Good Morning! Today is Wednesday, February 28. More than 100,000 Michigan Democrats voted “uncommitted” in protest of Biden’s support of Israel. Four eye ointments sold at Walmart and CVS are being recalled due to risk of infection. People in Texas and Oklahoma were forced to evacuate due to wildfires.
The Mortgage Note Reports
Apps Down: Mortgage applications fell for another week as rates remained above 7% and high home prices kept buyers on the bench.
Home Rewards: Newrez announced a new incentive program offering homebuyers and sellers closing cost kickbacks and other concierge services.
In other mortgage and housing news…
Value Boost: The total value of U.S. homes jumped 5% to $47.5 trillion, the biggest gain in nearly a year, as a shortage of houses for sale propped up values.
The Real Problem: Federal Reserve officials say they are confident housing inflation will finally cool in coming months, but relief may be short-lived.
Company News: First Horizon promoted Ashley Argo to Deputy Chief Risk Officer; Aslan Home Lending partnered with Calque to offer the Trade-In Mortgage.
Boom, Bust, Both?: First American revisited boom-bust markets to see where they stand after home price growth recovery.
Other Perspectives: Britain’s housing market is dysfunctional, delivering too few homes at prices that are too high and at quality levels that are often questionable.