Morning Roundup (6/9/2022) – Lending Activity Down, Second-Home Prices

Good Morning! Today is Thursday, June 9. Initial jobless claims spiked to their highest level since mid-January, with first-time filings totaling 229,000. The police arrested an armed man near Supreme Court Justice Brett Kavanaugh’s home. The public hearings on the January 6 riot start tonight.

The Mortgage Note Reports

Lending Activity Down: Overall residential lending activity dropped 32% YOY, the fastest decline in eight years, though home equity lines of credit saw a boost thanks to record-high values.

Second-Home Prices: Prices surged in second-home destinations in April, with four of the five most popular areas seeing more than 25% growth in both rents and home prices. 

And in other mortgage and housing news…

Cash Is King: Potential buyers are pooling their money with family or paying companies to make cash bids for them, knowing it gives a leg up in the hot housing market.

CHLA Speaks Out: CHLA is seeking an antitrust review of the purchase of Black Knight by ICE, saying it’s worried about the impact on consumers and smaller lenders.

“Pain Points”: Sixty-two percent of respondents to an Offerpad survey said the process of preparing for a home sale negatively impacted their mental health, and 63% considered taking their home off the market because of the tedious preparation.

FHFA On Inequality: The FHFA announced a new plan to increase sustainable homeownership and rental opportunities for Black and Latino communities.

Better Lawsuit: A former Better.com exec filed a lawsuit alleging that the company and its CEO Vishal Garg misled investors when it attempted to go public via a SPAC.

Climate White Paper: Black Knight has released a free white paper on natural disasters and their impact on the mortgage industry.

Guaranteed Rate Additions: Guaranteed Rate has upped its investment in end-to-end digital solutions and added three new execs.

Realtor Buys UpNest: Realtor.com has acquired UpNest, a marketplace that connects home sellers with local agents who compete for their business.