A report from CBC News. "While he did not describe what kind of actions he would take to stimulate jobs without overstimulating housing, Bank of Canada Governor Tiff Macklem said the bank would keep a close eye on the housing market and think about how to contain a housing bubble that could lead to future trouble. 'What we get worried about is when we start to see extrapolative expectations, when we start to see people expecting the kind of unsustainable price rises we've seen recently go on indefinitely, and they're basing their decision on those kinds of assumptions,' he warned."

"'When we see people starting to buy houses solely because they think prices are going to go up, that is a warning sign for us,' he told the audience. 'We are starting to see some early signs of excess exuberance.'"

From Better Dwelling. "Canada’s central bank isn’t really that worried about real estate, it appears. Bank of Canada governor Tiff Macklem dismissed concerns about an overheated housing market. In fact, he welcomed its contribution to the economy as something needed. 'I think right now the economy is weak… I think we need the support.' Further adding, 'We need the growth we can get.'"

"He asked rhetorically, 'Are people expecting the kind of unsustainable house prices we’ve seen?' Answering himself, 'if people start to think those [price gains] go on indefinitely, that becomes a concern.' Must have been his first day looking at Canada’s real estate market."

The Globe and Mail. "An economist recently put together a chart on housing that some people view as sign of impending apocalypse. Other are thrilled about what they see. Displayed under the headline Your House Makes More Than You Do, the chart tracks house prices in the town of Woodstock, Ont., since the mid-2000s The interesting part comes right at the end – an almost vertical line showing a 31.7 per cent increase in prices in the past year. According to a survey by the human resources consulting firm Morneau Shepell, salaries this year will increase by 1.9 per cent."

"The chart is like a Rorschach Test of housing in that people see different things when they look at it. I found that out after attaching the chart to a tweet recently. 'Yup,' one enthusiastic Twitter user commented. 'And, don’t forget it’s tax-free.' Others are worried. 'It’s all out of balance,' one said. 'Looks like a bitcoin [chart],' said another. 'Probably just as sustainable, too.'"

"The economist behind the chart, Sal Guatieri, said asset prices normally start to raise red flags when they consistently come in ahead of growth in incomes. But that’s exactly what’s happening in cities across Canada, notably in Ontario. 'Draw your own conclusions,' Mr. Guatieri said."

From KREM in Idaho. "The average sale price of a home in Kootenai County was $415,000 in January, a 33% increase from January 2020, according to the Association of Realtors. RedFin reported that the median sales prices of a home in Coeur d'Alene rose to $509,000, a 50% increase from a year ago. 'The market continues to be a frenzy of buyers,' said Kristen Johnson, president of the Coeur d'Alene Association of Realtors."

"Rathdrum and Spirit Lake, generally areas with lower housing costs, are seeing high prices and low inventory. 'Just drive up Highway 41 and look at the prairie full of new homes with more on the way,' Johnson said."

The Denver Channel in Colorado. "'It’s almost like the market is drunk,' said Chad Nash, senior real estate adviser with Compass. Nearly all of our experts agree there’s no looming bubble like 2008. 'I don’t see a bust this year,' Nash said. Nash does have a warning, however. He sees a growing number of somewhat sketchy lending practices popping up, like ads promoting the idea you only need $1,000 down."

From Mortgage Professional America. "Originators now must work in an economy where credit blemishes are far more common than before. Laid off workers who might have had solid incomes and assets, had to draw down on credit to make it through the roughest early months. Borrowers who would have qualified for agency loans pre-pandemic, even those who have gotten their income back, are being shut out by these blemishes. Originators need to use different tools to secure loans for these borrowers. The solution may lie in non-QM."

"'It’s important to understand the premise of non-QM as a broader ‘non-agency’ offering, which typically has met the needs of those borrowers with some credit challenges who still have the ability to repay,' said Tom Hutchens, executive VP of production at Angel Oak Mortgage Solutions. 'One of the outcomes of COVID-19 is certainly more people are going to have more blemishes, perhaps than ever before. We went from a record low unemployment to record high unemployment in a span of 60 days. Not everybody’s prepared for unemployment that quickly. We believe that non-QM is going to be the solution for those borrowers that were directly impacted by COVID-19.'"

"'We’ve always said that non-QM is common sense lending,' Hutchens said. 'It’s not just black and white, we work a lot in the gray areas. We make credit decisions around not just whether we believe this borrower has the documented ability to repay, but do we believe they will repay us.'"

The Huffington Post. "A landlord in Albany, New York, is facing kidnapping charges after he allegedly tied up two of his tenants, covered their heads with pillowcases and left them at a snowy cemetery. Albany Police arrested 48-year-old Shawn Douglas on Monday afternoon and charged him with second-degree kidnapping in connection with the incident on Sunday morning, according to the Albany Times-Union. Douglas had been frustrated as he was unable to evict the tenants due to COVID-19 restrictions, the Times-Union reported."

The Wall Street Journal. "Brooklyn property developer Yoel Goldman’s All Year Holdings Ltd. placed a luxury apartment building under bankruptcy protection after rental income fell since the onset of the Covid-19 pandemic. Monday’s bankruptcy filing covers Evergreen Gardens Mezz LLC, a subsidiary tied to one of two buildings comprising the Denizen luxury apartment rental complex. The chapter 11 filing followed All Year’s failed negotiations with a lender that threatened to foreclose."