Morning Roundup (2/15/2023) — Will Cannabis Save Commercial Spaces?

Good Morning! Today is Wednesday, February 15. Nikki Haley announced she is running for president, the first Republican to challenge Trump for the nomination. Investigators have found no evidence that three UFOs shot down by the U.S. were tied to Chinese surveillance. The earthquake death toll in Turkey and Syria passed 40,000.

The Mortgage Note Reports

Retail Saved? Writer Patrick Lavery reports that the cannabis industry is growing, taking over commercial spaces and drawing the attention of investors.

Investor Flight: Real estate investors are fleeing the housing market as borrowing costs rise and home prices cool, cutting into their ROI.

Demand Down Again: Mortgage purchase demand declined after seeing a boost last week, triggered by an increase in rates.

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.


In other mortgage and housing news…

Faster Turnaround: Lendesk Technologies, a FinTech provider part of Rocket Companies, announced a partnership that is promised to streamline the lending experience for Canadian mortgage professionals.

Cash Request: Some Zillow customers can now request both a cash offer from Opendoor and an estimate of what their home could sell for with a local Zillow partner.

“I Need To Feed My Family”: Some realtors who joined the industry during the pandemic are headed back to their old jobs as sales slow.

Fannie’s Finances: Fannie Mae reported a net income of $12.9 billion for 2022 and $1.4 billion for Q4 2022, with its net worth reaching $60.3 billion in December.

Cash Losing Steam: Roughly one-third of U.S. home purchases were paid for with all cash in December, down from an 8-year high in November but still elevated.

“Heartbreaking” Singles Tax: Renters living in a one-bedroom on their own face a yearly “singles tax” of nearly $7,000, according to an analysis by Zillow.

Company News: Kiavi announced that Arvind Mohan has been appointed CEO; Tavant and Newfi teamed up to provide “Touchless Lending” Document Analysis to customers.