Morning Roundup (4/15/2022)– Home Sales Offer “Early Signs Of A Slowdown”

Good Morning! Today is Friday, April 15. A judge ordered the suspect in the Brooklyn subway shooting to be detained until his trial. Elon Musk made a bid to buy Twitter for about $43 billion. The company’s board is considering a plan to thwart him. A Russian warship sank in the Black Sea.

The Mortgage Note Reports

“Early Signs Of A Slowdown”: Home sales dropped by 4% last month and 8% YOY, closing out the hottest March ever with signs of a potential cooldown.

Historic Rates: Mortgage rates averaged 5% for the first time in a decade last week.

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And in other mortgage and housing news…

Recession Risk: JPMorgan Chase CEO Jamie Dimon said the risk that the Federal Reserve accidentally tips the U.S. economy into recession as it combats inflation is rising.

Losing Mortgage Business: In its earnings call yesterday, Wells Fargo reported home lending fell 33% from the year prior as mortgage rates have climbed.

Jumbo Rate Switch:Jumbo loan rates are lower than those for conventional loans, a reversal from early in the pandemic when they were about half a point higher.

Remodeling Market: The remodeling market remained stable YOY in Q1 2022, though some clients are reluctant to start projects due to delays and rising costs.

Early-Stage Demand Falls: Searches for “homes for sale” on Google fell 3% YOY as new listings fell 7% from a year earlier, Redfin reported.

Canada’s Housing Trouble: The Bank of Canada’s move to push interest rates higher, and at a faster pace, threatens to choke off real estate growth.

Abandoned Homes:The Abandoned Homes Project has issued 100 new vouchers to assist homeowners facing current or potential housing court prosecution.

Mortgage Fraud: Developer and landlord Robert Morgan signed papers surrendering $16.3 million that prosecutors alleged stemmed from fraud by Morgan and others.