9117 Anacapa Bay Pinckney, Michigan 48169

810-231-5050

We Live Here, We Work Here, We Play Here

9117 Anacapa Bay Pinckney, Michigan 48169

810-231-5050

We Live Here, We Work Here, We Play Here

Located at the gateway to the Pinckney & Brighton Rec Area

Up To Date Real Estate News

09 Apr 2020 3:15 pm

Posted To: MND NewsWire

Realtors don't expect the 2020 "spring market" is going to happen, but they are optimistic there will be a post-pandemic rebound driven by delayed demand. The National Association of Realtors® (NAR) found, through an Economic Pulse Flash Survey, that 59 percent of its members feel buyers are merely delaying home purchases for a few months while a similar number (57 percent) said sellers are doing the same with listings. NAR Chief Economist Lawrence Yun said, "Home sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year. Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures...(read more)

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09 Apr 2020 2:56 pm

Posted To: Pipeline Press

As the market looks at this morning’s Federal Reserve huge aid package announcement, while in captivity/quarantivity, testing yourself is important . Someone told me this week, “Hey, we’re trying to stay alive, not sober and skinny! I’m well on my way to putting on my ‘quarantine 15’ or my ‘Covid 19.’” I never realized how much I’d miss going into a restaurant, sitting down, looking at a menu, and ordering. And there were other people in the room doing the same thing! Enjoy every sandwich . Speaking of ingredients, regrettably, wet markets (selling live animals) are very present in New York City as this two-minute video shows . (Warning: you will veer toward becoming a vegetarian after watching this.) So as not to end paragraph on...(read more)

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08 Apr 2020 4:08 pm

Posted To: MBS Commentary

Any discussion about the challenges faced by a particular industry or even by a particular household requires the same acknowledgement right up front: the most devastating pandemic in modern history has unfortunate consequences for just about everyone. It's also important to remember how much those consequences can vary and to consider how that everything is relative when it comes raising concerns at this particular moment in human history. Truth be told, if I only had a few clients with a few superficial gripes about their stark new realities, I wouldn't have anything to write about here. But the fact is that the mortgage market is facing a massive existential threat that will manifest itself in ways that may not be readily apparent to policymakers. These are the questions and concerns that...(read more)

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08 Apr 2020 3:33 pm

Posted To: MND NewsWire

American's attitudes regarding buying and selling homes and about their own financial outlook made an abrupt U-turn last month and Fannie Mae's Home Purchase Sentiment Index (HPSI) wiped out more than three years of gains. The index, a distillation of responses to six questions from the monthly National Housing Survey (NHS) lost 11.7 points, falling to 80.8 in March. Five of the six index components declined both from February and compared to March 2019, with four falling from the earlier surveys by double digits. This sent the HPSI falling to its lowest reading since December 2016 and down 9.0 points since March 2019. One of the most resilient components of the index has been the question regarding job security. Respondents who say they are not concerned about losing their job has consistently...(read more)

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08 Apr 2020 1:22 pm

Posted To: Pipeline Press

While in captivity it is important to keep calm . “Many parents are discovering that the teacher was not the problem.” One of the kids next door phoned in a bomb threat to his own mother! Speaking of home life, when I’m in a rascally mood, after my dog eats and wanders off, I will put piece of kibble in his bowl. And he’ll wander back at some point, see the kibble, and think that he missed it the first time and gobble it down. Always amusing. Now I think he’s amused by me, since about every 40 minutes I wander over to the refrigerator or cupboard and look inside to see if I missed anything from 40 minutes earlier that looks appetizing. Nope, nothing magically appears. Good employees rarely magically appear, either, and here’s a fun video from Joe Thompson...(read more)

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08 Apr 2020 12:24 pm

Posted To: MND NewsWire

The negative effects of the COVID-19 epidemic appear to have set in last week as mortgage applications, which had managed to increase even after much of the nation's business shut down, tumbled. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, declined 17.9 percent on a seasonally adjusted basis during the week ended April 3 , and 18 percent lower on an unadjusted basis. The Refinance Index decreased 19 percent but was still 144 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 74.2 percent of total applications from 75.9 percent the previous week. Purchase mortgage applications declined by 12 percent on both an adjusted and an unadjusted basis from the week ended March 27. The Purchase...(read more)

