Morning Roundup (3/29/2022)– Biden’s Budget Proposal, Condo Prices Up

Good Morning! Today is Tuesday, March 29. Biden said he was expressing “moral outrage”, not policy, when he said Putin “cannot remain in power.” A federal judge concluded that Donald Trump most likely committed felonies by trying to overturn the 2020 election. Will Smith apologized to Chris Rock for slapping him at the Oscars.

The Mortgage Note Reports

Russia’s Attack On Ukraine Felt By Builders In America: Some experts say there will be ramifications in the home and commercial markets, Chuck Green reports.

Budget Response: The Biden administration’s budget proposal includes big money for housing, which the CHLA says reaffirms the need to scrap its Life of Loan policy.

Condo Explosion: Condo prices have hit a record high – up 14.6% YOY – as homebuyers priced out of the single-family market look for more affordable options.

And in other mortgage and housing news…

“Crackup”: Office vacancy rates are climbing in major markets across the country, with growing signs of distress in loans backed by office buildings.

Pandemic Migration: Many of those who moved out of cities during the pandemic headed for nearby suburbs within their state, and some researchers believe this only accelerated a process already underway.

The Housing Question: Ned Resnikoff looks at homelessness through the lens of class and the US “asset economy.”

Opinion: NYT’s Mara Gay offers some insights on how New York can build more affordable housing, and fast.

HA Missteps: Police were called to the Housing Authority in New Roads, LA amid a feud between the agency boss and city government regarding a records audit.

Pennymac Layoffs: Pennymac will lay off 236 California employees in early May, primarily positions related to refinance and purchase originations.

LOS Qs: Black Knight suggests four questions lenders can ask about their LOS pricing

Rent Rewards:Wells Fargo unveiled a new credit card with a rewards system for renters using it to pay their landlords.