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Construction Stats Improve, Multifamily Plays Leading Role

It didn’t approach the levels of the “good old days” of 2020 and 2021, but construction activity did show signs of life last month. The U.S. Census Bureau and the Department of Housing and Urban Development reported that both housing permit activity and residential construction starts rose sharply in February after a fairly lackluster performance in January. As in January, however, credit was largely due to multifamily construction. Permits for residential housing units were issued at a seasonally adjusted annual rate of 1.524 million units in February compared to 1.339 million in January. This was an increase of 13.8 percent. The figure, however, remains 17.9 percent lower than the February 2022 rate of 1.857 million units. The rate of permitting for single-family houses rose 7.6 percent to 777,000 units while multifamily permits were 24.3 percent higher at 560,000 units. Single-family permits were down 35.5 percent year-over-year, but the multifamily rate gained 16.9 percent on an annual basis. Prior to adjustment, the report puts the number of permits issued in February at 109,500 of which 58,200 were for single-family houses. The respective January numbers were 101,000 and 53,100. Permitting rose in three of the four major regions in February. The Midwest’s rate increased 9.6 percent, the South’s rose 10.9 percent, and permitting shot up 30 percent in the West. The Northeast was the outlier with a 2.8 percent decline. All regions performed well below their February 2022 levels, with deficits ranging from 11.4 percent in the South to 42.5 percent in the Northeast.

Optimism Reigns Amid Affordability Challenges

The shortage of entry-level homes and slow income growth could turn people off from homeownership, but the American dream of buying a home remains alive and well.

Katelyn Sailor’s Colorful NYC Home Tour – The Everygirl

Katelyn Sailor’s Colorful NYC Home Tour  The Everygirl

Best Bed Sheets of 2023 – Expert Reviews and Buying Guide

Sheets that make you want to sleep in.

The post Best Bed Sheets of 2023 – Expert Reviews and Buying Guide appeared first on The Rent. Blog : A Renter’s Guide for Tips & Advice.

1031: Forget the Haters and Forge Ahead With Cami Lincowski

Starting a new career is never easy, but real estate can be especially unforgiving. On today’s podcast with Cami Lincowski, we discuss ways for new agents to build confidence and competence while facing fierce competition. Cami also shares social media tips, her experience with paid real estate leads, and the benefits of building good relationships with other Realtors. Don’t miss it! 🚨🚨Register for the Real Estate Rockstars Mastermind in May!🚨🚨
➡️➡️https://bit.ly/RERmastermind

Application Volume Rose in Wake of Bank Turmoil, Falling Rates

Mortgage application volume increased for a second straight week as investors fled to the safety of government-guaranteed securities in the wake of three bank failures, and fears of depositor runs on several large regional banks. The Mortgage Bankers Association (MBA) said its Market Composite Index, a gauge of loan application volume, rose 6.3 percent on a seasonally adjusted basis during the week ended March 10. The index was 7 percent higher before adjustment. Joel Kan, MBA’s Vice President and Deputy Chief Economist said, “Treasury yields declined late last week, as market concerns over bank closures and the potential for broader ripple effects triggered a flight to safety in Treasury bonds. This decline pushed mortgage rates for all loan types lower, with the 30-year fixed rate decreasing to 6.71 percent, Home-purchase applications increased for the second straight week but remained almost 40 percent below last year’s pace. While lower rates should buoy housing demand, the financial market volatility may cause buyers to pause their decisions.” [purchaseappschart] The Refinance Index increased 5 percent from the previous week but was 74 percent lower than the same week one year ago.  The refinance share of total applications decreased to 28.2 percent s from 28.9 percent the previous week. [refiappschart] Kan noted that, while refinance activity was still well below that of a year earlier when it held a 48 percent market share, and rates are still more than 2 points higher, the dip did bring some borrowers back, as evidenced by the 5 percent increase in refinance applications last week.

Mortgage rates drop to the 5% range for the first time since September – CNBC

Mortgage rates drop to the 5% range for the first time since September  CNBC

DPA, Subservicing, Loss Mit, Fee Collection Tools; Banking… This is Not 2008; STRATMOR on Customer Experience

The Ides of March… And college basketball time. Here in Kentucky (men #6 in the East, Louisville women’s team #5) I overheard someone on the phone. “Yesterday I saw a woman in Walmart with March Madness teeth. She was down to her final four.” March Madness is in full swing, whether it is hoops or bonds. Or bank stocks. Is this really a fundamental structural plunging of the United States’ financial system? Doubtful. Moody’s came out with a warning about downgrading certain banks in the United States. It is not 2008. How much of this is psychology? Tweeting causing a run on deposits? Banks everywhere are looking at their liabilities (deposits, since they owe their depositors money) and assets (the money lent out using their depositor’s money, or securities owned. “Lending long and borrowing short” works when banks can pay very little on their deposits (like checking accounts earning 0 percent) and take that money and earn 4 or 6 percent on securities. But when the deposit base becomes unstable, and a bank has to liquidate those securities at 80 or 90 cents on the dollar, it becomes a problem fast. (Much more below.) Today’s podcast can be found here and this week is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking. Today’s has an interview with Bank of England Mortgage’s Quinton Harris on the art and science of forecasting the housing, mortgage, and bond markets.

Latest housing starts data is good for mortgage rates

Typically, good economic data is bad for mortgage rates, especially in this environment. But added supply is a positive.