Good Morning! Today is Tuesday, May 9. The Texas House advanced a bill to raise the minimum age to buy assault weapons. Wildfires in Western Canada have burned nearly 1 million acres in a week. Phoenix officials say they will clear a homeless encampment where 1,100 people sleep unsheltered each night.
The Mortgage Note Reports
Buy Or Rent?: The choice between renting and buying is obvious in some American cities, but in others, the difference in cost is razor-thin.
Polly’s C-Suite: Cheryl Messner has been named Chief Customer Officer at Polly.
Opinion: Stephen L. Miller comments on “the courtside theatrics of Phoenix Suns owner and sports thespian Mat Ishbia” after Sunday night’s game.
Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers. 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…
Defaults Rising: Nearly $88 billion in securitized mortgages are estimated to be at risk of default, with 42% tied to apartment buildings, the Wall Street Journal reports.
Rental Report: High mortgage rates, low inventory, and uncertainty drove higher demand for single-family rentals in Q1 2023.
Another Data Breach: In a rare disclosure, loanDepot said it experienced a relatively small hack last August and quickly shut it down.
First Home’s Dream: First Home Mortgage is launching a new down payment assistance initiative for low- to moderate-income buyers.
NewRez Adds BorrowSmart: NewRez will offer Freddie Mac BorrowSmart Access, a mortgage program designed to assist first-time homebuyers.
“Forging Ahead”: Many hopeful buyers, especially those in their 40s and younger, are still planning to buy homes despite believing it’s a seller’s market.