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Volume 18 | Issue 138 | Thursday, July 18, 2019

The Lede


June Housing Starts Down

Privately owned housing starts in June fell by nearly 1 percent for the second straight month, HUD and the Census Bureau reported yesterday.


Top National News

Weekly Mortgage Applications Drop as Rates Rise and Homebuyers Pull Back

CNBC, July 17, 2019--Diana Olick
Total mortgage application volume decreased 1.1% for the week, according to the Mortgage Bankers Association's seasonally adjusted index, but it was 36% higher than a year ago, thanks to stronger refinance activity.

Almost 40% of U.S. Homes Are 'Free and Clear' of a Mortgage

Bloomberg, July 17, 2019--Shelly Hagan
More Americans are living mortgage free. About 37% of U.S. households are "free and clear," meaning they no longer have a home mortgage to pay, according to a Zillow data analysis.

Federal Court Blocks HUD Guidance on Down Payment Assistance

National Mortgage News, July 17, 2019--Hannah Lang (subscription)
A federal judge has dealt a blow to efforts by HUD to restrict nonprofit housing funds from offering down payment assistance.

Consumers Lift Profit at Bank of America

Wall Street Journal, July 17, 2019--Rachel Louise Ensign (subscription)
U.S. consumers propelled Bank of America Corp.'s profit in the latest quarter, though the bank warned it could take a hit from any Federal Reserve rate cuts. The Charlotte, N.C.-based bank, the second-largest in the U.S. by assets, posted a profit of $7.35 billion, an 8% increase from the $6.78 billion a year earlier.

Fed's Beige Book Shows 'Widespread Concerns' on Tariffs--But Positive Economic Outlook

MarketWatch, July 17, 2019--Greg Robb
Business contacts were generally positive through early July about the economic outlook for the coming months despite "widespread concerns about the possible negative impact of trade-related uncertainty," according to the "Beige Book" survey released by the Federal Reserve on Wednesday.

Emboldened by CECL Delay, Industry Seeks Repeal

American Banker, July 17, 2019--John Reosti (subscription)
Opponents of a new standard for recording loan losses are pressing the Financial Accounting Standards Board to go beyond its decision to delay implementation for most lenders.

Court Tells Calif. to Use Mortgage Settlement Money to Help Homeowners

San Francisco Chronicle, July 17, 2019--Bob Egelko
The state Supreme Court turned down arguments by two California governors Wednesday and left intact a ruling requiring the state to use $331 million, obtained from a nationwide bank settlement, to help homeowners who were victimized by foreclosures during the last recession.

Foreign Buying of U.S. Homes Suffers Record Drop

Wall Street Journal, July 17, 2019--Laura Kusisto (subscription)
Foreign purchases of U.S. homes have dropped by half over the past two years, a fresh blow to the top end of the market in New York City, Miami and cities in California.

Homeowners are Taking on Fewer House Projects, But They're Spending More

HousingWire, July 17, 2019--Jessica Guerin
According to the latest Housing Health Report from BuildFax, the volume of home maintenance projects declined 0.75% from last year while spend rose 6.68%.

Residential Finance News

ATTOM: U.S. Median Home Prices Hit New Peak in Q2

ATTOM Data Solutions, Irvine, Calif., said U.S. single-family homes and condos sold for a median price of $266,000 in the second quarter, up 10.8 percent from the previous quarter and up 6.4 percent from a year ago to a new median home price peak.

Veros: Home Price Appreciation Steady

Veros Real Estate Solutions, Santa Ana, Calif., said average projected appreciation rate for residential real estate in the nation's 100 largest markets should hold steady at 3.7 percent through June 2020, maintaining the same rate from the previous quarter's forecast and marking a leveling out after a four-quarter decline from a projected appreciation rate of 4.5 percent a year ago.

Commercial/Multifamily News

CRE Professionals Confident in Activity Through Year-End

Mortgage banking and investment sales professionals remain bullish on the commercial real estate market and are turning their attention toward affordable housing as an emerging asset class, said Berkadia, New York.

Dealmaker: NorthMarq Arranges $77M for Arizona Apartments

NorthMarq, Minneapolis, brokered two multifamily sales and arranged $76.5 million in financing for Arizona multifamily properties.

MBA News

mPowering You: MBA's Summit For Women in Real Estate Finance in Austin Oct. 26

mPowering You: MBA's Summit For Women in Real Estate Finance, takes place Saturday, Oct. 26 at the Austin Convention Center in Austin, Texas.

MBA Education Advanced Risk Management Concepts Workshop in Chicago Sept. 15

MBA Education presents a special edition of its Advanced Risk Management Concepts Workshop on Sunday, Sept. 15 in conjunction with the MBA Risk Management, Quality Assurance and Fraud Prevention Forum in Chicago.

MBA Diversity and Inclusion Residential Leadership Awards Deadline July 19

The Mortgage Bankers Association is accepting applications and nominations for its annual Diversity and Inclusion Leadership Awards. Application deadline is Friday, July 19.

About MBA Newslink

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