Good Morning! Today is Tuesday, January 30. The FOMC begins its first meeting of the new year today. The food shortage in Gaza is nearing a full-blown famine. UPS announced it will cut 12,000 jobs.
The Mortgage Note Reports
“All In” Suit: UWM is suing Atlantic Trust Mortgage Corp. for submitting loans to Rocket Mortgage or Fairway Independent Mortgage, an alleged breach of its controversial ultimatum.
Case-Shiller: Home prices slipped last November, breaking a nine-month streak of gains, down 0.2% from October but up 5.1% YOY.
Time To Make Deals: The CEO of a platform that provides cash flow based financing to real estate entrepreneurs says there are opportunities arising in the commercial and multifamily space.
In other mortgage and housing news…
Experts Weigh In: A Bloomberg survey of economists suggested rates will fall to 5.5% by the end of 2024, the median of more than 200 respondents.
Downward Pressure: Apartment rents are already declining in many pandemic hotspots, and those with more construction underway will see them fall further this year.
Pessimism In 2024: Although 69% of renters believe owning a home would make them happier, 60% say homeownership is out of reach.
“Massive Problem”: Moody’s chief economist Mark Zandi called buying a home “not even remotely possible” for first-timers thanks to home price appreciation.
Out Of The City: The Upzoned podcast discussed Millennials’ flight from urban areas to exurbs in search of affordable housing.