=”1200″ height=”713″ src=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=1024″ alt=”Housing Market Crash image” class=”wp-image-283329″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png 1200w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=150,89 150w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=300,178 300w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=768,456 768w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=1024,608 1024w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=600,357 600w” sizes=”(max-width: 1200px) 100vw, 1200px”> The great refi boom in 2020 wasn’t exactly equitable. Wealthier borrowers with stable jobs and high credit scores were fortunate enough to lock […]
Summary List Placement Service members are currently eligible for the Public Service Loan Forgiveness program, in which they can enroll in income-based repayment plans that could lead to loan forgiveness after 10 years. But if a service member is deployed and puts payments on pause, that time doesn’t count toward loan forgiveness, extending the period […]
Summary List Placement America is running out of houses amid a historic housing shortage and record-high selling prices. A recent bank note from Jefferies said the US was short 2.5 million homes, while Freddie Mac put that estimate higher at a shortage of 3.8 million. There are 40% fewer homes on the market than last […]
Summary List Placement With vaccinations ramping up across the country and the economy reopening, people’s wages are going up. America hasn’t seen this kind of wage growth in 20 years. Bureau of Labor Statistics data on the ECI, which measures the change in total employment compensation each quarter, shows that the first three months of […]
Community lenders have big opportunities in today’s purchase market. As homebuyers increasingly demand personal, service-driven experiences with their mortgage providers, community lending teams are well-positioned to capture business via the strong relationships they excel at creating. Including credit unions, community banks, and small-to-midsize independent mortgage bankers, the community lending segment has grown rapidly in market […]
Top retail mortgage lender loanDepot has formed yet another strategic joint-venture with a fast-growing homebuilder. California-based loanDepot has formed a JV partnership with LGI Homes, called LGI Mortgage Solutions, the companies announced on Thursday. “Having been a preferred lender with LGI Homes since 2015, we have been extremely impressed by each other’s ability to scale while […]
Summary List Placement Experts see little risk of the housing market’s boom turning into a bubble. But that doesn’t mean there’s no reason to worry. Housing has served as one of the rare economic hot spots during the coronavirus pandemic. Tumbling mortgage rates boosted demand, which quickly spurred rampant homebuying. The spree quickly snapped up […]