Morning Roundup (8/2/2022) – Times A’Changing, Home Price Growth Slows

Good Morning! Today is Tuesday, August 2. A drone strike in Afghanistan killed an Al Qaeda leader who helped plan 9/11. A judge sentenced a Texas man who brought a pistol and zip ties to the January 6 riot to more than seven years in prison. A bipartisan group of senators released a bill to protect abortion rights.

The Mortgage Note Reports

Educate Yourself: Times have changed when it comes to the home buying process. Writer Scott Kimbler explains.

Price Growth Slows: Annual home price gains remain in the high double-digits, up 18.3% YOY in June, with eight states continuing to see gains exceeding 20%.

Centric Promotion: Maura Cohen has been promoted to VP, Director of Mortgage Services and Consumer Lending for Centric Bank and Centric Financial Corporation.

And in other mortgage and housing news…

Inflection Point: Equity climbed in Q2, setting a tenth consecutive record high, but some of the nation’s most equity-rich markets reported declines.

Guessing Games: A typical real estate cycle sees expansion, hyper supply, recession, and recovery, but hyper supply is out this time and analysts don’t know what comes next.

Investor Strategies: SFR investment is on the rise, but interest rates are forcing investors to reassess their strategies and may contribute to lower near-term returns.

Cooling Rent: After more than a year of record run-ups in apartment rents, growth is starting to cool off in markets that have seen the biggest increases.

CFPB Accused: House Republicans accused the CFPB of “collusion” with state Attorneys General and demanded Rohit Chopra provide answers on the matter.

Rocket Product: Rocket Mortgage announced a new equity loan with 10- to 20- year terms that allow homeowners to maintain at least 10% equity.

Take A Look: Moody’s says home prices will fall in these markets and rise in others.