Good Morning! Today is Wednesday, July 20. Netflix lost nearly a million subscribers in Q2. The House passed a bill requiring the federal government to recognize same-sex marriages, even if the Supreme Court repeals the right. A gunman killed a crew member of a “Law & Order” spinoff in Brooklyn as the show was preparing to film.
The Mortgage Note Reports
Loan Apps: Mortgage loan application volume tumbled again, falling by 6.3% last week.
Zillow Hires: Dr. Skylar Olsen has returned to Zillow as Chief Economist, while Dr. Orphe Divounguy joins the team for the first time.
And in other mortgage and housing news…
Market Meltdown: Economist Ian Shepherdson has warned that the U.S. housing market is currently in a “meltdown” that will continue to see a sharp drop in sales.
“Peak Euphoria Is Behind Us”: Lance Lambert discusses what to expect now that the housing market has entered into a recession.
Competition Falls: The bidding-war rate dipped below 50% for the first time since the start of the pandemic in June thanks to rising mortgage rates and inflation.
Single-Family Starts: Housing starts fell 2% month over month in June to the lowest rate since April 2020, reflecting the increased pessimism among homebuilders.
Builder Confidence: Builder confidence fell in July as high inflation and rising interest rates stalled the housing market by dramatically slowing sales and buyer traffic.
Paying It Back: The CFPB will ask banks to pay back more customers who are the victims of alleged scams on Zelle and other money-transfer services.
“Going To Be A Challenge”: Homeowners gained 16.2% YOY in equity in June, the largest quarterly increase since the Great Recession, but rates make it expensive to tap.
Layoffs Cont’d: Kiavi laid off 7% of its workforce– 39 people– but says it is still making loans to real estate investors.
Market Report: The market is easing, but monthly payments remain 75% higher than in June 2019 and typical U.S. rents have surpassed $2,000 a month for the first time.