Morning Roundup (7/7/2022) – Consumer Sentiment Down, Price Growth Decelerates

Good Morning! Today is Thursday, July 7. British Prime Minister Boris Johnson is stepping down, planning to serve until the fall. Trump is not welcome as a guest on Joe Rogan’s podcast.

The Mortgage Note Reports

Pessism: More than 80% of consumers think the economy is on the “wrong track,” reporting pessimism as they struggle against inflation and a tough housing market.

May Prices: Home price growth saw its largest single-month slowdown since 2006 in May as the market begins to correct, but inventory remains 60% below historic averages.

Have It All: The newly named Chief Executive Officer for Bonzo said in a recent interview that a secret to success is building work around your life. Editor Kimberley Haas reports.

And in other mortgage and housing news…

FOMC Minutes: Federal Reserve officials at their June meeting said another interest rate increase of 50 or 75 basis points is likely at the July meeting.

Economic Views: A new working paper found that the pandemic weakened Americans’ view of the economy as being deeply connected to the unemployment rate.

More Layoffs: Wells Fargo is laying off an additional 107 employees in Des Moines, bringing the total number of jobs cut since April 21 to 197…

Plus A Closing: …and Sprout Mortgage shut its doors permanently, resulting in 300 employees losing their jobs over a conference call.

Perspective: What’s wrong with non-QM lenders and why are they shutting down?

“The Big Wrinkle”: Slowing economic growth, cheaper commodities, and bloated inventories could shift monetary policy outlook, but it all depends on home price growth.

BOA President: Bank of America has named Brian King president of Bank of America Maine, succeeding Bill Williamson.

UK Industry: The affordability crisis has sparked talk of 50-year mortgages in the UK.

Take A Look: The Woo-woo agents of real estate are lighting candles, reciting affirmations, and manifesting their way to home sales in an unpredictable market.