WMBA Store

Dear WMBA Members,

“Is it rain?  Is it snow?   I live in Wisconsin; I do not know!” Dr. Seuss.  Our market has started to ramp up, as you speak with your peers, affiliates, and competitors, people are busy. The loans are tougher, and again we are seeing multiple offers in the price ranges of 150 – 250K. So far, the appraisal community has been able to keep up. The State is reaching out in many areas with updated assessment to broaden their tax base as well, keep in mind the 2017 Wisconsin Act 68 which allows a person to contest their assessment, even if they deny entry to the assessor for an interior inspection. 

The Wisconsin Mortgage Bankers Association is preparing for the transition to the State Board and the Executive team. Nominations have been open to the membership for nominees to be voted to join the state board and/or the Executive Team as Secretary. Please have your nominations submitted promptly, so the administration team can review that the candidate meets the criteria and confirm with the nominee their acceptance of the nomination, obtain a bio and photo for the election vote.  We are also in the process of transitioning the Executive Team, with Leo Spanuello moving into the position of President of the Wisconsin Mortgage Bankers Association, effective June 12, 2019 at the installation meeting.  

Leo and I have started to work together through discussion and moving pieces of the duties to have a smooth transition of position. He will be leading the nomination process and working on the installation meeting for his official transition into the Presidency.   I assure you the continued Board leadership will be outstanding. 

Reminders for the Milwaukee Chapter network and bowling on May 16^th at the Thirsty Duck  and the Madison Chapter golf outing May 16^th at University Ridge.  

Stay tuned into the WMBA website, LinkedIn and Facebook sites to keep informed of the activities and news.    

Regards,

Jan Brezina
WMBA President 2018-2019
National Mortgage Insurance Corp.
jan.brezina@nationalmi.com
262-347-8156

Milwaukee Chapter May Networking Event

This is a FREE event to members!

May 15, 2019
The Thirsty Duck
Wauwatosa, WI

Join us at the Thirsty Duck on May 16th for networking, duck pin bowling (for the first 25 attendees), appetizers and a cash bar.

Thursday, May 16, 2019

The Thirsty Duck
11320 W. Bluemound Road
Wauwatosa, WI 53226
5:00pm - 7:00pm

Cost: FREE

To register, click below.

Registration deadline May 15, 2019
Remember, this is a no charge event for members!

 Homeownership Rate Drops for 1st Time in 2 Years

Mike Sorohan msorohan@mba.org

The Census Bureau yesterday said the U.S. homeownership rate fell for the first time in two years amid market volatility and a decline in consumer confidence.

The report said the U.S. homeownership rate fell to 64.2 percent in the first quarter, from 64.8 percent in the fourth quarter but unchanged from a year ago. Homeownership rate was highest in the Midwest (68.2 percent), followed by the South (66.2 percent), Northeast (60.7 percent) and West (59.8 percent), largely unchanged from a year ago.

Homeownership rates were highest for those householders ages 65 years and over (78.5 percent) and lowest for those householders under 35 years of age (35.4 percent). By race, homeownership rates for non-Hispanic White householders was highest at 73.2 percent. The rate for Asian, Native Hawaiian and Pacific Islander householders was second at 56.9 percent and Black householders was lowest at 41.1 percent. The homeownership rate for Hispanic householders was 47.4 percent.

"The market volatility and decline in consumer confidence that we saw in late 2018 and early 2019 seemed to confirm what other housing indicators showed: a somewhat slow first couple of months of the year for the housing market," said Joel Kan, Associate Vice President of Economic and Industry Forecasts with the Mortgage Bankers Association. "A large portion of the decline was driven by the younger age groups, both households under 35 and households between 35 and 44 years old. Owner occupied households grew at a slower rate than the past two years, but still exceeded one million in the first quarter. Renter households increased almost 500,000 compared to a year ago."

Ralph McLaughlin, Chief Economist with CoreLogic, Irvine, Calif., noted the flatness in the homeownership rate was partly attributable to a strong uptick in new renter households, although growth among owner households continues to strongly outpace renters.

