Good Morning! Today is Wednesday, May 18. Negotiators on both sides of the war in Ukraine say peace talks have collapsed. The White House will send Americans eight more at-home tests, through covidtests.gov. The shortage of baby formula has hospitalized two children who can’t absorb nutrients properly.
The Mortgage Note Reports
Settlement Secured: An agreement to resolve a lawsuit against a landlord who allegedly entered the apartments of female tenants and touched them without consent has been reached. Editor Kimberley Haas reports.
Loan Apps Plunge: After ticking up 2% the week prior, mortgage loan application volume tanked by 11% last week despite a decline in rates.
Builder Confidence: Builder confidence fell 8 points in May as the market shows signs of cooling with the fifth month of declines and the lowest reading since June 2020.
And in other mortgage and housing news…
Housing Starts Drop: Construction of new homes in the US fell in April for the second straight month, driven by a decline in single-family units.
Market Adjusting: FirstAm’s Potential Home Sales Model decreased, which shows the housing market is adjusting to a not-so-new normal, says Chief Economist Mark Fleming.
The Cost Of Fraud: $1 of fraud costs mortgage lending companies $4.66 in labor for fraud detection, investigation, reporting, and recovery, a LexisNexis report found.
Rent Growth: Asking rent growth slowed for the first time in a year, down from 17% in March to 15% YOY in April, though hot spots are still seeing significant increases.
Urban Price Slowdown: Suburban home price appreciation has accelerated faster than urban homes, a reversal of previous norms and the first 15 months of the pandemic.
Competition Decreasing: Nationwide, 60.7% of home offers written by Redfin agents faced competition in April, the lowest level since March 2021.
HUD Grants: HUD announced $10.3 billion in grants for housing and community development activities ranging from affordable housing development to economic opportunities for people with low and moderate incomes.
Open Mortgage Appointment: Open Mortgage has named Brenda Hedeen, CPA, as its new Chief Financial Officer.
Fraud Accusation: The former president of the Anaheim Chamber of Commerce has been charged with lying to a mortgage lender while seeking a $1.5 million loan.