Good Morning! Today is Wednesday, August 9. Unprecedented wildfires in Maui, fanned by a hurricane to the south, are forcing evacuations. Zoom is asking its employees to return to the office part-time. A ticket in Florida won the $1.58 billion Mega Millions jackpot.
The Mortgage Note Reports
Balancing Act: High rents and a lack of affordable housing are a problem in Philadelphia, but building reduces green spaces for residents. Writer Erin Flynn Jay found out how city leaders are balancing the needs of residents.
More Bad News: Mortgage applications dipped last week as rates hit 7.09% thanks to blowback from Treasury funding and Fitch’s credit downgrade.
Arrive Promos: Matt Pettit has been promoted to CEO of Arrive Homes, while Tai Christensen, Chief Diversity and Public Relations Officer, will replace him as President.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
In other mortgage and housing news…
FTC Drops Merger Case: The FTC has dissolved the temporary restraining order preventing ICE and Black Knight from merging…
Still Fighting Back: …but some groups, like the Community Home Lenders of America, still oppose the deal, believing it to be anti-competitive and bad for consumers.
Fraud Rising: A CertifID report finds that the firm stopped $12 million in mortgage payoff fraud in Q2 compared to $1.9 million in Q1.
Myth Busting: Americans are wildly misinformed about today’s market, believing the median price to be under $400,000 and not knowing that rates are back up to 7%.
“In Over Their Heads”: More than 90% of homebuyers have regrets about purchasing a house in 2023. Here are their reasons.