Morning Roundup (3/1/2023) — Retail Revolution

Good Morning! Today is Wednesday, March 1. Republicans in Congress questioned military officials on money sent to Ukraine, signaling concerns over future aid. Two trains collided in Greece, killing at least 36 people. A Mediterranean cruise ship has become a shelter for people displaced by the earthquake in Turkey.

The Mortgage Note Reports

Retail Revolution: As the retail giant Walmart makes news with their plans to close underperforming locations, urban designers see an opportunity to discuss repurposing retail property. Can this help with housing? Writer Patrick Lavery has the story.

Purchase Demand Dwindles: Mortgage purchase demand fell for a third week as dreary inflation data pushed rates up to their highest point since last November.

Can’t Move, Won’t Move: Net new listings are down by double digits as rate lock-in, shortages, and affordability concerns keep homeowners stuck in their current houses.

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…

Giving Up The Ghost: Some potential U.S. homebuyers say they are so discouraged about their ability to afford a home that they’ve put off searching altogether.

Buying Only New: Utah is giving out $50 million to help first-time homebuyers purchase a house — but only if they’re newly constructed.

Rocket, UWM Q4 Results: Rocket lost $493 million in the fourth quarter of 2022, while United Wholesale Mortgage reported a net loss of $62.5 million.

D.C.’s Future: New projections show Washington D.C.’s tax revenue tanking over the next few years due to a $464 million shortfall in commercial real estate revenue.

JFQ Bought: Prosperity Home Mortgage announced it acquired the assets of JFQ Lending, a consumer direct lender headquartered in Scottsdale, AZ.