Good Morning! Today is Wednesday, June 21. Hunter Biden will plead guilty to failing to pay his taxes on time. Experts had warned the company that operates the missing Titanic tourist sub that the craft posed a danger to passengers prior to this trip. A judge struck down Arkansas’s ban on transgender medical treatment for minors.
The Mortgage Note Reports
Filthy Rich: What are the wealthy looking for in their homes? The answers may surprise you. Editor Kimberley Haas has the story.
Fighting For Latino Homeowners: Wells Fargo is funding a new initiative from nonprofit UnidosUS to create four million new Latino homeowners by 2030.
Apps Positive, Just Barely: Mortgage applications ticked up slightly last week, rising 0.5% thanks to FHA and conventional purchase activity.
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…
“State Of Housing”: About 2.4 million households have been priced out of homeownership over the past year, largely first-timer buyers and people of color.
Lowest On Record: The number of homes for sale in the U.S. fell 7.1% YOY in May to the lowest level in Redfin’s records and the first annual decline since April 2022.
Potential Constrained: The housing market’s health improved slightly last month but its potential remains constrained thanks to homeowners staying put, FirstAm says.
New Home Purchases: Purchase activity for newly built homes was strong in May, with mortgage applications up 16.6% YOY.
Forbearance Improvement: More than 96% of homeowners are current on their mortgages and forbearances continue to decline thanks to loss mitigation options.
A Global Crisis: New Zealand’s housing market has completely crashed, wiping out billions in homeowner wealth in one of the most troubled markets in the world.