Morning Roundup (9/7/2023) — No Hope For The Future

Good Morning! Today is Thursday, September 7. The Justice Department says it plans to indict Hunter Biden on a gun charge before the end of the month. The Biden administration will cancel oil drilling leases in Alaska’s Arctic National Wildlife Refuge. A cyclone battered southern Brazil, killing at least 37.

The Mortgage Note Reports

Pessimism Rampant: Consumer sentiment is stuck in the pits as rates remain elevated, with most respondents saying it’s a good time to sell but a bad time to buy.

No Hope For The Future: Almost one in five Millennials and 12% of Gen Z buyers believe they will never be able to own a home, citing affordability as their primary barrier.

Listen To Our Podcast: Learn about the challenges facing mortgage professionals and how they are overcoming them in today’s tough market.

In other mortgage and housing news…

Hard Times: Although mortgage rates are inching down from their recent peak, housing affordability isn’t improving much, Redfin reports.

“A Big Issue”: UWM’s Mat Ishbia asked the FHFA to step up on the GSE loan buyback issue, saying GSEs are making billions while lenders are barely scraping by.

Construction Dip: The pace of single-family construction has cooled across the nation, with the slowdown most pronounced in large metro areas.

Lone Star’s Popularity: International homebuyers spent $4.3 billion on nearly 10,000 home purchases in Texas from April 2022 to March 2023.

Take A Look: Fortune’s list of most overpriced housing markets may surprise you.