HousingWire Daily

In today’s HousingWire Daily episode, John Pataky, TIAA Bank’s executive vice president, discusses the nation’s lack of housing inventory and how it’s impacting homebuyer demand and home prices.

For some background on the interview, here’s a brief summary of HousingWire’s coverage on the latest housing starts report:

Single-family housing starts gained for the sixth consecutive month in October on an annualized pace not seen since April 2007, a Census Bureau report revealed.
Housing starts overall rose 4.9% in October compared to September’s pace and to a seasonally adjusted annual pace of 1.53 million starts – the highest since this February. That growth was mostly driven by single-family housing starts, which increased by 6.4% month-over-month – up 1.18 million annualized units. Multifamily starts were virtually unchanged from September’s revised number.
“We expect the paths of single-family and multifamily starts to continue to diverge in the coming months,” said Doug Duncan, Chief Economist at Fannie Mae. “Low-interest rates, a tight supply of existing homes for sale, and a trend towards purchasing homes in suburban areas have contributed to strong demand for new single-family homes. In contrast, we believe a suburban shift and other COVID-19-related dynamics are putting downward pressure on multifamily demand in many urban areas.”
Duncan noted the pace of new home sales over the past six months has accelerated more quickly than the construction pace, suggesting home builders will have to play catch up relative to sales going forward.

HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.

HousingWire articles covered in this episode:

• Increase in housing starts has construction playing catch-up

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In today’s Daily Download episode, HousingWire covers a survey from the National Association of Hispanic Real Estate Professionals that found despite high unemployment, high COVID-19 infection rates and greater loss or reduction of income, 40% of Latinos still plan to become homeowners.

For some background on the story, here’s a summary of the article:

The American dream of owning a home remains resilient in Latino communities despite high unemployment, high COVID-19 infection rates, and greater loss or reduction of income compared to non-Hispanic Whites, according to a new survey.

The August survey from the National Association of Hispanic Real Estate Professionals found that 40% of Latinos who do not currently own a home have plans to buy within the next five years, the highest among any demographic.

According to the survey, Latino households were twice as likely (18%) as non-Hispanic White households (9%) to report having had at least one household member laid off due to the pandemic. That number reached its peak in April when Latino unemployment sat at 18.9% – the highest recorded since the great depression, according to the Bureau of Labor Statistics.

Undeterred by the economic uncertainty, 47% of Latino renters who were able to continue saving during the pandemic reported the possibility of home ownership as their main motivation, higher than any other demographic of renters. The survey also noted evidence that predominantly Hispanic neighborhoods, or neighborhoods with a Hispanic population of 50% or more, saw more than double the amount of first-time home buyer activity than that of the rest of the country between the second quarter of 2019 and the second quarter of 2020.

Following the main story, HousingWire discusses why Altisource Portfolio Solutions has expanded its Texas operations center and an announcement from United Wholesale Mortgage that it will offer a 50 bps discount on all VA interest rate reduction refinance loans through Veterans Day.

HousingWire articles covered in this episode:

• Despite hardships from pandemic, 40% of Latinos still plan to become homeowners: survey
• Altisource expands servicing to handle forbearance overflow
• UWM to knock 50 bps off VA IRRRL loans

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On today’s episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about the latest Fed rate hike and what Chairman Powell’s remarks mean for future rate hikes. The two also discuss widening spreads and new home sales.

Related to this episode:

• Fed hikes rates amid general wave of optimism
• HousingWire’s YouTube Channel

Enjoy the episode!
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The HousingWire Daily podcast examines the most compelling articles reported across HW Media. Each morning, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted and produced by the HW Media team.

Learn more about your ad choices. Visit megaphone.fm/adchoices

On today’s episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about inflation, mortgage rates and what happens to housing if we see a mass deportation of construction workers.

Related to this episode:

• Mortgage Rates | HousingWire
• HousingWire | YouTube
• More info about HousingWire

Enjoy the episode!

The HousingWire Daily podcast examines the most compelling articles reported across HW Media. Each morning, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted and produced by the HW Media team.

Learn more about your ad choices. Visit megaphone.fm/adchoices

On today’s episode, Editor in Chief Sarah Wheeler talks with Managing Editor James Kleimann about the promise —and threat — of AI for the housing industry.

Related to this episode:

• Artificial Intelligence | HousingWire
• HousingWire | YouTube
• More info about HousingWire

Enjoy the episode!

The HousingWire Daily podcast examines the most compelling articles reported across HW Media. Each morning, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted and produced by the HW Media team.

Learn more about your ad choices. Visit megaphone.fm/adchoices