Good Morning! Today is Tuesday, November 15. Amazon plans to lay off about 10,000 people, the largest cuts in the company’s history. Tens of thousands of academic workers across the University of California system are striking for higher pay. Federal prosecutors are investigating FTX, including reports that it lent customer funds to an affiliate.
The Mortgage Note Reports
Hidden Gems: Did you know there are more than 2,000 homeownership programs available in the United States and over 38% of them are for repeat homebuyers? Editor Kimberley Haas has the story.
Moderating Or Not?: Rent growth is slowing from April’s peak, but mostly for higher-priced properties. Lower-priced rents are still seeing double-digit gains.
Stronghill Goes Residential: Dustin Wells has been named Co-President of Stronghill Capital as it expands into residential lending.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
As Thanksgiving approaches, what are you grateful for? We want to know. Share your thoughts by emailing us: [email protected]
In other mortgage and housing news…
Producer Prices: Wholesale prices rose by only 8% YOY and 0.2% in October, both up by far less than analysts expected and suggesting easing inflation.
Farmers Priced Out: Small farmers are struggling to compete for land against deep-pocketed investors, including private equity firms and real estate developers.
FDIC Nomination: The White House announced its intent to nominate acting chairman Martin Gruenberg to officially be chairman of the FDIC.
Unaffordable: A homebuyer must make $107,281 annually to afford the monthly payment on the typical U.S. home, up 45.6% YOY while wages rose only 5%.
Value v. Income: Home values increased the most compared to income in Arizona, Utah, and Idaho during the pandemic, and the least in Vermont, Iowa, and Connecticut.
Company News: Nations Lending and Carpenter Realtors are teaming up; downpayment assistance facilitator Arrive Home launched nationwide.