Good Morning! Today is Wednesday, May 25. Nineteen children and two adults were murdered in Uvalde, Texas, yesterday by an 18-year-old gunman. At least three more children are in critical condition.
The Mortgage Note Reports
Apps Fall Further: Mortgage loan application volume dropped another 1.2% last week after plunging by 11% the week prior.
Seller-Buyers On The Hunt: 72% of home sellers are also planning to buy their next property this year, and Millennials are the most active seller-buyers in the market (47%).
And in other mortgage and housing news…
Millennial Impact: Millennials are now the biggest demographic of homebuyers in the country– here’s how they’re impacting the housing market.
New-Home Sales Plunge: New-home sales fell 16.6% in April from the revised March figures and were down 26.9% YOY, prompting heightened recession fears.
NY Fed Survey: IMBs and mortgage subsidiaries made $223 on each loan they originated in Q1 2022, down from $1,099 per loan in Q4 2021.
HPA Steady: AEI Housing Center’s National Home Price Appreciation Index for April 2022 averaged 17.3%– level with a month ago and up from 13.5% a year ago.
Home Construction Funding: Wells Fargo is providing $7.75 million in grant funding to help Habitat for Humanity construct or repair homes in 200 communities nationwide.
Ginnie Rollout: Ginnie Mae announced the rollout of enhancements to its Digital Collateral Program and the release of updated guidance for the securitization of eNotes.
BH Expansion: Berkshire Hathaway has furthered its expansion in Georgia with the addition of Berkshire Hathaway HomeServices First Magnolia Realty.
Hottest Markets: Manchester, NH, ranked as the No. 1 hottest market in April (for the 10th time in the last year), followed by Concord, NH, and Burlington, NC.