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07 Apr 2020 8:53 pm

Posted To: MND NewsWire

Black Knight has done an early analysis of the potential impacts of the COVID-19 pandemic on the housing market . In our summary of the first part of their paper we looked at the condition of the housing market in the early part of the year, before the full extent of what might be coming was evident. It was a market in which delinquencies were at near record lows, construction was picking up, home sales were strong, homeowners were sitting on high levels of equity, and lenders were in the midst of a refinance boom. Then as concerns and uncertainty over the virus began to emerge, so did unusual volatility in the secondary market and consequently in interest rates , to the point where the Federal Reserve stepped in with a round of quantitative easing. Black Knight then looked toward the probable...(read more)

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07 Apr 2020 8:37 pm

Posted To: MND NewsWire

Homeowners who are either already feeling the financial effects of COVID-19 or anticipate it will happen are being proactive in requesting help from their lenders . A survey conducted by the Mortgage Bankers Association among mortgage services found that requests for temporary forbearance has exploded since the first of March. The percentage of total mortgages in forbearance grew from 0.25 percent on March 2 to 2.66 percent by April 1. Loans backed by Ginnie Mae saw the greatest growth, increasing from 0.19 percent to 4.25 percent. Independent mortgage bank (IMB) servicers now have the largest share of loans in forbearance (3.45%), reflecting their focus on Federal Housing Administration (FHA) and Veterans Affairs (VA) home loan programs, and serving low-to moderate income borrowers. The share...(read more)

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07 Apr 2020 3:04 pm

Posted To: MND NewsWire

Home price gains accelerated for the fourth straight month in February with a 4.1 percent annual increase in the CoreLogic Home Price Index (HPI) The 12-month rate of appreciation in January was 4.0 percent. The company said home prices nationwide, including distressed sales, rose 0.6 percent from January to February, up from growth of 0.1 percent the previous month. "Before the onset of the pandemic, the quickening of home price growth during the first two months of 2020 highlighted the strength of purchase activity ," said Dr. Frank Nothaft, chief economist at CoreLogic. "In February, the national unemployment rate matched a 50-year low, mortgage rates fell to the lowest level in more than three years and for-sale inventory remained lean, all contributing to the pickup in value growth." CoreLogic...(read more)

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07 Apr 2020 1:10 pm

Posted To: Pipeline Press

Is there good news out there? You bet! Ying Ying and Le Le mated . That aside, Day 98 of captivity. We’ve all found out that really hot water and sudsy soap break down the protective outer layer of the virus. And I found out I have the most loving wife: Last night I woke up while she was holding a pillow tightly over my face to protect me from Covid-19! And this morning I saw a neighbor talking to her dog. It was obvious she thought her dog understood her. I came into my house, told my cat Myrtle.... we laughed a lot. Yes, the home life has changed, and video conferencing has entered our homes in a big way . The question, “Is the call audio, or video too?” is common. Here's a helpful Zoom pie chart . What could possibly go wrong with live feeds and children, right? A Norwegian...(read more)

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06 Apr 2020 8:55 pm

Posted To: Mortgage Rate Watch

The most important ingredient in the mortgage market is the presence of homeowners--prospective or otherwise--with the means and desire to make monthly payments. That fact invites investors to earn solid, predictable returns with almost no risk. After all, most of the mortgage market is comprised of loans that guarantee that an investor will get their principal and interest back. The only real risk is a temporary interruption in cash flow or a premature sale/refi that results in the investor being unable to collect interest for as long as they'd hoped. The industry term for such a premature sale/refi (or anything else that terminates the loan, like a foreclosure or short sale) is " prepayment ." Because of the guarantees from the agencies (Fannie/Freddie/Ginnie), prepayments account for most...(read more)

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06 Apr 2020 3:25 pm

Posted To: MND NewsWire

The Jobless Claims Report and the Employment Situation Report and were both pretty devastating last week with more than 6 million new unemployment claims filed on top of 3 million the prior week and 701,000 jobs lost. The unemployment rate jumped nearly a full point to 4.4 percent. Jing Fu, writing in the National Association of Home Builders (NAHB) Eye on Housing Blog, says the residential construction industry received its fair share of the pain. Employment in residential construction had been doing well, it was up by 24,100 in February, but that reversed in March, undoubtedly due to impacts from the COVID-19 pandemic , and 4,300 jobs were lost. The total loss across all construction categories was 29,000 jobs. Those losses, however, paled in comparison to the massive ones in the leisure...(read more)

