Morning Roundup (7/1/2022) – Rates, Asking Prices Down

Good Morning! Today is Friday, July 1. The Supreme Court limited the Environmental Protection Agency’s ability to prevent power plants from releasing climate-warming pollution. Ketanji Brown Jackson was sworn in, becoming the first Black woman to serve on the Court.  We’ll be off Monday for July 4th, and will return to your inbox Tuesday.

The Mortgage Note Reports

Rates Dip: Mortgage rates reversed their upward trend this week, averaging 5.70%, in the face of high inflation and increasing recession risk.

Sellers Slash Prices: The median asking prices are down 1.5% from their spring all-time high, and a record-high share of sellers have dropped their asking price.

In Case You Missed It: This week, Editor Kimberley Haas wrote about the industry leaders who will pay for employees to travel to other states for abortions and how some heavy hitters say homes are still a great investment.

And in other mortgage and housing news…

Layoffs Imminent: Thousands more mortgage industry employees are at risk of losing their jobs in the coming months as homebuyer demand levels out.

Guaranty Bankruptcy: Texas-based First Guaranty filed for bankruptcy after laying off 80% of its employees, and said it has stopped making new loans…

Guaranty Lawsuit: …while three former employees are suing the company for gender discrimination and retaliation, alleging that female employees were victims of unfair treatment from company leaders.

Grant Initiative: Wells Fargo launched a $40 million grant initiative to expand the growth of real estate developers of color, including Black- and Latino-owned firms.

Boomer Impact: MBA reports that even though 4 million homes will enter the market as baby boomers die over the next decade, homebuyer demand will keep prices high.

TBA Success: Black Knight offers tips on success in TBA trading.

Multifamily Projections: Yardi Matrix has revised its end-of-year projections for multifamily upwards, as ongoing gains trump rent deceleration.