Good Morning! Today is Monday, May 15. The Turkish elections will go to a runoff after President Recep Tayyip Erdogan failed to secure a majority of the vote. Millions of people are under a heat advisory in the Pacific Northwest. Vice Media filed for bankruptcy.
The Mortgage Note Reports
Commercial Outlook Bleak: The MBA once again adjusted its commercial and multifamily outlook for 2023, pushing its expectations down by $9 billion.
Neighbors From Hell: Nearly 20% of Americans have moved because of an obnoxious neighbor, with Millennials and Zoomers most likely to pack up and go.
Prison Time: A former assistant inspector general for the U.S. Department of Housing and Urban Development has been sentenced to one year and one day in prison.
Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers to the market. Check out our spring podcast.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
In other mortgage and housing news…
Tightening Fears: Senior loan officers are concerned that higher costs for mortgages, HELOCs, and credit cards will continue into 2024, leading to more layoffs.
Rohr Skips Jail Time: Eric Rohr, former CFO of Live Well Financial, will not serve any prison time for his role in a bond pricing scheme after cooperating with prosecutors.
Delinquency Win: The mortgage delinquency rate fell to its lowest level for any Q1 since MBA’s survey began in 1979 this past quarter, down 40 bps from Q4 2022.
“Not Your Average Rookies”: Gen Z has a leg up on the housing market, turning to TikTok for in-depth information on the home buying process and money-saving hacks.
Cheapest Available: Much has been made of the most overpriced markets in the U.S., but what about the most underpriced markets?