Good Morning! Today is Tuesday, June 14. The S&P fell 3.9% yesterday, closing the day nearly 22% below its Jan. 3 peak. Cryptocurrency prices have also crashed. The Jan 6. committee played video of two former campaign aides who said they had advised Donald Trump against falsely declaring victory on election night.
The Mortgage Note Reports
New Delinquency Low: Delinquencies dropped to another record low in March, with only 2.7% of all mortgages in the U.S. experiencing some stage of delinquency.
Lee Joins Churchill PNW: Churchill Mortgage has named Kelly Lee as Senior Vice President of Production in the Northwest region.
And in other mortgage and housing news…
PPI Surge: Producer prices jumped 10.8% YOY in May, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing.
Realtor Briefing: Today, five NAR Association Executives will discuss their residential real estate markets and what they anticipate for 2022 both regionally and nationally.
Live-Work-Play: Apartments in live-work-play buildings are rising in popularity, quadrupling compared to 10 years ago, from 10,000 to 43,000 apartments per year.
Fed Aggression: FirstAm chief economist Mark Fleming says the Fed is “data dependent” and will raise the federal funds rate as far as needed to reach stable inflation.
Growth Drivers: A new Yardi Matrix publication breaks down the traditional drivers of multifamily rent growth and how each impacted rents from March 2020 to April 2022.
Eyeing Opportunity: Single-family landlords are watching the slowing US housing market, betting that lower demand from consumers will lead builders to offer discounts.
Price Cut: Experts say that as the Fed continues to battle inflation, lessened demand will drop the price of wood used in housing by 50%.