Morning Roundup (5/13/2024) — Feeling The Squeeze

Good Morning! Today is Monday, May 13. Graduates walked out of Duke University’s commencement ceremony ahead of Jerry Seinfeld’s speech as college disruptions continue. A man died two months after he became the first person to receive a kidney from a genetically modified pig. Minnesota and parts of Wisconsin are under an air quality alert because of Canadian wildfire smoke.

The Mortgage Note Reports

Feeling The Squeeze: Property taxes and insurance costs are going up, but are they enough to force homeowners into foreclosure? Writer Erin Flynn Jay has the story.

Rate Locks Rise: Purchase lock counts rose year-over-year in April for the first time since 2022, an encouraging sign in the tough market.

Affordability Tool: Zillow Home Loans launched BuyAbility, a new tool to help buyers determine what homes they can afford within their budgets.

In other mortgage and housing news…

“Forever High Rates”: Interest rates may stay high forever if financial markets are right that the neutral interest rate that balances the economy is rising.

No Going Under: Regulators are calling on Congress to introduce a new industry-financed fund to support loan servicers as they weather a drought in demand.

Building Together: “Community-owned cooperative real estate” is growing in towns where neighborhood groups are combatting housing shortages on their own.

Crisis Flipped: Japan is suffering an inverse housing crisis from America — each occupied home could be next to an empty one by 2033.

Out Of Reach: Demand for second-home mortgages fell 40% in 2023 as prices restricted access to predominantly white high earners and Gen Xers.

Staffing Update: The FHFA named Luis Campudoni as its new Chief Information Officer and Mary Peterman as its Chief Financial Officer.

What’s Best For You?: The New York Times updated its “Rent Or Buy?” calculator to include current tax law. Use it to find out how much you’d save with each option.