Morning Roundup (7/19/2022) – Multifamily Demand, June Purchase Apps

Good Morning! Today is Tuesday, July 19. President Biden is considering declaring a national climate emergency as soon as this week. Heat waves in Europe are increasing at a faster rate than almost anywhere else. Dr. Anthony Fauci, 81, plans to retire by January 2025, the end of Biden’s term.

The Mortgage Note Reports

Keeping Up With Demand: Home sweet… multifamily home construction? Writer Chuck Green takes a deep dive into what is happening in this space.

June Purchase Apps: New home purchase applications fell 12% YOY in June, and were down 10% from May.

Sunbelt Inflation: Inflation is soaring in America’s most popular migration locations, in part because of their boost of new residents and high home price appreciation.

And in other mortgage and housing news…

Relocation Boom: A record 32.6% of users looked to move from one metro to another in Q2, up slightly from 32.3% in Q1 and 26% before the pandemic.

FinTech Office: FHFA announced an Office of Financial Technology, from which it has requested information on the role of technology in housing finance.

Market-Rate Rent: A new study found that market-rate apartment renters signing leases so far in 2022 are spending only 23.2% of their income on rent.

BOA Earnings: BOA earnings fell 32% YOY as the firm took a $523 million provision for credit losses, but revenue exceeded expectations.

World Markets: From Europe to Asia to Latin America, residential real-estate markets are coming off the boil, and in some cases seeing home values fall.

Scam Risk: The FBI Boston Division is warning the public about the risk of rental scams, and the need to be cautious when responding to rentals and real-estate online.

Forborne Loans: MBA’s June Loan Monitoring Survey showed that the total number of loans now in forbearance fell to 0.81% of servicers’ portfolio volume in the prior month.

Foreign Buyers: International buyers purchased $59 billion worth of U.S. homes from April 2021–March 2022, up 8.5% YOY and breaking a three-year streak of declines.