Morning Roundup (5/5/2022)– Spring Seller’s Market, Applications Up

Good Morning! Today is Thursday, May 5. New England’s three Republican governors said they would protect abortion rights in their states regardless of the Supreme Court’s decision. The Russian bombing of a Mariupol theater in March killed about 600 people. A growing number of people have tested positive for Covid after the White House Correspondents Dinner.

The Mortgage Note Reports

Applications Tick Up: Mortgage loan application volume rose by 2.5% last week, good news at the start of a so-far slow spring buying season.

Spring Selling: Selling a home in May, June, or July brings premiums of 10% or more above market value, as colder months see significantly lower profits for sellers.

And in other mortgage and housing news…

50 Point Hike: The Fed raised its benchmark interest rate by half a percentage point, intending to raise borrowing costs, slow demand, and rein in price increases.

Foreclosure Abuse Bill: Americans are fearful that the housing market will repeat 2008, but homeowner equity will prevent that, Alcynna Lloyd argues in Business Insider

Opinion: Because so much potential housing development is subject to discretion and uncertainty through public hearings, the process can stifle housing production.

ICE Buying Black Knight: ICE is buying Black Knight in a cash-and-stock deal valued at $13.1 billion, stepping up its involvement in the mortgage market.

Luxury Demand: The Institute’s latest Luxury Market Report found that luxury demand remains at an all-time high, and saw an 8.17% YOY decrease in inventory despite a 15.20% increase in new listings.

Commercial Strength: NAR Chief Economist Lawrence Yun said he expects the commercial market to perform well despite the headwinds, especially in the short term.

Fraud Report: An Oxford, MA man pleaded guilty to a scheme to defraud homeowners and lenders by providing fraudulent documents in real estate transactions.