Good Morning! Today is Thursday, May 12. Food prices have increased 17 months in a row. The E.U. again failed to agree on an embargo of Russian oil. Senate Republicans blocked a Democratic bill to protect abortion rights.
The Mortgage Note Reports
Equity Shoots Up: Just under half of all mortgaged residential properties were equity-rich in Q1 2022, up to 44.9% from 41.9% in Q4 2021 and 31.9% in Q1 2021.
Commercial/Multifamily: Commercial and multifamily mortgage loan originations rose 72% YOY in Q1, but were down 39% from Q4 2021 due to seasonality trends.
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And in other mortgage and housing news…
Consumer Prices: Annual inflation moderated for the first time in months in April, but the Consumer Price Index still increased 8.3%.
Gen Z Destinations: Salt Lake City has the largest share of mortgages offered to Gen Zers, according to a LendingTree study of the most popular US cities for older Zoomers.
3D Home Tours: Zillow 3D Home tours now automatically appear on Redfin, without any additional effort from real estate agents.
“Something Big”: Lance Lambert argues in Fortune that April data shows the most competitive housing market ever is finally on the brink of breaking.
Facing Pushback: A conflict in a New York town shows how preservationists– cast as “anti-development”– are losing the fight against luxury real estate developers.
More Layoffs: loanDepot will lay off workers and suspend its quarterly dividend after a $91.3 million Q1 loss.