Good Morning! Today is Wednesday, July 20. Netflix lost nearly a million subscribers in Q2. The House passed a bill requiring the federal government to recognize same-sex marriages, even if the Supreme Court repeals the right. A gunman killed a crew member of a “Law & Order” spinoff in Brooklyn as the show was preparing to film. The Mortgage Note Reports Loan Apps: Mortgage loan application volume tumbled again, falling by 6.3% last week. Zillow Hires: Dr. Skylar Olsen has returned to Zillow as Chief Economist, while Dr. Orphe Divounguy joins the team for the first time. And in other mortgage and housing news… Market Meltdown: Economist Ian Shepherdson has warned that the U.S. housing market is currently in a “meltdown” that will continue to see a sharp drop in…
Good Morning! Today is Tuesday, July 19. President Biden is considering declaring a national climate emergency as soon as this week. Heat waves in Europe are increasing at a faster rate than almost anywhere else. Dr. Anthony Fauci, 81, plans to retire by January 2025, the end of Biden’s term. The Mortgage Note Reports Keeping Up With Demand: Home sweet… multifamily home construction? Writer Chuck Green takes a deep dive into what is happening in this space. June Purchase Apps: New home purchase applications fell 12% YOY in June, and were down 10% from May. Sunbelt Inflation: Inflation is soaring in America’s most popular migration locations, in part because of their boost of new residents and high home price appreciation. And in other mortgage and housing news… Relocation Boom: A record…
Good Morning! Today is Monday, July 18. Ukraine’s president fired his country’s two top law enforcement officials. A report found “systemic failures” in the police response to the deadly Uvalde school shooting. A gunman killed three people in an Indiana mall before an armed bystander fatally shot the assailant. The Mortgage Note Reports Appraisal Modernization: As 94% of surveyed lenders agree that appraisal modernization efforts are valuable to the industry, two leaders who have witnessed the industry changing say new technology is making things possible that could have only been imagined in the past. Editor Kimberley Haas reports. Zoomers Incoming: Gen Z is close on Millennials’ heels as the most influential homebuying cohort, and they will soon become major players in the housing market. New Nations Lending Branch: Nations Lending has opened…
Good Morning! Today is Friday, July 15. Texas sued the Biden administration over federal rules protecting access to abortions in medical emergencies. At least 10 missiles struck the southern Ukrainian city of Mykolaiv, hitting two local universities. Amazon is considering scrapping its own brand of items to alleviate regulatory pressure. The Mortgage Note Reports Rates Up Again: Mortgage rates drifted up again last week after plummeting the week prior, rising from an average of 5.30% to 5.51%. Inventory Rebound: The number of homes for sale nationwide in June rose 2%, the first annual increase since July 2019, as rising rates push buyers to the sidelines. And in other mortgage and housing news… JPMorgan Chase Earnings: Second quarter earnings at JPMorgan Chase fell 28% YOY, but the bank said it…
Good Morning! Today is Thursday, July 14. At least 40 people are unaccounted for in Virginia after flooding and landslides. The producer price index rose 11.3% from a year ago in June, near the record 11.6% posted in March, while weekly jobless claims hit their highest level in eight months. The Mortgage Note Reports Crushing The Dream: A U.S. Congressman serving the 8th district of Texas says housing inflation is crushing the American dream for families. Record Price Growth: Annual single-family home prices rose by 19.4% in Q2 2022, d down from Q1’s upwardly revised 20.5% but still close to a record high. Market Takeover: Western metros that topped charts last year for popularity and home prices have taken a back seat to more affordable, cooler areas in the East.…
Good Morning! Today is Wednesday, July 13. Scientists revealed images of stars and galaxies that had been too far away or too dim to see, including 13 billion-year-old light. One U.S. dollar is worth almost as much as a euro for the first time in nearly 20 years. Twitter sued Elon Musk to force him to go through with buying the company. The Mortgage Note Reports CPI Tops Predictions, Again: Inflation jumped by 9.1% YOY in June, more than analysts predicted and the largest gain since 1981. Loan Apps Down: Mortgage loan application volume fell by 1.7% last week, and the average loan size fell to $415,000. And in other mortgage and housing news… UWM CFO: UWM CFO Timothy J Forrester died Sunday at 55 following “a valiant battle against cancer.”…
Good Morning! Today is Tuesday, July 12. A poll found that nearly half of Republican voters want someone other than Trump as the party’s 2024 presidential nominee. The F.D.A. will consider making a birth control pill available without a prescription. Russia has increased attacks on civilian areas in Ukraine. The Mortgage Note Reports Delinquencies Hover Near Record Low: Delinquencies fell for the thirteen consecutive month in April, down 1.8% YOY and unchanged from the month prior. FCM CIO: First Community Mortgage has named Andrew Badstubner as its new CIO. And in other mortgage and housing news… Inflation Boosted: Climbing housing costs will keep inflation elevated this year, as some analysts say any inflation slowdown will have to emanate from other sectors. Layoffs Cont’d: LoanDepot will cut 2,000 more jobs…
Good Morning! Today is Monday, July 11. Twitter shares fell about 6% in premarket trading ahead of an expected legal fight between Elon Musk and Twitter. A pregnant woman in Texas is arguing that her unborn child should count as a vehicle passenger in an HOV lane. Steve Bannon will testify before the Jan. 6 committee. The Mortgage Note Reports Originations Down: Total mortgage lock volumes fell 11% in May across all types of loans as rising rates kept buyers out of the market. Affordability Worsening: Housing affordability is down across the country, with the monthly mortgage payment up 6.2% month-over-month and 51% year-over-year. Inflation And Housing: Writer Tyrone Townsend dives into how inflation affects the housing market. And in other mortgage and housing news… Jobs Report: The Labor Department…
Good Morning! Today is Friday, July 8. Japan’s former prime minister died hours after he was shot while campaigning for a parliamentary election. Biden will sign an executive order today to help safeguard women’s access to abortion and contraception. The Mortgage Note Reports Rates Free-Fall: Mortgage rates tanked last week, dropping from an average of 5.70% to 5.30% as concerns about a potential recession continue to rise. Better.com Hires: Multiple new executives have joined Better.com to bolster its leadership team and forge long-term growth. Cooldown Coming: Rising mortgage rates may not have brought the housing market to a halt just yet, but experts are predicting a cooldown that will come in waves and hit different areas of the country at different times. Writer Tyrone Townsend reports on this topic.…
Good Morning! Today is Thursday, July 7. British Prime Minister Boris Johnson is stepping down, planning to serve until the fall. Trump is not welcome as a guest on Joe Rogan’s podcast. The Mortgage Note Reports Pessism: More than 80% of consumers think the economy is on the “wrong track,” reporting pessimism as they struggle against inflation and a tough housing market. May Prices: Home price growth saw its largest single-month slowdown since 2006 in May as the market begins to correct, but inventory remains 60% below historic averages. Have It All: The newly named Chief Executive Officer for Bonzo said in a recent interview that a secret to success is building work around your life. Editor Kimberley Haas reports. And in other mortgage and housing news… FOMC…
