Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Black Homeownership

NAMMBA town hall highlights gaps in minority homeownership

“It’s not one thing that’s going to fix our affordability challenges”

Today, the National Association of Minority Mortgage Bankers of America hosted a state of the industry town hall. The webinar featured discussions led by industry professionals on minority homeownership topics.

Mortgage Bankers Association senior vice president, Steve O’Connor, led the initial discussion on minority homeownership and the MBA’s Black Homeownership initiative. Some challenges the MBA cited were preservation and production of affordable housing stock, financing options and access to mortgage credit.

“It’s not one thing that’s going to fix our affordability challenges,” O’Connor said.

O’Connor’s examination spotlighted the city of Memphis and cited specific gaps in:

  • Knowledge, and the misinformation and myths that lead to borrowers pulling out of the market.
  • Trust, and the rehabilitation of it after the 2008 market crash
  • Market, and the inventory, supply, and quality for a diverse group of homeowners
  • and Resources, including funds necessary to gain homeownership and where to find them

“The delta between the non-Hispanic white and the minority homeowners, these are persistent gaps going back decades,” O’Connor said. “If we can’t figure out how to close these gaps, we’re going to have a much smaller marketplace to serve and we’re not going to have a healthy marketplace.”

Other speakers included in NAMMBA’s town hall were Freddie Mac’s single family affordable lending manager, David Mendez, on minority homeownership creation with housing finance agencies, and iEmergent’s CEO, Laird Nossuli, on empowering lenders to increase home ownership.

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