Good Morning! Today is Thursday, June 8. Areas of the Northeast, Midwest, and South remain under air quality alerts. Pope Francis had surgery to treat a hernia and is expected to stay in the hospital for several days. North Dakota’s Republican governor (and tech billionaire) Doug Burgum announced he is running for president.
The Mortgage Note Reports
Road To Recovery: Office space is down but not out, according to an economist who says a majority of companies are still committed to having a place where the “secret sauce” of their business is created. Editor Kimberley Haas has the story.
Missing Middle: Middle-income buyers can afford less than a quarter of all homes listed on the market, and more than 300,000 homes are needed to meet demand.
UWM Former Employees Take Ishbia’s UWM to Court: He may own the Phoenix Suns, but UWM’s Mat Ishbia’s court problems are coming from two former employees filing separate lawsuits accusing the company of retaliation and sexual harassment.
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…
Propping Up Banks: A roster of troubled regional banks are leaning on federal home loan banks, yet have little to do with everyday mortgage lending.
Equity Loss: The average U.S. home loan borrower saw their equity decline by $5,400 YOY in Q1, the first quarterly loss since 2012, with declines largely in the West.
Handcuffed Homeowners: New listings of homes for sale fell 25% YOY to their lowest level of any early June on record as soaring rates keep potential sellers locked in.
Tides Turning For Renters: With a near-record amount of apartments becoming available, frustrated would-be homebuyers may be better off leasing anyway.
Acquisition Pipeline: GPARENCY launched a new feature that allows users to add properties to their acquisition pipeline and store data for future reference.
HeritageOne: Freddie Mac launched a new mortgage product to support members of Native American communities.