Morning Roundup (10/20/2022) – Apartments Needed, Existing Home Sales Drop

Good Morning! Today is Thursday, October 20. Liz Truss has resigned as Britain’s prime minister after a disastrous six-week tenure. The Biden administration is granting $2.8 billion to companies to expand electric-vehicle battery production. The movie star Anna May Wong will become the first Asian American to appear on U.S. currency.

The Mortgage Note Reports

Apartments Needed: The vice president of research at the National Multifamily Housing Council says 4.3 million new apartments will be needed in the United States by 2035 to meet expected demand. Editor Kimberley Haas has the story. 

Existing Home Sales: Existing-home sales dropped for the eighth straight month in September, down 1.5% from August and 23.8% YOY.

FCM Expansion: Tennessee-based First Community Mortgage is expanding its retail business into the Midwest.

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…

CRT Investors Spooked: Investors are sending CRT prices lower and demanding greater compensation to hold them, a sign of growing concern about defaults if rising interest rates cause a severe recession.

Profits Down: Seller profits on single-family home sales fell by 3% across the country as home prices declined for the first time in almost three years.

New FirstAm Model: FirstAm developed the Multifamily Potential Capitalization Rate model to look at what’s driving multifamily demand and what might prompt a softening.

“First Of Its Kind”: Optimal Blue has launched the CompassEdge hedging and trading platform, offering tools, data, and analytics from just one source.

SOFR Transition: The FHA  published a long-awaited proposed rule regarding the HECM program’s transition away from the LIBOR index to the SOFR index.

Equality Leaders: BOA honored a second group with its Neighborhood Builders: Racial Equality Award, recognizing the work of leaders who strive for racial equality.

If I Could Turn Back Time: Cher reportedly listed her Italian Renaissance-style California compound for $85 million. She purchased the 1.79-acre cliffside property in 1989 for $2.95 million.