Morning Roundup (7/14/2022) – Crushing The American Dream

Good Morning! Today is Thursday, July 14. At least 40 people are unaccounted for in Virginia after flooding and landslides. The producer price index rose 11.3% from a year ago in June, near the record 11.6% posted in March, while weekly jobless claims hit their highest level in eight months.

The Mortgage Note Reports

Crushing The Dream: A U.S. Congressman serving the 8th district of Texas says housing inflation is crushing the American dream for families.

Record Price Growth: Annual single-family home prices rose by 19.4% in Q2 2022, d down from Q1’s upwardly revised 20.5% but still close to a record high.

Market Takeover: Western metros that topped charts last year for popularity and home prices have taken a back seat to more affordable, cooler areas in the East.

And in other mortgage and housing news…

Rents Soaring: Rents rose in the US last month at the fastest pace since 1986, helping to propel overall inflation to a fresh four-decade high.

Foreclosure Report: Foreclosure filings are up 153% YOY but down just 1% from the same time two years ago, pushing them closer to pre-pandemic levels.

Radian Mortgage: Radian launched Radian Mortgage Capital, a mortgage conduit formed to provide residential lenders with an additional secondary-market option for loans.

Shortage Persists: Net new home listings are down 4.3% YOY, with pricier homes accounting for a larger share while affordable homes come few and far between.

Housing Hearing: Housing inflation is five times higher than the national average, with the average home price up $100,000, Ways and Means Leader Kevin Brady (R-TX) said.

Georgia Scandal: The former mayor of a Georgia town was sentenced to nearly five years in prison for stealing federal pandemic assistance money to pay off his mortgage.

Take A Look: Here are the best and worst places to rent in 2022.