Good Morning! Today is Monday, June 26. The head of the Wagner group ended a short-lived military rebellion this weekend by striking a deal to leave Russia in order to avoid criminal charges. Severe storms in Indiana killed at least one person on Sunday. Nearly 3,000 flights have been canceled due to the same system.
The Mortgage Note Reports
Office To Residential: Vacant offices could be the perfect fit for new apartments and condos, but industry leaders say there are a number of considerations to take into account with these projects. Editor Kimberley Haas has the story.
Beyond Reach: Only half of Americans believe they’ll ever be able to own a home, now or ever in the future, a sign that the affordability crisis is taking its toll on buyer confidence.
Manufactured Housing: A new independent office has been created for manufactured housing programs at HUD as the administration works to support affordable options.
Recession Forecast: Fannie Mae says a recession is a “when, not if” concern, but housing strength may support the economy through it.
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…
“Debt Time Bomb”: From San Francisco to Hong Kong, higher rates and falling property values are bringing the commercial real estate market to a perilous precipice.
Ending With A Whimper: The spring homebuying season never happened, but with builders working overtime, we might see improvement by year-end.
Holding Onto Debt: Gen Xers have the most mortgage debt of any generation, as well as the most nonmortgage debt.
“Existential Threat”: The two class-action lawsuits against NAR and the country’s largest real estate brokerages may change the real estate industry forever.
Rents Moderate: May 2023 marks the first year-over-year rent decline for 0-2 bedroom properties in Realtor.com’s data history, down 0.5%.
Powell Wins Over Traders: Traders have scrapped once-aggressive wagers that the Fed would pivot to easing policy and bond yields have risen as a result.