Good Morning! Today is Thursday, October 13. The Biden administration will offer up to 24,000 Venezuelans a legal path into the country. The U.S. and NATO allies are sending more sophisticated defense systems to Ukraine to counter Russian missiles. Sandy Hook families won almost $1 billion in damages from Alex Jones.
The Mortgage Note Reports
Top Real Estate Issues: The global chair of The Counselors of Real Estate says inflation and interest rates are this year’s leading concerns of his 1,000-member organization. Editor Kimberley Haas has the story.
“Growing Risk” Of Financial Crisis: Fannie Mae’s ESR group expects a moderate recession in 2023, but warns there’s a growing risk it could be worse than expected.
What questions would you like us to ask the experts? Share your thoughts by emailing us at [email protected].
In other mortgage and housing news…
Consumer Prices: The Consumer Price Index rose 8.2% in the year through September, another stubbornly high result that spooked the markets.
Market Switch-Out: As many as 101 zip codes switched to renter majority in the past decade, with renters surpassing homeowners in 41% of the 50 largest US cities.
“A Fall Cooldown”: National rents grew by only 7.8% in September, their lowest annual pace since June 2021, according to Realtor.com.
Steep Losses: Fitch Ratings says the industry should expect to see consolidation and the exit of “weaker, sub-scale players” as operating losses shake lenders.
Foreclosures Still Rising: Foreclosure filings are up 3% from last quarter and 104% YOY, but still lag behind pre-pandemic levels.
Crypto Makes Money: Moon Mortgage, a crypto lending platform, raised a $3.5 million seed round despite a bearish crypto market.
Cedar Rapids Layoffs: Collins Community Credit Union eliminated 38 Cedar Rapids positions last week, many in their mortgage division.
Offers And Updates: Truv added insurance verification to its product suite, DataVerify will offer natural disaster info to lenders with impacted properties, and Equifax now delivers instant verifications of employment and income.