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06 Apr 2020 2:58 pm

Posted To: MBS Commentary

Here's this week's Fed MBS Purchase Schedule . The daily amount is down from a recent peak of $50 bln to $25 bln . So does that mean the Fed is only going to buy half as much MBS as it was buying 2 weeks ago? And if so, why aren't prices tanking? It's important to keep in mind that the Fed's announced buying targets are just that: targets. For instance, when the target was $50bln / day, they only bought $36.6 billion / day on average. They lowered the target to $40 bln for Monday, March 30th and only manged to purchase just over $20bln that day. Incidentally, MBS sellers were lined up and waiting to offload that $40bln! When the Fed only showed up for $20bln, prices quickly tumbled (which is exactly what many a mortgage company had been clamoring for due to margin calls...(read more)

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06 Apr 2020 1:07 pm

Posted To: Pipeline Press

Twas a rough night since today it’s garbage day. I was worrying all night, “What should I wear to take it out?” Jeannette M writes, “On January 1st I thought, ‘This is my year!’ By April 1st I’m wiping my a-- with a coffee filter. No clue that this was coming.” Aside from science fiction writers, no one had a clue the corona virus would have this impact on the world. Sure, regulators had their eye on non-bank lenders and servicers , but certainly not REITs, which help drive the secondary markets for mortgage production. Their values have plummeted . Hasn’t anyone learned about borrowing short and lending long? Their demand to buy Agency MBS has also plummeted, leading many to observe that the NY Fed is the biggest buyer, and there is no...(read more)

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03 Apr 2020 5:49 pm

Posted To: MND NewsWire

Black Knight has taken what will probably prove to be only their first in-depth analysis of the potential effects of the COVID-19 pandemic on the economy and specifically on the U.S. housing and mortgage markets. The paper looks at the current state of the market, key drivers of the pandemic on the housing and mortgage industries and models some possible outcomes. We are extremely pleased that they have used mortgage rate information from MortgageNewsDaily for some of their calculations. Because it is their business, Black Knight, also makes a lot of recommendations as to how technology can mitigate some of the most dramatic impacts. The company notes that the situation at present is incredibly fluid and dynamic, "and underlying facts and assumptions in this report may need to be revisited...(read more)

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03 Apr 2020 1:26 pm

Posted To: MND NewsWire

Home building might be the answer to more than just the housing shortage according to some information provided by Paul Emrath, economist for the National Association of Home Builders (NAHB). He maintains that it can also be a significant factor in rebuilding the economy once the COVID-19 crisis ends. Emrath has updated NAHB's 2014 estimates of the economic impact that residential construction has on the U.S. economy, especially via the number of jobs it creates. Nationally he estimates that building an average single-family home creates 2.90 full-time equivalent (FTE) jobs. Full-time equivalency is enough work to keep one person employed for a full year. This work generates $189,000 in wages and salaries and $110,957 in taxes. Although the majority of these jobs (FTE of 1.71) are in construction...(read more)

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03 Apr 2020 1:16 pm

Posted To: Pipeline Press

While in captivity it is important to focus on the friends you’ll see when you’re released . Your borrower doesn’t want the fuss and muss of typing up their own forbearance letter so they don’t have to make payments on their federally backed mortgage? Don’t worry: someone has created a form letter . The press focuses on the bad news, like NYC hospitals reportedly implementing ‘Do Not Resuscitate’ policies for coronavirus patients, or the political finger pointing that will be debated for decades. There is good news, however, like Spain and Italy seeing a slowdown phase of new cases. Strides are being made in finding people immune , or quick finger-*** blood tests to determine whether we’ve ever had COVID-19. Treatments and preventative vaccines...(read more)

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03 Apr 2020 1:04 pm

Posted To: MND NewsWire

The Department of Housing and Urban Development (HUD) has announced how it will be allocating its initial portion of funds from the massive Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress last week. Over $3 billion will be awarded through the Department's Community Development Block Grant, Emergency Solutions Grant, and Housing Opportunities for Persons with AIDS programs. HUD Secretary Ben Carson said use of the existing grant formulas will allow funds to be awarded quickly. They will be accompanied by new guidance that cuts red tape so grantees can quickly help their communities. Two billion of the funds will go to states, communities, and non-profit organizations for the following: Construction of medical facilities for testing and treatment. Acquisition of...(read more)

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02 Apr 2020 2:41 pm

Posted To: MBS Commentary

Many people have "expert sources" they rely on for insight to potential market movers. I understand this quite well. On the one hand , I used to believe that such experts knew more than my 13yr old about what might happen next in the market. On the other hand , I often fend off questions from my MBS Live family members that seem to suggest that I am an expert source on rates. If we're talking about what IS happening and what HAS happened in rates, sure. But if we're talking about the FUTURE, there are no gurus . Current market movement is providing a profound reminder about just how true this "no gurus" thesis is. I recently updated one of our knowledge base entries with the following snippet warning on the dangers of thinking you know anything that other people...(read more)

