What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real EstatePolitics & Money

Housing starts fall for third consecutive month

July housing starts fall 4%, led by a 17% plunge in multifamily

Housing starts fell 4% in July to a seasonally adjusted annual rate of 1.191 million and the pace for June was revised downward, according to the Department of Housing and Urban Development and the Department of Commerce.

The residential construction number has come in lower than economists' expectations for three months in a row, extending what has been a disappointing run for the housing market, said TIAA Bank Executive Vice President John Pataky.

“In theory, low mortgage rates combined with solid economic fundamentals such as low unemployment and strong consumer spending should be buoying the housing market, but the effects of this stimulus have been muted in this segment of the market,” Pataky said. “Much of the Fed’s rate cutting has already been priced into mortgage rates, which shouldn’t drift much lower than where they are now. If long-term rates bottom out, the housing market will need to learn to stand on its own.”

Single-family starts rose 1.3% from last month to 876,000 units while multifamily starts plunged 17% to 303,000 units, according to the report.

Single-family completions increased 4.3% to a rate of 918,000, while multifamily completions were up 17% to 321,000.

Overall, permits rose 8.4% to a seasonally adjusted annual rate of 1.336 million. Single-family permits increased 1.8% to 838,000 and multifamily permits surged 25% to 453,000.

“A drop in housing starts in July – and a downward revision for the weak June number – show that low mortgage rates are not the catalyst to pull the U.S. homebuilding market out of its slump,” Navy Federal Credit Union Economist Robert Frick said. “A dearth of cheap lots and persistent labor shortages are constraining builders, especially for homes costing less than $300,000, which have the greatest demand.”

“The number of permits issued did rise, but given the demand, it will only have an incremental effect on new homes built down the road,” Frick said. “Especially for first-timers looking to land their first home, the keys remain: Shop aggressively, be willing to settle for a home that needs work, and work with builders to put money down on a home for which ground has yet to be broken, when possible.”

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