Morning Roundup (7/17/2024) — Future Of CRE

Good Morning! Today is Wednesday, July 17. Senator Bob Menendez was convicted of participating in an international bribery scheme. He is the first sitting Senator convicted of operating as a foreign agent. Biden is considering term limits and a legally enforceable ethics code for Supreme Court justices.

The Mortgage Note Reports

Future Of CRE: The author of a new book says commercial real estate owners need to be forward-thinking if they are going to remain relevant. Writer Erin Flynn Jay has the story.

Starts And Permits: New residential construction got a boost from multi-family units in June, but builders continue to hesitate when it comes to investing in single-family homes.

Big Boost: Mortgage applications saw an upswing last week as rates fell to a multi-month low, driven by a refi boost.

In other mortgage and housing news…

Rent Control Push: President Joe Biden will call on Congress to pass a law requiring landlords to cap rent increases at 5% or risk losing out on federal tax breaks. The Housing Solutions Coalition called the policy “typical election year rhetoric” and urged against it.

Fixer-Uppers: HUD announced a $325 million investment to rehab distressed homes, which will be distributed among 15 cities and housing authorities.

All In One Card: Aven, a credit card backed by home equity, hit a $1 billion valuation and is supported by big-name investors. Is it a good idea?

Layoff Alert: Mortgage insurer Radian Group plans to lay off 70 employees in Pennsylvania in September, including a C-suite exec.

Company News: TRUE Data Intelligence 5.1 is now available to everyone; Motto Mortgage Sail Home opened in New Hampshire.

Take A Look: These celebrities have been forced to slash millions from the prices of their for-sale homes in today’s cooling market.