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Marcia Fudge will be the first sitting HUD secretary to visit Japan

Housing Wire

Department of Housing and Urban Development (HUD) Secretary Marcia Fudge will be the first sitting HUD secretary to visit Japan when she arrives in Tokyo next week. ” Secretary Fudge is also slated to meet with the Minister of Land, Infrastructure, Transportation and Tourism (MLIT), Tetsuo Sait? .”

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LIBOR is being phased out in 2021. What now?

Housing Wire

Mortgage lenders are preparing for the end of LIBOR , which is set to be phased out by the end of 2021. Rudy Orman, director correspondent for sales and product development at Reliant , said SOFR is based “purely on transaction overnight rate data,” while LIBOR is more of a utility price with “a credit and rate swap built in.”.

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DataDigest: Construction costs easing for homebuilders

Housing Wire

Trade services spiked to 174 on the index in June 2021, then spiked again to 182 in March of last year. Transportation and warehousing services peaked around 150 in May of 2022 and has fallen slightly in most proceeding moths, landing at 130 last December. Index values for December published last week.

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HUD affordability plan doesn’t include lowering FHA premiums

Housing Wire

Senior officials at the Department of Housing and Urban Development , which houses the FHA, said today during a press briefing that it would focus on improving financing for manufactured homes and revamp its renovation financing. billion manufactured home purchase mortgages in 2021, according to HMDA data. In 2021, FHA financed 0.5%

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DataDigest: Water wars in the Southwest

Housing Wire

The HBACA noted that development of industrial and commercial buildings can continue, but homebuilders are restricted unless they find alternate water sources. What’s happening around Phoenix isn’t new – a similar groundwater restriction was instituted in Pinal County in 2021. Should states or towns restrict development?

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FHA borrower fee gridlock draws ire of industry

Housing Wire

Income from FHA premiums go into the general Treasury fund when Congress passes a Transportation and HUD appropriations bill. In 2021, more than 40% of FHA forward mortgages were for borrowers of color. Income from programs that make money — as FHA does — is deemed “negative credit subsidy.” In effect, it’s a tax on FHA borrowers.

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Will the Infrastructure Bill Affect the Real Estate Market?

Appraisal Buzz

The Infrastructure Investment and Jobs Act — also known as the Bipartisan Infrastructure Bill — passed in November 2021 but will soon affect the country. The infrastructure bill will invest $110 billion to repair roads and bridges, making automotive transportation more manageable for those who commute into cities.