Morning Roundup (11/9/2022) – Hispanic Homeownership

Good Morning! Today is Wednesday, November 9. Many of yesterday’s races remain too close to call. Maryland and Missouri voted to legalize recreational marijuana. Meta, Facebook’s parent company, said it was cutting more than 11,000 employees. Lottery officials in California said that a winning, $2 billion Powerball ticket was sold in Los Angeles County.

The Mortgage Note Reports

Hispanic Homeownership: Guild Mortgage has partnered with the National Association of Hispanic Real Estate Professionals as part of its commitment to diversity and inclusion. Editor Kimberley Haas sat down with a branch manager in Reno to learn more.

Loans Hold Steady: Mortgage loan application volume dipped just slightly last week, continuing a weeks-long trend of relative calm, but increased volatility lies ahead.

Foreclosures Keep Climbing: Foreclosures rose more than 50% YOY in October as filings edge closer to pre-pandemic levels but were only up 2% from September.

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…

Commercial Hit: Commercial and multifamily originations fell 13% YOY in Q3, the first of “what may be many quarters of depressed borrowing and lending activity.”

The Appraisal Gap: The value of homes in white neighborhoods rose by $136,000 since 2020, while similar homes in non-white communities only rose by $60,000. 

loanDepot Pains: loanDepot’s originations earnings fell by $6.1B in Q3 to $9.8B, and it expects an origination volume of between $4B and $7B in Q4.

Redfin’s Turn: Redfin will close its home flipping business and lay off 13% of its staff.

Turbocharging Affordability: Paris is one of the most expensive places in the world to live, but it’s on a mission to make 40% of its housing affordable.