"While the homeownership rate was flat over the past year, the first quarter of 2019 was the sixth consecutive quarter that owner-occupied households grew by more than a million, at nearly 1.1 million new owner households," McLaughlin said. "At the same time, the number of new renter households jumped by close to half a million. This is a significant change in trend, as renter households previously fell six out of seven quarters. Total household growth remains remain strong, topping 1 percent for six straight quarters, and continues the most significant streak of household growth in more than 12 years."

The report said national vacancy rates in the first quarter stood at 7.0 percent for rental housing and 1.4 percent for homeowner housing. The rental vacancy rate of 7.0 percent was virtually unchanged from a year ago, but 0.4 percentage points higher than the fourth quarter (6.6 percent). The homeowner vacancy rate of 1.4 percent was 0.1 percentage point lower than a year ago (1.5 percent), but unchanged from the fourth quarter.

The homeownership rate of 64.2 percent was virtually unchanged from the rate in the first quarter 2018, but 0.6 percentage points lower than the rate in the fourth quarter 2018 (64.8 percent).

The report said 87.9 percent of the housing units in the United States in the first quarter were occupied; 12.1 percent were vacant. Owner-occupied housing units made up 56.5 percent of total housing units, while renter-occupied units made up 31.4 percent of the inventory in the first quarter 2019. Vacant year-round units comprised 9.2 percent of total housing units, while 2.8 percent were for seasonal use.

The report said 2.4 percent of the total units were for rent, 0.8 percent were for sale only and 0.7 percent were rented or sold but not yet occupied. Vacant units that were held off market comprised 5.3 percent of the total housing stock--1.5 percent were for occasional use, 1.0 percent were temporarily occupied by persons with usual residence elsewhere and 2.9 percent were vacant for other reasons.

"These data show increasing evidence that not only are young homebuyers are indeed pursuing the American dream of homeownership, but solid household growth overall should continue to support healthy demand over the next two decades," McLaughlin said. "An estimated 46 million new households under the age of 30 will push up demand for both owner and renter-occupied homes over the next two decades. Despite recent headwinds and signs of a market cooldown, these demographic fundamentals should lead to a healthy housing demand through at least 2040."

Make Your Voice Heard through MBA Mortgage Action Alliance

MBA Staff

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

MAA is dedicated to strengthening the industry's voice and lobbying power in Washington, D.C. and state capitals across America. Get involved with MAA to play an active role in how laws and regulations that affect the industry and consumers are created and carried out by lobbying and building relationships with policymakers. It only takes a moment to get started, and you do not have to be a member of MBA to enroll.

Speak Up Now
With residential, commercial and multifamily issues on federal and state legislative agendas, your political activism is vital. Issues affecting the industry are decided by elected officials who may or may not understand our interests and concerns. Therefore, they need to hear directly from you to explain how their actions affect you, your company and consumers. Without your participation, we are all susceptible to regulations and legislation that would hinder our ability to provide more extensive housing choices, jobs and economic growth. You are a voter, an employer and a constituent. Your voice matters. But you need to use it.

How It Works
MAA is free (and open to all professionals who work in the real estate finance industry); it is nonpartisan and it is easy to participate. When an issue relating to our industry hits a critical point (for example a vote taking place) in Washington or your state, you will receive a Call to Action. To respond to this action, you simply follow a few short steps to send a pre-drafted email stating the industry's position to your elected officials. When you and thousands of MAA members communicate in a unified voice, we not only educate policymakers on the industry, but also achieve our legislative and regulatory priorities.

Get Started
Sign up now at www.mba.org/maa and encourage your colleagues and staff to join as well. All members are required to re-register annually to retain full member privileges. We will notify you to renew your membership prior to its lapse. If you are an employee of a company that is engaged in, or supports the business of, real estate finance you may become an Alliance member. You do not need to be employed by an MBA member firm to enroll in MAA.

Sign up at http://www.mortgagebankers.org/Advocacy/MortgageActionAlliance/MAASignup.htm. By filling in the requested information and clicking the SUBMIT button below, you agree to become an Alliance member and to receive MAA email communications at the email address you provide. You may disenroll from the Alliance at any time.

If you have questions, please review the MAA homepage, http://www.mortgagebankers.org/Advocacy/MortgageActionAlliance, or contact Alden Knowlton at aknowlton@mba.org or (202) 557-2816.