Morning Roundup (2/16/2023) — Housing Starts

Good Morning! Today is Thursday, February 16. President Biden is expected to speak about the Chinese spy balloon and three other unidentified flying objects. The DOJ won’t prosecute Representative Matt Gaetz (R-FL) after investigating him on suspicion of sex trafficking. Narcan, the overdose-reversing nasal spray, could soon be available over the counter.

The Mortgage Note Reports

New Zavvie Offerings: Broker partners with fintech zavvie can now take advantage of “Cash Offer” and “Buy Before You Sell” solutions.

Housing Starts: Housing construction slid again in January but building permits rose slightly, indicating demand may be beginning to rebound.

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…

PPI: Producer prices for final demand in the US rose only 6% YOY in January, down from 6.5% in December but worse than market expectations of 5.4%.

Contractor Fraud: The co-owner of a contracting firm was sentenced to 15 months in prison for his participation in bid-rigging and fraud in Connecticut.

Celebrity Falling Apart: Illinois-based Celebrity Home Loans laid off around 92% of its staff this week, ahead of a deal with On Q Financial.

Opportunity Zones: Q4 median home and condo prices fell in 56% of “Opportunity Zone” redevelopment areas around the country and went down at least 5% in almost half.

“Tit-For-Tat”: Rep. Brian Higgins (D-NY) argues Canada’s tax on foreign property owners doesn’t offer enough exemptions and said if nothing changes he will propose a U.S. tax on Canadian property owners.