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Mortgage News Daily

Housing starts fall more than forecast on multifamily drop

Home starts fell more than forecast in August, reflecting less construction of apartments and a decline in the tropical storm-hit South, representing a pause in momentum for a housing market that’s been a key source of fuel for the economy. Residential starts decreased 5.1%, to a 1.42 million annualized rate from a month earlier, according …

Mortgage News Daily

Loans in forbearance drop 1 million from peak – report

Active mortgage forbearances have fallen by about 1 million from their peak in May, a drop of 21%, according to the latest data from Black Knight. After holding steady for the previous couple of weeks, the total number of mortgages in active forbearance saw stronger-than expected improvement, dropping by about 147,000 last week, Black Knight …

Mortgage News Daily

Did the CFPB drop the ball on mortgage relief awareness?

The Consumer Financial Protection Bureau has dropped the ball in its duty to make sure mortgage borrowers are aware of the relief options they are entitled to during the COVID-19 pandemic, according to Senate Democrats. In a letter to CFPB Director Kathy Kraninger, senators Sherrod Brown (D-Ohio), Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Robert …

Mortgage News Daily

Mortgage applications drop as home buyers step back slightly

Overall mortgage loan application volume dipped week over week due to a significant decline in refinance applications for FHA loans, according to the Mortgage Bankers Association. On a seasonally adjusted basis, MBA’s Market Composite Index dropped 0.8% from the week before and down 1% on an unadjusted basis. “Mortgage rates remained near record lows for …

Mortgage News Daily

South Florida home sales drop, but pending transactions are up

Miami-Dade and Broward experienced a dip in year-over-year residential transactions in June. But it’s not all gloom and doom: Pending sales increased year-over-year, a sign of activity increasing since April. The total number of home sales decreased by over 20% in both counties, according to the Miami Association of Realtors June 2020 reports. Still, the …

Mortgage News Daily

U.K. house prices drop most since financial crisis in lockdown

Residential property prices in the U.K. fell by the most since the global financial crisis from April through June, according to mortgage provider Halifax. Values declined 0.9% compared with the first three months of the year as the country locked down due to the coronavirus pandemic. However, on a yearly basis, prices rose across Wales …

Mortgage News Daily

Mortgage forbearances drop by largest amount since CARES Act passed

The number of mortgage borrowers currently in a forbearance plan had its single largest week-to-week drop, as many plans scheduled to terminate in June were not renewed, Black Knight said. “This latest decline in the number of homeowners in active forbearance is an encouraging sign of continued improvement,” Andy Walden, economist and director of market …

Mortgage News Daily

San Diego home prices forecast to drop, but not as much as nation

San Diego home prices will decrease 1.3% in the next 12 months, much less than other parts of the nation, according to a recent forecast. The CoreLogic Home Price Insights report says nationwide prices should decrease about 6.6% from May 2020 to May 2021, largely driven by high unemployment and the continued prevalence of COVID-19. …

Mortgage News Daily

Nonbank mortgage jobs keep climbing due to coronavirus rate drop

Low mortgage rates drove payroll expansion for nondepository lenders and brokers, while also contributing to gains in overall employment, the latest estimates from the Bureau Labor Statistics show. Hiring by nonbank mortgage bankers and brokers rose to 314,300 in May from an upwardly revised 312,400 in April. “We were all a little concerned when COVID …