|10 year government bond yield||1.5%|
|30 year fixed rate mortgage||3.20%|
Stocks are flattish this morning on no real news. Bonds and MBS are flat.
We have a decent amount of data this week with construction spending, the jobs report and ISM. We will also get some real estate index data with Case-Shiller and the FHFA Home Price Index. Investors will be focusing on wage growth in Friday’s report, although there will be a lot of COVID-related noise in the number.
It looks like we might have a deal on a bipartisan infrastructure package in DC. Biden was threatening to veto the bill unless a separate spending plan also passed. He subsequently withdrew that threat.
HUD is bringing back the “disparate impact” theory to inform policy going forward. Essentially it means that you (a landlord, lender etc) are guilty of discrimination if your numbers don’t add up, even if you have no intent of discriminating. Bad luck, no dice.
iBuyers are coming back to reach pre-pandemic levels. These buyers often buy sight unseen, using algorithms to estimate the property value. Home sellers often like iBuyers because it allows them to submit a non-contingent bid on a move-up property. “Business really started ramping up in January and February. Since then, we’ve just had a constant barrage of deals,” said Allister Booth, an acquisitions specialist at RedfinNow in Los Angeles. “We’re back to full speed and are buying more homes than we were last year. After we buy and renovate those homes, we know we’ll be able to sell them because there are so many more buyers in the market right now than there are homes available.”