Morning Roundup (4/11/2022)– Office Space Vacancies, Vacation Home Demand

Good Morning! Today is Monday, April 11. Pittsburgh Steelers quarterback Dwayne Haskins was killed by a dump truck while trying to cross a highway on foot in South Florida. Biden will announce a new firearm regulation Monday meant to contain the use of privately made weapons. Elon Musk has decided not to join the board of Twitter.

The Mortgage Note Reports

Office Space Vacancies: Writer Chuck Green reports that office vacancy rates are being monitored closely as the commercial space industry continues to grapple with COVID’s effects on the workplace.

Vacation Home Demand: Second-home demand fell for a second straight month as rising rates and increased fees deter buyers.

Better Loses Another Exec: CTO Diane Yu is stepping back into an advisory role, yet another C-suite exec loss for the infamous company.

And in other mortgage and housing news…

Fannie Shake-Up: Fannie Mae’s board Chairwoman Sheila C. Bair and CEO Hugh R. Frater are both resigning effective May 1, with Michael J. Heid taking over as Chairman and president David C. Benson as interim CEO and board member.

Recession Risk: Economists see a growing risk of recession as inflation runs rampant, likely bringing a heavy-handed response from the Federal Reserve.

Federal Land: Utah Sen. Mike Lee introduced legislation to allow a state or local government to buy parcels of federal land at a reduced price to address housing supply and affordability in their areas. 

Wells Fargo: NYC vowed not to open any new Wells Fargo accounts in response to allegations that the bank discriminated against Black homeowners.

FOMC Aggression: Fannie Mae says last week’s FOMC minutes were “notably more hawkish” than in the past, suggesting support for one or more 50-basis point hikes.

Florida Housing: Disney and Universal are pledging to devote around 100 acres of land for affordable housing in Florida.

Real Estate Legend Dies: Houston real estate legend Martha Turner died Friday at the age of 81, her firm, Martha Turner Sotheby’s International Realty, said.

Data Manager: Staircase has launched Staircase Persistence, a cloud-based data lake and the immutable ledger that helps lenders store and manage mortgage data.