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02 Apr 2020 1:30 pm

Posted To: Pipeline Press

Yesterday I decided to put thoughts of SRP values plummeting, and EPO & EPD penalties being enforced, out of my mind and get some exercise. My cat Myrtle had a mix of curiosity and disdain while watching me do my the 90-second yoga class on YouTube, which is about all my body can handle. “Come into the moment! Feel the energy flow from your ‘sit bones’ into the earth. Feel your heartbeat throughout your spine!” After the 90 seconds Myrtle lost interest and had begun to lick “herself” with ease, and I was ready to go back to staring at my computer for 14 hours day like I am now. I figure if I add 10 seconds a day, by the time we’re released from captivity I’ll be up to doing… seven hours of yoga per day. Namaste! Speaking of animals...(read more)

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01 Apr 2020 3:46 pm

Posted To: MND NewsWire

Nationwide outlays for construction slipped slightly in February. The Census Bureau said public and private sources spent at a seasonally adjusted annual rate of $1.367 trillion on all forms of construction, down 1.3 percent from the rate in January. This was 6.0 percent more than was expended in February 2019. The total spent during the month on a non-adjusted basis was $96.999 billion, up slightly from the $96.462 billion spent in January. For the year-to-date (YTD) spending totals $193.460 billion, an increase of 8.2 percent from the first two months of 2019. Privately funded projects were funded at a seasonally adjusted annual rate of $1.026 trillion, down from $1.039 trillion in January, a 1.2 percent decline. That spending rate, however, is 5.6 percent higher than the rate in February...(read more)

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01 Apr 2020 1:43 pm

Posted To: MBS Commentary

This morning's ADP Employment showed a loss of 27k jobs. Forecasts called for a loss of 150k jobs compared to last month's report that was strongly positive at +183k. Normally, when ADP or NFP job counts beat their forecast by more than 100k jobs, it's enough to prompt at least a little bit of bond market weakness (i.e. higher rates), even in the recent era where jobs counts weren't that big of a deal. And it's a big deal for me to say ADP/NFP are not a big deal because they have historically been very big deals. In fact, there is no bigger deal in the economic data world than NFP (the non-farm payrolls component of the big jobs report). If it hasn't been a big deal for the past however many years, it's because the labor market has been so stable and strong . Almost...(read more)

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01 Apr 2020 1:19 pm

Posted To: Pipeline Press

“I hadn’t planned on giving up quite this much for lent.” So true. It is a different world than only a month ago. Of course rates are going to stay at these levels for a long time. But rate sheet prices are disconnected from MBS prices, which are disconnected from Treasury prices. Those of you who have subscribed to my commentary for more than a year know that I truly relish producing my April 1 edition. The April Fool’s Day Commentary has fooled many a senior executive and regulator, and the stories have brought many chuckles to readers. And although I inject some humor into my daily commentary, and will continue to do so, I didn’t have the heart to produce a totally farcical commentary this year, especially after spending 34 minutes of my “work at home”...(read more)

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01 Apr 2020 12:54 pm

Posted To: MND NewsWire

In an earlier article , (before more pressing issues shelved the topic) we summarized highlights from a recent New York Times Magazine article about the ownership of a large share of the nation's single-family rental stock by institutional investors. Part 1 recapped how private equity funds moved to purchase distressed single-family homes during the housing crises, turning it into rental stock. Their property management has been uneven, and tenants are suffering from significant financial abuses. The author, Francesca Mari, who tells much of the story through the eyes of Chad who is now renting the home he used to own, says the extent of the financial repercussions from Wall Street's investment are not limited to the rapid rent increases and unfettered fees we pointed to in the first article...(read more)

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01 Apr 2020 12:27 pm

Posted To: MND NewsWire

Well this was a surprise. In a week when unemployment claims soared to the highest level in probably ever and several large states went into a COVID-19 induced lockdown, the Mortgage Bankers Association (MBA) announced a significant increase in mortgage application volume. MBA's Market Composite Index, a measure of that volume, which had dropped like a rock (-29.4 percent) during the week ended March 20, bounced back by 15.3 percent on a seasonally adjusted basis and 15.0 percent unadjusted during the week ended March 27. While application volume was up, purchase mortgage applications fell, down 11 percent from the previous week on an adjusted basis and 10 percent before adjustment. The unadjusted index was 24 percent below the same week in 2019. It was the largest drop in the Purchase Index...(read more)

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