Good Morning! Today is Tuesday, August 30. NASA postponed the launch of a rocket bound for the moon because of a problem cooling one of its engines. Elon Musk’s lawyers subpoenaed a former Twitter security chief who accused the company of misleading the public about its security shortcomings.
The Mortgage Note Reports
Prices Cooling Off: Home prices decelerated in June as buyers left the market, driven by historically high prices and rising interest rates.
BOA Solutions: Bank of America is introducing a zero down payment, zero closing cost mortgage solution for first-time buyers, geared towards underserved communities.
Inflation Hits Hard: The executive director of the New Hampshire Home Builders Association says the biggest problem they are currently facing is unstable prices due to inflation. Editor Kimberley Haas explains.
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And in other mortgage and housing news…
New Worries: Goldman Sachs Chief Economist Jan Hatzius said that further housing pressure is likely in a new note ominously titled: “Housing Downturn: Further to Fall.”
Market Turn-Around: The buyer’s market is returning, with 92% of sellers within the last year having accepted some buyer-friendly terms and contingencies in the contract.
Living At Home: Nearly a third of millennials and Gen Zers moved back home with their parents during the pandemic and most still live there, taking the opportunity to pay back debt and save for a down payment.
Home Field Advantage: Veterans United and Realtor.com are giving one veteran or service member $75k towards the purchase of a new home.
Aging In Place: HUD announced that the Department is making available $15 million to help older Americans age in place through home modifications.
Light Touch Density: California is rolling out a new housing policy of “Light Touch Density,” in which homeowners can put two units on one lot.
Better May Not Go Public: Corporate filings show that Better.com’s SPAC merger is in hot water, and the company could remain private.
Buyouts Again: Rocket Co is once again offering voluntary buyouts to employees.