Morning Roundup (5/26/2022) – Opportunity Zones See Price Growth

Good Morning! Today is Thursday, May 26. The gunman who killed 19 children and two adults at Robb Elementary School got in despite armed security. Former Presidential and current Texas Gubernatorial Candidate Beto O’Rourke interrupted Gov. Greg Abbott during a press conference about the incident.

The Mortgage Note Reports

Opportunity Zones See Price Growth: Home prices rose in Opportunity Zones, with the pace of gains in Q1 2022 besting increases across the nation.

Affordability Down: Homebuyer affordability decreased in April, with the national median payment applied for by applicants rising 8.8% to $1,889 from $1,736 in March.

And in other mortgage and housing news…

Disappointing GDP First-quarter GDP declined at a 1.5% annual pace, worse than the 1.3% Dow Jones estimate and a write-down from the initially reported 1.4%.

Lenders Struggle: Lenders are scrambling to survive the drop-off in the number of homeowners refinancing their loans by cutting fees and staff or selling assets.

Pending Home Sales: Zonda’s Home Pending Sales Index posted a reading of 150.4 for April, representing a 2% rise from March and a 3.1% drop YOY.

LandOnEarth In TX: LandOnEarth, a proptech platform that matches buyers to homes based on factors such as their lifestyle is expanding into the Austin, Texas market.

Thompson Confirmed: Sandra Thompson has been narrowly confirmed as FHFA director by the Senate.

Boom-End: After the fastest rise in mortgage rates for any four-month period since 1981, hot markets are suddenly slowing, possibly marking the end of the housing boom.

Ginnie Rollout: GPARENCY launched a white-label service for commercial brokers who need help securing and underwriting commercial property mortgages.

Millennial Mindset: Here are the biggest draws for the 75% of home buyers and sellers that are Millennials or younger.

“Raw Deal”: The “Godfather” of Atlanta’s real estate market is in hot water for buying homes using a controversial cryptocurrency called Troption, which cannot be cashed out.