Good Morning! Today is Thursday, June 22. The House voted to censure U.S. Rep. Adam Schiff for leading investigations into Donald Trump during his presidency. A federal judge sentenced a rioter who assaulted an officer on Jan. 6 to more than 12 years in prison. Math and reading scores for 13-year-olds in the U.S. hit their lowest levels in decades with school closures during the pandemic to blame.
The Mortgage Note Reports
Rural Opportunity: For borrowers in the rural South, a lack of lenders and higher rates make getting a mortgage difficult, but offers opportunities to lenders.
BK’s Image Analyzing App: Black Knight introduced a new app that analyzes property photos with AI to speed up applications for HELOCs.
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…
Flip That: The home flipping rate is close to a century high as better-than-expected profits encourage investors, but they’re not out of the woods yet.
Midyear Update: Realtor.com predicts that mortgage rates could drop to 6% by year-end, but the total count of home sales is likely to be the lowest since 2012.
Cancellations Cool: KB’s buyer cancellation rate soared well above 2008 levels in Q4 2022 but appears to be improving, even in hard-hit Western markets.
Fannie News: Fannie Mae has executed two Credit Insurance Risk Transfer transactions on $26.6 billion of single-family loans.
AIMI Index: Apartment investment rose in Q1 as property prices fell, Freddie Mac says, but were down YOY, though the annual decline was less than the previous quarter.
Granny Flats For The Win: California is “ahead of the curve” on ADUs, which are easier for some neighborhoods to handle than full-on new apartments.
“Missing Households”: A lack of affordable homes has kept families earning $35k or less in shared homes and unable to strike out on their own.