Good Morning! Today is Wednesday, August 31. The Soviet Union’s final leader Mikhail Gorbachev died at 91. Jackson, Mississippi, is without clean water after severe rains overwhelmed crumbling systems. The average life expectancy in the U.S. has fallen to 76, from nearly 79 in 2019.
The Mortgage Note Reports
Fraud Alert: The nephew of a New York real estate mogul has pleaded guilty to a misdemeanor charge in a mortgage fraud case involving $167 million.
Apps Fall Again: Mortgage loan application volume fell 3.7% last week, continuing a downward spiral as mortgage rates hit their highest point since mid-July.
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And in other mortgage and housing news…
“We’re Going To Have Stagflation”: Economist Steve Hanke is predicting a “whopper” of a recession next year, and says it won’t be because of interest rates.
Less Bang Per Buck: Sales of homes costing $1 million more than doubled over the past three years, but the average square footage of these homes is shrinking.
Rent Report: One-bedroom rents continue to reach new highs, and a brutal rental market is forcing renters to sacrifice location, size, or amenities.
Drought-Risk: Nearly three-quarters of drought-heavy metros have seen more people moving in than out this year as buyers seek affordability in the Sun Belt.
MLS Advantage: A Bright MLS study found that off-MLS properties and office exclusives or “pocket listings” sell for less and spend more time on the market.
Freddie CRT Record: Freddie Mac reported a record CRT issuance of $6.5 billion.
Impac’s Future: CA lender Impac Mortgage received notice that it may be delisted from the stock exchange due to high losses and low shareholder equity.
Bezos Bets Right: Jeff Bezos bet on a housing downturn when he invested in Arrived Homes, and he got the timing right– the fractional investment platform is making money.