Good Morning! Today is Wednesday, June 29. A former aide to the White House chief of staff testified that Trump knew some rally attendees on Jan. 6 were armed but still wanted security to let them in. She also said that the White House knew Proud Boys would be in attendance and that Mark Meadows told her on Jan. 2 that “things might get real, real bad on Jan. 6.”
The Mortgage Note Reports
Time To Buy: Two heavy hitters who recently joined the Guild Mortgage team in Kansas say although the market may be tough for potential buyers now, a home is still a great investment. Editor Kimberley Haas reports.
Disappointing Loan App Growth: Mortgage loan application volume rose slightly by 0.7% last week, and the average purchase loan amount declined to $413,500.
Climate Risks: Americans are paying top dollar to live in areas prone to devastating environmental disasters, with home prices soaring in these locations despite the risks.
And in other mortgage and housing news…
GDP Down: The GDP shrank 1.6% YOY in Q1 2022, the first contraction since the beginning of the pandemic, though consumer spending and business investment were up.
homegenius HPI: The homegenius Home Price Index posted a new all-time record for price appreciation, rising 18% YOY in May 2022 from April 2022.
Layoffs Intensify: First Guaranty laid off 75% of its Plano, TX employees due to “unforeseen historical adverse market conditions for the mortgage lending industry.”
Proptech Report: Citi released a new report covering the emergence of PropTech, crypto, and how tech solutions could bring about a “frictionless” housing market.
Coacherang Merger: Sales Boomerang and Mortgage Coach are merging under new CEO Richard Harris, and will employ 144 people with no imminent layoffs.
Overvalued Markets: Cities in the South and Southeast could be impacted the most in a housing market crash, with these 20 cities at the biggest risk of getting hit hard.
AO Expands: Angel Oak opened new branches in Missouri, California, and Nevada.