Morning Roundup (6/27/2022) – Lumber’s Impact, Pending Home Sales

Good Morning! Today is Monday, June 27. The Supreme Court struck down Roe v. Wade, expanded concealed carry laws, and ruled that school districts cannot prohibit high school football coach’s prayers on field. It is expected to rule on gerrymandering and Congressional regulation of corporations soon.

The Mortgage Note Reports

Pending Home Sales: Pending home sales finally rose in May after six consecutive months of decreases, ticking up a small but significant 0.7%.

CMS CTO: Kendrew Peacey has been named chief technology officer of Constellation Mortgage Solutions.

Lumber’s Impact?: Year-to-date lumber prices are down around 50%, but will home prices fall alongside them? Chuck Green reports.

And in other mortgage and housing news…

Investor Influence: Some analysts hesitate to say investors had an outsized influence on home price appreciation during the pandemic, but Fortune’s Lance Lambert says it’s now abundantly clear that investors drove up home prices.

May First Look: Delinquencies fell to 2.75% in May, marking yet another new low, though early-stage delinquencies ticked up slightly.

Rental Market: Miami-Dade is the hottest rental market in the nation, while the Northeast is seeing competition intensify, RentCafe reports.

Recession Prediction: Fannie said declining manufacturing and industrial output supports its view of a slowing economy but doesn’t indicate an “imminent recession.”

Opinion: Howard Husock argues there’s no clear reason to believe that race-conscious lending benefits those whom it’s meant to.

AFN Settlement: American Financial Network has agreed to pay more than $1M to resolve allegations that it fraudulently originated mortgage loans insured by the FHA.

Mid American Rebrand: Mid American Mortgage is branding to Click n’ Close.

Orchard Layoffs: iBuyer Orchard is laying off almost 100 employees, but confirmed that it still hiring in various departments, including its mortgage wing.

Hot Or Not: Home builder Lennar ranked U.S. housing markets on their hotness. The verdict? “Jersey and Florida are hot. Austin and Seattle are not.”