Good Morning! Today is Thursday, April 14. The U.S. will send another $800 million in military aid to Ukraine, and it will share intelligence on Russian troop positions. Two Omicron subvariants may be driving rising cases in New York State. The Centers for Disease Control and Prevention extended the federal mask mandate on planes and other forms of transit for two weeks.
The Mortgage Note Reports
Loan Apps Fall: Mortgage loan application volume fell another 1.3% last week as rates hit 5.13%, their highest level since November 2018.
PCR Model: Commercial price growth may continue rising as property values may not yet have reached their cyclical peak, according to First American’s PCR Model.
Opinion: Kevin B. Kimble, founder and CEO of the Financial Services Innovation Coalition, writes that Black mortgage denials are increasing and we need tech-based solutions to reverse the trend.
And in other mortgage and housing news…
Wells Fargo:Wells Fargo has committed $210 million to help advance racial equity in homeownership across the country in the wake of discrimination accusations.
“Broken Housing”:Economist Jenny Schuetz offers a practical guide to one of the biggest challenges facing renters and homebuyers: the skyrocketing cost of housing.
Property Taxes: Property taxes rose only 1.6% YOY in 2021, down from the 5.4% increase seen from 2019 to 2020 and the second smallest rise in the past 5 years.
HUD Sale: Twenty-two attorneys general sent a letter to the Consumer Financial Protection Bureau asking it to prohibit mortgage servicers from charging convenience fees.
Bribery Scandal: Who is Gerald Migdol, the developer in the middle of the Brian A. Benjamin bribery scandal?
Construction Inflation: Inflation for goods and services used by the construction industry ran 2.5% higher than the general inflation rate.
Retail Sales: Consumers increased retail and restaurant spending by 0.5% in March with gas station sales up 8.9% over the previous month.
Firth Third CEO: Fifth Third Bank said President Tim Spence will become Chief Executive Officer when Greg Carmichael steps down to become executive chairman.
Shape The Future: Creating cities of the future requires a committed and collaborative effort by politicians, investors, and businesses across industries, including real estate.