Good Morning! Today is Thursday, May 5. New England’s three Republican governors said they would protect abortion rights in their states regardless of the Supreme Court’s decision. The Russian bombing of a Mariupol theater in March killed about 600 people. A growing number of people have tested positive for Covid after the White House Correspondents Dinner. The Mortgage Note Reports Applications Tick Up: Mortgage loan application volume rose by 2.5% last week, good news at the start of a so-far slow spring buying season. Spring Selling: Selling a home in May, June, or July brings premiums of 10% or more above market value, as colder months see significantly lower profits for sellers. And in other mortgage and housing news… 50 Point Hike: The Fed raised its benchmark interest rate…
Good Morning! Today is Wednesday, May 4. J.D. Vance won the Ohio Senate Republican primary. The Supreme Court said the leaked draft striking down Roe v. Wade was authentic but not final. The EU proposed a total ban on Russian oil. The Mortgage Note Reports Maintain Your Home, Build Wealth: An app that helps homeowners maintain their property inside and out has been developed by Consumer Reports and leaders there say this could potentially increase value during the sale process. Editor Kimberley Haas reports. Home Price Growth: More metro areas saw double-digit YOY increases in their median single-family existing-home sales price in Q1 2022 than in Q4 2021. Migration Trends: More home shoppers are searching for houses outside their current metros in Q1 2022 as remote work…
Good Morning! Today is Tuesday, May 3. A leaked draft of a decision shows the Supreme Court is primed to overturn Roe v. Wade. Russia may try to annex the Donetsk and Luhansk regions through sham elections, U.S. officials said. Amazon workers at a Staten Island warehouse voted against joining a union, a setback for labor organizing efforts. The Mortgage Note Reports Price Growth Record: Home prices rose by 20.9% YOY in March, setting another record and marking the 122nd consecutive month of YOY home price increases nationally. Xactus CTO: James Owens has joined Xactus, a verification company, as Chief Technology Officer. Follow Us On Social Media: The Mortgage Note is on Facebook and Twitter. And in other mortgage and housing news… Black Knight: Home prices rose 3% in March, the fifth time…
Good Morning! Today is Monday, May 2. House Speaker Nancy Pelosi made an unannounced visit to Kyiv this weekend. Coronavirus outbreaks in Beijing and Shanghai are battering the Chinese economy. A dinosaur skeleton that inspired the raptors in “Jurassic Park” is up for auction. The Mortgage Note Reports Industry Feud Reignited: The CEO of United Wholesale Mortgage has come under fire after posting online that he is “disappointed” with Rocket Mortgage’s decision to offer buyouts to members of its workforce. FOMC Meeting Causing Stock Turbulence: U.S. stock indexes saw losses ahead of this week’s FOMC meeting, where analysts expect to see a 50-point rate hike. AMDC Appointment: CBC Mortgage Agency’s Tai Christensen has been named chair of the American Mortgage Diversity Council. And in other mortgage and housing news… Redfin Settlement: Redfin…
Good Morning! Today is Friday, April 29. Russian missiles struck Kyiv. President Biden asked Congress for an additional $33 billion to aid Ukraine, which would more than triple U.S. spending on the war. The F.D.A. plans to ban sales of menthol cigarettes. The Mortgage Note Reports Rates Fall Back: Mortgage rates declined for the first time after a weeks-long upward streak, averaging 5% last week. Forbearances Steady: In its last weekly report, Black Knight found forbearances largely holding steady in a “typical” pattern for the end of the month. In Case You Missed It: This week, Chuck Green reported on whether there is a brewing housing bubble while Editor Kimberley Haas wrote about how leaders at Rocket Mortgage are working to end the digital divide in Detroit and that a shortage of…
Good Morning! Today is Thursday, April 28. New York State’s highest court threw out Democratic-drawn legislative maps as partisan gerrymanders. American and European officials say they are worried the war could escalate beyond Ukraine. The Mortgage Note Reports Applications Drop: Mortgage loan application volume plummeted by 8.3% last week, with overall application activity dropping to its lowest level since 2018. St. Mary’s Board: St. Mary’s Bank has elected Stephen Grzywacz as chairman and Elizabeth Hitchcock as vice-chairman. Do You Like Our Newsletter? Then share this email with a friend so they can go to our website and sign up to receive it every weekday, too! And in other mortgage and housing news… NAHB Asks For Action: Members of NAHB sent a letter calling on the White House to take action on the…
Good Morning! Today is Tuesday, April 26. The Biden administration established a program that allows Americans to sponsor Ukrainian refugees. A New York judge held Donald Trump in contempt for refusing to turn over documents. The Boston Celtics eliminated the Brooklyn Nets in the first round of the N.B.A. playoffs. The Mortgage Note Reports Housing Bubble: Clickbait Or Is There A Bumpy Ride Ahead? Chuck Green reports trouble could be percolating in the U.S. housing market. loanDepot Shakeup: loanDepot has named Anthony Hsieh as its new Executive Chairman, while industry leader Frank Martell joins as President and CEO. Builder Profits: Builder gross profit margins fell to 18.2% in 2020, while net profits slipped to 7%, the first profit margin decline since 2008. And in other mortgage and housing news… Set To Stall: …
Good Morning! Today is Monday, April 25. Emmanuel Macron, the incumbent president of France, won re-election over Marine Le Pen. A man died after setting himself on fire in front of the Supreme Court to protest climate change. Wildfires in Arizona, Nebraska, and New Mexico have killed at least one person and destroyed hundreds of structures. The Mortgage Note Reports Rocket Mortgage Works to End Digital Divide In Detroit: Editor Kimberley Haas reports that leaders at the company have been working with local officials who say there is still much work to be done. Real House Prices: FirstAm’s Real House Price Index jumped up by nearly 31% in February, the fastest growth in the more than 30-year history of the series. Rate Hike Impact: Nathaniel Drake of Fannie’s…
Good Morning! Today is Thursday, April 21. Russia test-launched a new intercontinental missile that it said could carry several nuclear warheads. The federal government charged 21 people in Medicare fraud schemes, including selling fake vaccine cards and test results. The Mortgage Note Reports “Plenty Of Fuel In The Tank”: Monthly mortgage payments on the typical U.S. home are 19.5% higher than they were three months ago, but demand just keeps growing. Existing Home Sales: Existing-home sales fell for the second straight month in March, down 2.7% from the prior month and 4.5% from a year ago. And in other mortgage and housing news… Blend Layoffs: Mortgage tech company Blend has laid off 10% of its workforce. BOA Settlement: HUD signed a Conciliation Agreement with Bank of America to resolve…
Good Morning! Today is Wednesday, April 20. Wimbledon is planning to bar tennis players from Russia and Belarus from this year’s tournament. President Biden said Americans should decide for themselves whether to wear masks on public transportation. Netflix lost subscribers for the first time in more than a decade, and its stock fell. The Mortgage Note Reports A Customer For Life: Editor Kimberley Haas reports that Guild Mortgage’s success is the result of their long-term dedication to customers. Application Freefall: Mortgage loan application volume plummeted by 5% last week as rates reached 5.20%, their highest level since 2010. Rent Record: Rent prices continued their double-digit gains in February, rising 13.1% YOY to hit another new record as the highest in the history of CoreLogic’s index. And…
