Morning Roundup (11/6/2023) — Luxury Explosion

Good Morning! Today is Monday, November 6. Donald Trump will testify today at his civil fraud trial in Manhattan. Tyson recalled nearly 30,000 pounds of dinosaur chicken nuggets after people found metal pieces in them. A mass shooting in Cincinnati left five injured and one child dead.

The Mortgage Note Reports

Luxury Explosion: Well-to-do buyers are avoiding high interest rates with cash purchases, pushing luxury home price growth 3x higher than typical homes.

Still Fighting: Disturbing new research shows how Americans without access to credit are blocked from homeownership, especially in Black neighborhoods.

In other mortgage and housing news…

Rates Sinking: Mortgage rates are dropping fast after a shock jobs report set off a series of dominoes on Wall Street. Fortune says Detroit auto workers paved the way.

loanDepot Suit: loanDepot is suing former COO Tammy Richards, accusing her of stealing confidential information concerning the lender’s customers.

DPA Stats: Down payment assistance is touted as an important tool for homebuyers, but can it make an impact in a brutal housing market?

Goldberg Out: NAR CEO Bob Goldberg resigned just two days after a $1.8 billion jury verdict against the powerful trade group…

Commission Impact: …The landmark ruling could upend how Americans buy and sell homes. Here’s a breakdown of the possibilities.