Morning Roundup (6/30/2022) – Inventory Rising

Good Morning! Today is Thursday, June 30. The Supreme Court ruled yesterday that Oklahoma authorities could prosecute non-Indians who commit crimes on tribal lands. Justice Stephen Breyer will formally retire today and help swear in Ketanji Brown Jackson. Liz Cheney called Donald Trump “a domestic threat that we have never faced before.”

The Mortgage Note Reports

Inventory Rising: Inventory jumped 18.7% YOY in June, with news listings beating out even typical pre-pandemic levels thanks to new sellers entering the market at a higher rate than in prior years.

Angel Oak VP Appointment:  Angel Oak Home Loans has hired Steven Valladares, CMB, as vice president of correspondent sales.

And in other mortgage and housing news…

Double Trouble: FirstAm’s Real House Price Index shows affordability is down to its lowest point since 2007, while ATTOM reports it has tanked in 97% of counties.

Cap Rates Grow: FirstAm’s PCR Model for Q1 2022 found slowing asset price growth to be pushing capitalization rates higher, though they remain near historic lows.

Zillow Layoffs: Zillow will be laying off 55 Texas employees as it retires its iBuying arm.

GSE Report: Fannie and Freddie said 75% of loan mods it completed in Q1 reduced borrowers’ monthly payments by more than 20% and its delinquency rate fell to 0.97%

Dobbs’ Impact: The Dobbs decision may impact where Americans buy homes, as a Redfin survey found that 40% of respondents had a positive view of living in a place where abortion is fully legal, while 32% had a negative view. 

Rent Payments: Freddie Mac will consider on-time rent payments as part of loan purchase decisions to increase opportunities for first-time homebuyers.

Discovery Platform: CoreLogic is launching Discovery Platform, a property analytics solution that lets businesses integrate, analyze and model property insights.

Credit Reporting: The CFPB issued an interpretive rule affirming states’ abilities to protect their residents through their own fair credit reporting laws.

Feeling Back To Normal: The housing market has undergone some wild swings during the coronavirus pandemic, but it’s showing signs of recovery, Redfin reports.