Morning Roundup (6/12/2023) — Prices Surging

Good Morning! Today is Monday, June 12. Part of I-95 collapsed in Philadelphia after a tanker truck caught fire under an overpass. Billionaire George Soros has tapped his son Alexander Soros to run his PAC and charity. JPMorgan Chase settled with Jeffrey Epstein’s victims after an accusation that it operated as a financial conduit for his crimes.

The Mortgage Note Reports

Prices Surging: Competition for limited inventory has led to surprisingly hot home prices this season, up 1.4% from April to May.

Nowhere Near Normal: Though mortgage originations fared better in May than in April, they remain constrained, a “likely harbinger” of slow months to come.

Get Moving: Although the market is slow now, there will eventually be a point when homeowners let go of their low interest rates and move. Editor Kimberley Haas has the story.

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…

Outreach Matters: Lenders need to be more proactive in letting low-to-moderate-income borrowers know about opportunities to lower their payments, a former CEO of Citi Mortgage and Caliber Home Loans says.

Locks Shrink: Overall lock volume had a stronger downturn in May than in April, with purchase activity down 15.2%, rate/term down 21.8%, and cash-outs slipping 21.7%

Accounts Empty: Many homeowners are facing shortfalls in their escrow accounts due to increasing insurance premiums.

Fake Listing Scam: Two fake Zillow listings went viral at the end of May, one a high school prank and one a scam that resulted in buyers losing thousands of dollars.

“I Told You So”: Finance guru Dave Ramsey correctly predicted today’s housing market 18 months ago. Here’s what he thinks will happen in 2023.