Morning Roundup (6/6/2024) — POTUS Impact

Good Morning! Today is Thursday, June 6. Trump’s Georgia case is delayed pending an appeals hearing for District Attorney Fani Willis’ removal. Police officers arrested 13 student protesters who had barricaded themselves in the office of Stanford University’s president. Today is the 80th anniversary of D-Day.

The Mortgage Note Reports

POTUS Impact: How is the 2024 presidential election impacting the commercial real estate market? Writer Chuck Green has the story.

Applications Down: Mortgage applications fell for a second consecutive week as rates moved up to 7.07%.

Lending Gets Hit: Residential lending dropped nearly 7% in Q1 2024 to its lowest level since 2000, with purchase, refi, and home equity lending all down.

In other mortgage and housing news…

Putting Women First: CapitalW Collective, a non-profit benefiting women in mortgage capital markets, announced its debut within the mortgage industry.

Where Prices Are Down: Home prices are falling in these three Texas metros and Portland, OR, as high rates cool demand for former hotspots.

Inventory Improves: Industry experts say the recent increase in listings will take a while to become actual sales, but should even out as rate lock-in weakens.

Layoff Alert: Finance of America conducted a round of layoffs, which it says are necessary to control costs, as its Chief Retail Sales Officer steps down.

“A Lot More Trouble Coming”: Commercial real estate distress is growing as some office buildings sell for much lower prices than just a few years ago.

Life Choices: Just 38% of Zoomers say they plan to marry and have children in the current economy– the rest say housing costs and their financial stress are too high.