Morning Roundup (5/24/2022) – Rental Bidding Wars, Americans Report High Financial Well-Being

Good Morning! Today is Tuesday, May 24. Ukraine has deployed the first American heavy artillery in battle. Starbucks will cease operations in Russia. A shipment of baby formula to ease a shortage arrived in the U.S. from Europe.

The Mortgage Note Reports

Bidding Wars For Rentals: Editor Kimberley Haas reports that as prices for rental housing continues to climb in many parts of the country, bidding wars are becoming more common.

Financial Well-Being High: In Q4 2021, 78% of adults reported either doing okay or living comfortably financially, the highest level since at least 2013.

Deichert Moves Up: Dr. Maggie Deichert has advanced to vice president of PD&R at DHA, Housing Solutions for North Texas.

And in other mortgage and housing news…

Top Renting Cities: Round Rock, Tx, and Raleigh, NC, were named the top two best cities for renters by RentCafe, followed by smaller cities in the South and Southeast.

NY Fed Survey: The share of consumers who expect more affordable housing over the next twelve months fell to 37% in April from a peak of 52% in August 2021.

Rate Hike Pause?: Atlanta Fed President Raphael Bostic said that he backed the plan of raising rates by 50bps in June and July, but a “pause in September might make sense.”

Most Popular Market: As remote work drives fast home value growth in the suburbs, expensive suburban markets see the strongest demand so far this year.

Gordon Sworn In: Julia Gordon was officially sworn in as HUD Assistant Secretary for Housing and FHA Commissioner. 

Affordable Hotspots: Redfin laid out eight migration hotspots that are still relatively affordable, including Virginia Beach, San Antonio, and Bakersfield.

”Absurd” Restrictions: Minimum square footage laws that prevent people from building small homes are adding to the affordability crisis in many markets.

Demand Still Elevated: Century 21 CEO Mike Miedler told Yahoo Finance that homes are “still flying off the shelves” despite higher mortgage rates.