Morning Roundup (7/13/2023) — Inflation Down

Good Morning! Today is Thursday, July 13. Chinese hackers broke into the email accounts of Commerce Secretary Gina Raimondo and other U.S. officials. Biden said NATO would support Ukraine through the war, no matter how long it took. A tornado touched down in Chicago, near O’Hare, forcing travelers to shelter in the airport.

The Mortgage Note Reports

Cracking Down: Democratic lawmakers introduced a bill this week that would restrict tax breaks for corporate investors that purchase large quantities of homes. Editor Kimberley Haas has the story.

Inflation Slipped In June: Inflation cooled significantly in June, a win for the Fed and likely for homebuyers seeking lower rates, though the impact won’t be immediate.

New SPCP: U.S. Bank announced a new Special Purpose Credit Program geared toward increasing homeownership in communities of color.

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…

Breaking A Record: The typical home value eclipsed $350,000 for the first time ever as demand from buyers continues to collide with reluctant sellers.

Foreclosures Up: Foreclosure starts have increased by 15% since the start of the year and are approaching pre-pandemic levels, though they remain below historic norms.

Locks Edge Lower: Rate lock volumes were down 1% in June, Black Knight says, dominated by purchase locks as lenders lose their appetite for other loan types.

Price Bump: The median U.S. home-sale price rose 1.5% from a year earlier during the four weeks ending July 9, the first increase in nearly five months.

Possible, Not Probable: Assumable mortgages sound like an affordability win in the high-rate environment, but they’re actually difficult to put into practice.