Good Morning! Today is Wednesday, June 8. The EU will require new phones, tablets, and laptops to use the same charger by 2026. The trade gap in goods and services fell 19.1% in April from the prior month. Six members of a Haitian Special Olympics contingent are missing. The Mortgage Note Reports Metaverse Real Estate: Heads are turning after a $5 million virtual commercial real estate deal was announced. Editor Kimberley Haas and Writer Tyrone Townsend report on the current state of the Metaverse and how companies are using the space to profit from people’s avatars. Loan Applications Plummet: Mortgage loan application volume fell by 6.5%, pushing MBA’s market index down to its lowest level in 22 years. Single-Family Building: Construction of single-family homes fell across several market types…
Good Morning! Today is Tuesday, June 7. The U.S. Securities and Exchange Commission is preparing to propose rule changes that could reshape how the stock market operates. Johnson & Johnson is terminating its vaccine supply deal with Emergent BioSolutions, as each accused the other of breaching the contract. Prime Minister of the United Kingdom Boris Johnson survived a no-confidence vote over reports that he attended parties during lockdown. The Mortgage Note Reports Bad Time To Buy: Only 17% of consumers believe it’s a good time to buy a home as rising interest rates and high home prices push many buyers out of the market. Opendoor Roll-Out: Opendoor launched a new financing app that the company claims allows consumers to get pre-approved for a mortgage in under two minutes. And…
Good Morning! Today is Monday, June 6. Russian missiles struck Kyiv, the first attack on the capital in more than a month. A street brawl in Philadelphia this weekend turned into a mass shooting, killing three people. Rafael Nadal beat Casper Ruud in the men’s French Open final. The Mortgage Note Reports 40-Year Mortgages Making A Comeback? Writer Scott Kimbler reports that they are popular again, but experts warn the risk may not be worth the reward. Another Equity High: Home prices have risen 42% since the beginning of the pandemic and have gained 9% in value just since the first of the year, with equity reaching another all-time high. MacArthur Promoted: Salisbury Bank and Trust Company has promoted Andrea MacArthur to Vice President, Mortgage Advisor. And in other mortgage…
Good Morning! Today is Friday, June 3. Russian forces now occupy one-fifth of Ukraine’s territory. Ford Motor plans to invest billions in facilities in the Midwest, creating more than 6,000 union jobs. The Boston Celtics beat the Golden State Warriors, 120-108, in Game 1 of the N.B.A. Finals. The Mortgage Note Reports Suit Settled: United Wholesale Mortgage has ended one of its ongoing legal battles by paying $2.7 million to settle a lawsuit. Work From Home Debate: The CEO of a reverse mortgage company is claiming that Elon Musk’s message to Tesla employees unfairly bashes the benefits of remote work. Rates Hovering: Mortgage rates stayed relatively flat last week, falling just slightly to an average of 5.09% from 5.10%. Inventory Finally Increases: Inventory increased for the first time since June…
Good Morning! Today is Thursday, June 2. A man carrying a rifle and a handgun killed four people and wounded several others inside a medical office building in Tulsa. The U.S. will airlift baby formula from Europe. Doctors transplanted a 3-D printed ear made from human cells. The Mortgage Note Reports Foreclosure Bump: Zombie foreclosures rose 3% from Q1 to Q2 2022, the first increase in a year, as overall foreclosure activity jumped 13%. Apps Down: Mortgage loan application volume dropped another 2.3%, the fourth decrease in five weeks and the lowest level since December 2018. Most Popular: In May, our story on bidding wars in the rental market was the most popular story posted on social media. What topics would you like to see covered? Email Editor Kimberley Haas…
Good Morning! Today is Wednesday, June 1. The Supreme Court blocked a Texas law that would stop social media companies from removing posts based on the views they express. Israel and the United Arab Emirates signed a deal to remove tariffs on nearly all bilateral trade. Wildfires have burned more than 600,000 acres across New Mexico. The Mortgage Note Reports Home Price Gains: Home price appreciation continues to soar, with both the S&P CoreLogic Case-Shiller Indices and the FHFA HPI posting significant gains. Yanoti Rejoins AFR: Timothy J. Yanoti is returning to mortgage lender American Financial Resources as President and CFO. And in other mortgage and housing news… Biden, Powell Meet: Jerome Powell met with President Biden to discuss inflation, the plan for which Biden summed up as “respect the Fed.” Q1 Home…
Good Morning! Today is Tuesday, May 31. Canada is planning to ban handgun sales and the possession of assault weapons. The EU will ban most Russian oil imports by the end of the year. Shrapnel killed a 32-year-old French journalist in eastern Ukraine. The Mortgage Note Reports Women In Lending: Kicking off our Women In Lending series, editor Kimberley Haas sat down with three female leaders at Amrock who are encouraging other women to ignore the noise and believe in themselves as they climb the corporate ladder. Delinquencies Low: Commercial and multifamily delinquencies fell in Q1 2022, remaining low while these property types continue to sizzle on the market. And in other mortgage and housing news… Home Prices: FirstAm’s RHPI rose 32.5% YOY in March, the…
Good Morning! Today is Friday, May 27. There will be no Morning Roundup Monday as we observe Memorial Day. The Mortgage Note is thankful for those who made the ultimate sacrifice in the fight for our freedoms. The Mortgage Note Reports Rates Drop For A Second Week: Mortgage rates dropped for yet another week to an average of 5.10%, down from 5.25%. Pending Home Sales: Pending home sales fell for the sixth straight month, down 3.9% in April from the month prior and 9.1% YOY. In Case You Missed It: This week, Scott Kimbler reported on adjustable-rate mortgages and if they are making a comeback while Editor Kimberley Haas looked into bidding wars for rental properties. And in other mortgage and housing news… Home Construction: The 10 metros building…
Good Morning! Today is Thursday, May 26. The gunman who killed 19 children and two adults at Robb Elementary School got in despite armed security. Former Presidential and current Texas Gubernatorial Candidate Beto O’Rourke interrupted Gov. Greg Abbott during a press conference about the incident. The Mortgage Note Reports Opportunity Zones See Price Growth: Home prices rose in Opportunity Zones, with the pace of gains in Q1 2022 besting increases across the nation. Affordability Down: Homebuyer affordability decreased in April, with the national median payment applied for by applicants rising 8.8% to $1,889 from $1,736 in March. And in other mortgage and housing news… Disappointing GDP First-quarter GDP declined at a 1.5% annual pace, worse than the 1.3% Dow Jones estimate and a write-down from the initially reported…
Good Morning! Today is Wednesday, May 25. Nineteen children and two adults were murdered in Uvalde, Texas, yesterday by an 18-year-old gunman. At least three more children are in critical condition. The Mortgage Note Reports Apps Fall Further: Mortgage loan application volume dropped another 1.2% last week after plunging by 11% the week prior. Seller-Buyers On The Hunt: 72% of home sellers are also planning to buy their next property this year, and Millennials are the most active seller-buyers in the market (47%). And in other mortgage and housing news… Millennial Impact: Millennials are now the biggest demographic of homebuyers in the country– here’s how they’re impacting the housing market. New-Home Sales Plunge: New-home sales fell 16.6% in April from the revised March figures and were down 26.9% YOY, prompting…
