Good Morning! Today is Friday, May 19. The Supreme Court upheld a technology law protecting companies from liability over users’ posts, a win for social media platforms. Disney canceled a $1 billion development planned for Orlando, continuing its feud with Gov. Ron DeSantis. Ukraine’s President Zelensky will attend the G7 meeting in Japan.
The Mortgage Note Reports
College Grads: Professional opportunities, affordability, and fun in the country’s cities are being measured as commencement ceremonies wrap up nationally and Atlanta is coming out on top as the best place for college graduates to move to. Editor Kimberley Haas has the story.
Rates Reverse: After falling slightly the week before, mortgage rates shot right back up last week, continuing to fluctuate within the 6% range.
eMSR Marketplace: Incenter Mortgage Advisors launched eMSR Exchange, a platform for buying and selling mortgage serving rights.
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…
“Intense Disruption”: The MBA, NAR, and NAHB signed an amicus brief for the Supreme Court urging prudence on the CFPB financing case, as a broad ruling could cause immediate problems for the housing market.
Recession Incoming: Fannie Mae says a recession in the latter half of 2023 remains likely as credit conditions tighten, though the market is difficult to forecast right now.
Fewer Metros See Declines: U.S. home prices are down 2.7%, the smallest decline in over a month, as prices are dropping in fewer metros due to tight inventory.
Buyers Turned Sellers: The biggest U.S. home shoppers, institutional buyers, are actually sellers now, purchasing 90% fewer homes in the first two months of 2023.
Company News: Motto Mortgage Emerald Group opened a new office in Sarasota, Florida; GPARENCY formed a new technology advisory committee; Zillow promoted long-time employee Jeremy Hofmann to CFO; Radian named Sumita Pandit CFO.