Morning Roundup (7/2/2024) — Flight To Quality

Good Morning! Today is Tuesday, July 2. The Mortgage Note will be off the rest of the week to celebrate Independence Day. Have a happy Fourth of July.

The Mortgage Note Reports

Flight To Quality: Remote work is being blamed for empty downtowns and looming bank failures but CRE experts say the reality is employers are looking to lease the highest quality office spaces, leaving less desirable locations vacant. Editor Kimberley Haas has the story.

Incentive To Refinance: The share of mortgage holders with rates of 5% or higher is now 24%, up from 10% two years ago, suggesting a refi tipping point may be coming.

24/7 Support: CRM platform Aidium launched a 24/7 customer support service to provide mortgage professionals with “unparalleled support.”

In other mortgage and housing news…

Prices To Rise: A new forecast predicts home prices nationwide will increase 3.2% in the next twelve months, with the Northeast and Midwest gaining the most.

Cut On Sluggish Market: Homebuilder-stock analysts are increasingly worried about signs of softening in key hot spots like Florida and Texas.

“Flipped On Its Head”: The historically unaffordable housing market has forced builders to start making smaller homes, triggering a major milestone in prices.

Housing Politics: Candidates for Congress on both sides of the aisle are getting an earful from voters stressed by stratospheric housing costs.

“Ugly Home Problem”: Silly rules and greedy builders have created an “architectural nightmare” in America: neighborhoods full of ugly houses.