NAHB: Homebuilder confidence at 7-month high

Plus: AnnieMac data breach impacts 171,000 customers

November 20, 2024

🥂 Cheers to it already being Wednesday! Today's newsletter is 672 words, a 2.5-minute read. Let’s dive in…

Disclaimer: Average mortgage rates as of Nov 19, 2024. © MND Daily Rate Index.

1. AnnieMac data breach impacts 171,000 customers

New Jersey-based mortgage loan provider AnnieMac is informing it’s customers of a recent data breach. In notification letters sent to impacted individuals, AnnieMac revealed that it detected suspicious activity on some systems on August 23, 2024.

An investigation showed that hackers had access to its systems between August 21 and August 23, and they viewed and/or copied files containing personal information. The compromised information includes names and Social Security numbers.

“Upon discovering the event, AnnieMac moved quickly to investigate and respond to the incident, assess the security of its systems, and identify potentially affected individuals. AnnieMac also implemented additional administrative and technical safeguards,” the lender said.

2. NAHB: Homebuilder confidence at 7-month high

Homebuilder confidence rose to a seven-month high in November and expectations for sales in the next six months surged to the highest in about two-and-a-half years after a Republican election sweep fueled optimism for regulatory changes that could lead to more residential construction, a survey said on Monday.

The National Association of Home Builders/Wells Fargo Housing Market Index rose to 46 this month, the highest since April, from 43 in October.

"With the elections now in the rear view mirror, builders are expressing increasing confidence that Republicans gaining all the levers of power in Washington will result in significant regulatory relief for the industry that will lead to the construction of more homes and apartments"

NAHB Chairman Carl Harris

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3. More Nuggets

💸 The next NAR scandal is here — and it’s about extravagant executive perks. (NYT)

🏘️ Trump’s plan to build houses on federal land, explained. (HousingWire)

📝 HUD looks to adopt industry-standard URLA form for Title I loans. (HUD)

🆕 VantageScore unveils resources to ease the transition to 4.0 credit model. (VS)

💰 Single-family rental company secures $1B capital infusion. (BusinessWire)

⬆️ Mortgage application rejections hit decade high. (NMP)

4. Charted: Housing starts by category

There continues to be a divergence between single-family homebuilding, which has proven more resilient since mortgage rates spiked in 2022, and multifamily construction, which is pulling back as capital markets have become less willing to finance projects since rates spiked.

Indeed, on a year-over-year basis, single-family housing starts are down -0.5%, while multifamily (5 units or more) starts are down -12.6%.

Seasonally adjusted annual rate. Gray line denotes a recession. Data through October 2024

5. FHFA ups 2025 multifamily loan caps by 4%

To tackle rental affordability challenges, the FHFA is raising multifamily loan caps for Fannie Mae and Freddie Mac in 2025.

The FHFA has increased each Enterprise's multifamily loan purchase cap to $73 billion, a 4% boost from 2024, creating a combined $146 billion in available market support. These caps align with the agency’s annual Conservatorship Scorecard priorities and reflect evolving market needs.

The MBA welcomed the decision, describing it as “appropriate” amid improving market conditions and declining interest rates. MBA President Bob Broeksmit highlighted the importance of ensuring Fannie Mae and Freddie Mac remain key players in financing housing for lower-income and rural communities.

☀️ You’re all caught up. See you on Friday!

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