🔔 UMortgage To Acquire NXT Mortgage

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@ Mortgage

💸 Philadelphia-based UMortgage struck a deal to acquire Dallas-based NXT Mortgage, the companies confirmed to HousingWire.

💲The Mortgage Bankers Association (MBA) reported Monday that the total number of loans in forbearance remained at 0.70% of the servicers’ total portfolio volume in November. There were 350,000 U.S. homeowners in forbearance plans as of November 30, up from 345,000 at the end of September.

🔔 Academy Mortgage Corporation has agreed to pay $38.5 million to settle allegations that it improperly originated and underwrote mortgages insured by the Federal Housing Administration (FHA).

@ Housing

🛠️ Homebuilder sentiment drops for the 12th straight month, but a bottom may be near. "The silver lining in this HMI report is that it is the smallest drop in the index in the past six months, indicating that we are possibly nearing the bottom of the cycle for builder sentiment," said the NAHB's chief economist, Robert Dietz.

🏠 BofA CEO Brian Moynihan said he's concerned the housing market will continue to challenge buyers in the coming years. Moynihan also said there could be two more years of pain in the housing market before things cool off and homes become more available and affordable.

📈 Realtor.com expects that at a national level, there will be rent growth of 6.3% in the next 12 months. Rental demand may be stronger in urban areas within big metros, a departure from recent trends and what is expected in the for-sale market.

@ General

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🎁 Homebuilder sentiment drops for the 12th straight month, but a bottom may be near. "The silver lining in this HMI report is that it is the smallest drop in the index in the past six months, indicating that we are possibly nearing the bottom of the cycle for builder sentiment," said the NAHB's chief economist, Robert Dietz.

🔐 Zumper predicts that New York City, Jersey City, Boston, San Francisco, and Miami will have the most expensive apartments next year. With fears of a recession looming, 2023 is shaping up to be a pricey one as well.

Chart of the day

❗️ When Housing Is for Locals Only, the Whole Country Suffers

Deciding what housing can be built where is a legitimate power of local governments across America. It’s also a tool of exclusion that is undermining the economy, deepening inequality, and exacerbating climate change. (Washington Post)

Meme of the day

That’s a wrap for today. See y'all on Friday!