Articles by Alcynna Lloyd

Americans want more affordable housing, just not in their neighborhoods

Redfin survey shows more than half support zoning policies that limit high-density housing
As housing affordability continues to be a national concern, several states have introduced zoning legislation that aims to tackle the issue. But a new survey from Redfin indicates that more than half of the nation’s homebuyers and sellers claim to oppose the building of dense housing in their neighborhoods.
Read More

Rent in the Big Apple hits 3-year high

The nation's median monthly rent for a one-bedroom climbs to $1,223
The nation’s median rent prices for a one-bedroom and two-bedroom unit rose 1.1% and 0.5% in August. Although San Francisco secured the largest monthly growth rate, Zumper's National Rent Report indicates it was really New York that experienced the most substantial increase.
Read More

June's construction spending sinks 1.3% below last year's rate

Residential construction spending falls 0.5% from the previous month
The U.S. Census Bureau announced that construction spending during June 2019 was estimated at a seasonally adjusted annual rate of $1.29 trillion. Although June’s rate is similar to May’s, the organization indicated June’s spending is 1.3% below the June 2018 estimate of $1.31 trillion.
Read More

Freddie Mac: Mortgage rates remain near 3-year low

This week, the 30-year, fixed-rate mortgage averaged 3.75%
This week, the 30-year, fixed-rate mortgage averaged 3.75%, matching last week. A year ago, the rate averaged 4.60%, according to the Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said the mortgage rates have stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year.
Read More

Fannie Mae reports income of $3.4 billion in Q2

The GSE said it expects pay Treasury $3.4 billion in Q3
Fannie Mae reported Thursday it posted a comprehensive income of $3.4 billion in the second quarter of 2019, according to the company’s quarterly earnings report. The second quarter's income is up from the first quarter’s $2.4 billion, but also sits below the second quarter of 2018 when Fannie saw a comprehensive income of $4.5 billion. Notably, through its purchases and guarantees of mortgages, Fannie Mae financed 1.2 million home purchases, refinancings or rental units this quarter.
Read More

First American: The nation's mortgage defect risk fell 7% in June

Four cities in Florida rank as top markets to experience decline in defect risk
In June, the nation’s mortgage defect risk fell for the third consecutive month, according to the latest First American Loan Application Defect Index. According to the report, the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage applications decreased by 7% from the previous month. That being said, America’s defect risk was still 3.9% higher than the same time period in 2018.
Read More

Jobs: Private sector employment improves, but signs indicate growth is slowing

Construction employment increases by 15,000 jobs from the previous month
The National Employment Report indicates that private sector employment increased by 156,000 jobs from June to July, according to the ADP Research Institute and Moody’s Analytics. Moody’s Analytics Chief Economist Mark Zandi said although job growth is healthy, it's continuing to slow.
Read More

MBA: Mortgage applications fall for the third consecutive week, reaching a 4-month low

Market Composite Index falls 1% from last week
Mortgage applications fell 1.4% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 26, 2019. This means on an unadjusted basis, the index slid 1% from the previous week. MBA Vice President of Economic and Industry Forecasting Joel Kan said despite healthy demand, inadequate supply levels continue to hold back some would-be buyers.
Read More

Housing News Podcast: Guidance Residential’s Kal Elsayed on the importance of working with underserved communities

Listen to this week's latest episode
Each week, HousingWire interviews financial services experts who can help make sense of the latest headlines, sponsored by our partners at Blend.This week, Kal Elsayed, the President and CEO of Guidance Residential, a faith-based home financing company, explains the importance of working with underserved communities. Additionally, Elsayed discusses the Federal Reserve's proposed rate cut and the nation's Millennial homeownership trends.
Read More