Good Morning! Today is Tuesday, May 23. Speaker Kevin McCarthy and President Biden met to discuss the debt limit again but remained far apart on a deal. TikTok sued to block Montana’s ban of the app, citing the First Amendment. California, Arizona, and Nevada agreed to use less water from the depleted Colorado River.
The Mortgage Note Reports
Construction Lending: Editor Kimberley Haas sat down with Brian Mingham, the CEO of a national end-to-end risk mitigation company who says their platform opens doors to lenders that want to enter the construction market.
Besting Expectations: April brought an increase in new residential sales after revisions put March’s numbers down, a surprise to analysts who expected declines.
Korth CEO: Korth Direct Mortgage CEO James Korth is stepping down, to be replaced by current President and CFO Holly MacDonald-Korth.
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…
Location, Location, Location: San Francisco is seeing double-digit home price losses while Florida is seeing double-digit gains, a gap that’s close to a 30-year high.
More Layoffs: Wells Fargo cut 25 employees in the Des Moines metro last week in its second round of local layoffs in as many months.
More RE AI: Homegenius Real Estate has unveiled an AI-powered home search portal that gathers information from property listing photos.
Heat Index: While home prices are dropping in much of the country, the Southeast has seen little change, with Southern metros remaining seller’s markets.
Further To Fall: The median home sale price fell $18,000 YOY in April as elevated rates dampened buyer demand. In pandemic boomtowns, the declines are even greater.
Expecting The Worst: A new survey found that 58% of Americans are “very” or “fairly” concerned about a possible housing crash in the next year.