Good Morning! Today is Tuesday, July 5. A gunman killed six people from a rooftop at a Fourth of July parade in a Chicago suburb. The W.N.B.A. star Brittney Griner wrote to Biden to ask for help in being freed from prison in Russia. The 30 NATO allies have signed off on the protocols needed for Sweden and Finland to become members. The Mortgage Note Reports Rate Speculation: Though most analysts believe rate hikes will continue through the end of next year, some are saying that a resurgence of “stagflation” will bring rate cuts sooner rather than later. Aziz Joins Roostify: Nadia Aziz has been named Chief Operating Officer of mortgage and home equity lending tech provider Roostify. And in other mortgage and housing news… Learning From The Past: The…
Good Morning! Today is Friday, July 1. The Supreme Court limited the Environmental Protection Agency’s ability to prevent power plants from releasing climate-warming pollution. Ketanji Brown Jackson was sworn in, becoming the first Black woman to serve on the Court. We’ll be off Monday for July 4th, and will return to your inbox Tuesday. The Mortgage Note Reports Rates Dip: Mortgage rates reversed their upward trend this week, averaging 5.70%, in the face of high inflation and increasing recession risk. Sellers Slash Prices: The median asking prices are down 1.5% from their spring all-time high, and a record-high share of sellers have dropped their asking price. In Case You Missed It: This week, Editor Kimberley Haas wrote about the industry leaders who will pay for employees to travel to other states for…
Good Morning! Today is Thursday, June 30. The Supreme Court ruled yesterday that Oklahoma authorities could prosecute non-Indians who commit crimes on tribal lands. Justice Stephen Breyer will formally retire today and help swear in Ketanji Brown Jackson. Liz Cheney called Donald Trump “a domestic threat that we have never faced before.” The Mortgage Note Reports Inventory Rising: Inventory jumped 18.7% YOY in June, with news listings beating out even typical pre-pandemic levels thanks to new sellers entering the market at a higher rate than in prior years. Angel Oak VP Appointment: Angel Oak Home Loans has hired Steven Valladares, CMB, as vice president of correspondent sales. And in other mortgage and housing news… Double Trouble: FirstAm’s Real House Price Index shows affordability is down to its lowest point…
Good Morning! Today is Wednesday, June 29. A former aide to the White House chief of staff testified that Trump knew some rally attendees on Jan. 6 were armed but still wanted security to let them in. She also said that the White House knew Proud Boys would be in attendance and that Mark Meadows told her on Jan. 2 that “things might get real, real bad on Jan. 6.” The Mortgage Note Reports Time To Buy: Two heavy hitters who recently joined the Guild Mortgage team in Kansas say although the market may be tough for potential buyers now, a home is still a great investment. Editor Kimberley Haas reports. Disappointing Loan App Growth: Mortgage loan application volume rose slightly by 0.7% last week, and the average purchase…
Good Morning! Today is Tuesday, June 28. Judges in Louisiana and Utah temporarily stopped their states’ trigger laws, allowing abortion clinics there to remain open for now. The Jan. 6 panel scheduled a hearing for today to present “recently obtained evidence.” The bodies of at least 46 migrants were found in an abandoned trailer near San Antonio. The Mortgage Note Reports Abortion Access: At least four industry leaders will cover the travel expenses for employee abortions after the U.S. Supreme Court overturned Roe v. Wade on Friday. Price Growth Softens: Annual home price appreciation dipped slightly in April, the first decline in months and a sign that the housing market is finally pumping the brakes. Dodd Officially Takes Charge: Patrick Dodd has been named president and chief executive officer of…
Good Morning! Today is Monday, June 27. The Supreme Court struck down Roe v. Wade, expanded concealed carry laws, and ruled that school districts cannot prohibit high school football coach’s prayers on field. It is expected to rule on gerrymandering and Congressional regulation of corporations soon. The Mortgage Note Reports Pending Home Sales: Pending home sales finally rose in May after six consecutive months of decreases, ticking up a small but significant 0.7%. CMS CTO: Kendrew Peacey has been named chief technology officer of Constellation Mortgage Solutions. Lumber’s Impact?: Year-to-date lumber prices are down around 50%, but will home prices fall alongside them? Chuck Green reports. And in other mortgage and housing news… Investor Influence: Some analysts hesitate to say investors had an outsized influence on home…
Good Morning! Today is Friday, June 24. The Supreme Court struck down a New York law that required people who wanted to carry a concealed handgun in public to demonstrate a need to do so. The Senate passed the gun safety bill with 15 Republican votes. Ukraine is now a candidate for E.U. membership. The Mortgage Note Reports Cost-Burdened: Mortgage rates increased again this week to 5.81%, with fixed mortgage rates now up 2 full percentage points from the beginning of the year. Demand Plummets: Soaring interest rates pushed homebuyer demand down 16% YOY in its largest annual decline in more than two years. And in other mortgage and housing news… New Home Sales: May’s new home sales were at a seasonally adjusted annual rate…
Good Morning! Today is Thursday, June 23. Biden asked Congress to lift the federal gas tax through September. At least 1,000 people are dead and another 1,600 are injured after an earthquake in southern Afghanistan. The Uvalde school district placed its police chief on leave amid criticism of his response to last month’s shooting. The Mortgage Note Reports Cost-Burdened: Housing payments have surpassed the dreaded 30% cost-burdened threshold as affordability sinks to its lowest point in more than 35 years. Morrow Named President: Travis Morrow has been named president of 7 Mortgage. And in other mortgage and housing news… Storm Risk: Nearly 7.8 million homes with more than $2.3 trillion in RCV are at risk of hurricane-related damages, with NYC and Miami in the most trouble. Ishbia’s Michigan Donations: The…
Good Morning! Today is Wednesday, June 22. The Jan. 6 committee presented evidence that Donald Trump was involved in the effort to overturn the 2020 election using fake electors. The Senate advanced its gun safety bill. A jury found that Bill Cosby sexually assaulted a 16-year-old girl in 1975. The Mortgage Note Reports Applications Up: Mortgage loan application volume rose by 4.2% last week despite rates surging to their highest point since November 2008. Multifamily Investment: Investment opportunities in multifamily housing slipped in Q1 2022 as NOI was again overwhelmed by property price growth and rising interest rates. And in other mortgage and housing news… At-Risk Markets: New Jersey, Illinois, and California have the highest concentration of markets vulnerable to declines, based on home affordability, unemployment, and other measures. Rents Reach…
Good Morning! Today is Tuesday, June 21 and the summer solstice, the longest day of the year. Biden said that he was considering suspending the federal gas tax to ease fuel prices. Moscow says it has two American fighters in its custody. The Mortgage Note Reports Existing-Home Sales Slip: Existing-home sales dropped for the third consecutive month, falling 2.4% month-over-month and 5.9% year-over-year. Affordability Challenges: Affordability is at a 15-year low, with mortgage payments up in 45 of the 50 largest U.S. metros. And in other mortgage and housing news… Market Normizational Stays Slow: Potential existing home sales fell 2% month-over-month and are down 10.5% YOY, which FirstAm says is partially the result of homeowners with no incentive to sell hanging on to their properties. Spending Power: A homebuyer…
