Morning Roundup (8/30/2022) – Prices Cool Off, BOA Solutions

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.

Do you have an opinion you would like to share? Email [email protected].

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 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’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.