Morning Roundup (7/12/2022) – Delinquencies Hover Near Record Low

Good Morning! Today is Tuesday, July 12. A poll found that nearly half of Republican voters want someone other than Trump as the party’s 2024 presidential nominee. The F.D.A. will consider making a birth control pill available without a prescription. Russia has increased attacks on civilian areas in Ukraine.

The Mortgage Note Reports

Delinquencies Hover Near Record Low: Delinquencies fell for the thirteen consecutive month in April, down 1.8% YOY and unchanged from the month prior.

FCM CIO: First Community Mortgage has named Andrew Badstubner as its new CIO.

And in other mortgage and housing news…

Inflation Boosted: Climbing housing costs will keep inflation elevated this year, as some analysts say any inflation slowdown will have to emanate from other sectors.

Layoffs Cont’d: LoanDepot will cut 2,000 more jobs by the end of the year.

Rates Affect Renters: As the Fed sharply increases borrowing costs, it could force some would-be home buyers into rentals and keep a hot market under pressure.

Inventory Blamed: Due to the housing supply crunch, 57% of Realtors cited a lack of inventory as the leading reason limiting potential clients from completing a transaction.

Rocket In Canada: A Canadian lender that is a “sister company” to Rocket Companies will change its name to Rocket Mortgage Canada in August.

Tax Credit Paper: A new whitepaper from Freddie finds multifamily properties that exit the LIHTC program generally charge lower rent than those in the broader market.

Rent Cools: Rent increases tapered off in June, with the national median asking rent rising 14% from a year earlier, the smallest annual increase since October.

“The Deal Is Off”: Home purchase agreements fell through in 14.9% of under-contract homes in June, the highest percentage on record outside of March and April 2020.