Morning Roundup (6/22/2022) – Applications Rise

Good Morning! Today is Wednesday, June 22. The Jan. 6 committee presented evidence that Donald Trump was involved in the effort to overturn the 2020 election using fake electors. The Senate advanced its gun safety bill. A jury found that Bill Cosby sexually assaulted a 16-year-old girl in 1975.

The Mortgage Note Reports

Applications Up: Mortgage loan application volume rose by 4.2% last week despite rates surging to their highest point since November 2008.

Multifamily Investment: Investment opportunities in multifamily housing slipped in Q1 2022 as NOI was again overwhelmed by property price growth and rising interest rates. 

And in other mortgage and housing news…

At-Risk Markets: New Jersey, Illinois, and California have the highest concentration of markets vulnerable to declines, based on home affordability, unemployment, and other measures.

Rents Reach New High: The U.S. median rental price hit another new high of $1,849 in May, up 26.6% since 2019 before the pandemic began.

“An Objective Solution”: A new report says that automated valuation systems show no racial bias when valuing homes in various diverse zip codes.

Flagstar Breach: More than 1.5 million Flagstar Bank customers had their social security numbers stolen in a data breach, the second incident in two years.

Expert Advice: Personal finance expert Suze Orman says the housing market still holds promise for consumers even though “the tables have turned a little.”

Defying The Gap: Some cities have higher rates of homeownership for people of color than others of the same size, with El Paso being the top city for minority homeowners.

Food For Thought: To solve the housing crisis, why not consider a whole new city?