The Monday Show

SUMMARY: The Fed announces a 75 basis point hike to the fed funds rate and Chairman Powell talks the housing market, mortgage demand was up for the first time in 5 weeks, and homebuilder confidence fell more than expected to a low not seen since the pandemic but looks can be deceiving...

Sources:

• The Announces 75 Bip Hike
• Homebuilder Confidence Falls More Than Expected
• Mortgage Demand Up For The First Time In 5 Weeks

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Prashant Gopal over at Bloomberg has an interesting piece about short-term rental loans that could be a concern for vacation areas but not the overall market, producer prices fall but not by a lot, and the markets are pricing in a 75 basis point hike for the Fed...

Sources:

• Is Airbnb The New Subprime
• Producer Prices Fall Slightly to 10.8%
• Inflation Demands Bold Fed Action

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Rate lock volume fell in May which means volume has fallen in 3 of the last 4 months, Altos Research has more evidence housing is slowing, the Fed could hike rates 75 bips on Wednesday, and Mark Zandi says even if we go into recession home prices will only fall 5.0%...

Sources:

• Rate Locks Continue To Fall In May
• Fed Likely to Consider 0.75-Percentage-Point Rate Rise This Week
• These 40 ‘overvalued’ housing markets could see 15% to 20% home price declines if a recession hits

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Homeowners made $3.8 trillion year-over-year in the first quarter of 2022, jobless claims were higher than expected, and with all the new ideas to make a cash offer on a home will that matter when the housing market normalizes?

Sources:

• Homeowners Gained $3.8T in Equity in Q1
• Jobless Claims Jump to Highest Level Since February
• Home Buyers Finding Creative Ways to Make All-Cash Offers in Hot Market

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Mortgage demand falls to a 22-year low and newbies freak out, economists say there is no housing bubble but a recession is likely, and former Senator Rudy Boschwitz says we gotta fix social security...

Sources:

• Mortgage Demand Falls To 22-Year Low
• Economists: Recession? Yes.  Bubble? No.
• RUDY BOSCHWITZ: Social Security Needs Saving Again

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: It's deja vu all over again for home price growth as CoreLogic's HPI shows record price growth in April, consumer credit jumps to all-time in April, and Holden Lewis writes in Nerd Wallet that mortgage rates are likely to rise in June...

Sources: 

• Home Prices See Record Growth...Again
• Consumer Credit Rises in April
• HOLDEN LEWS: Mortgage Rates Are In for a Bumpy Ride in June

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Great detailed piece by Conor Dougherty in The New York Times highlights how NIMBYs still don't think what they are doing is wrong and a new report from Black Knight has good and bad news for the housing market...

Sources:

• Twilight of the NIMBY (NYT)
• Black Knight's April 2022 Mortgage Monitor (BK)

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Wall Street Journal had two interesting pieces on the housing market in May of 2021 and June 2022, Jobs report surprises on Friday, and a slow week for data but we do get CPI on Friday...

Sources:

• Real-Estate Frenzy Overwhelms Small-Town America (WSJ)
• Housing Boom Fails to Lift All Homes Above Previous Cycle’s Peak (WSJ)
• U.S. Job Growth Remains Strong in May (NYT)
• The Week Ahead (MW)

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: New Zillow survey finds that 50% of homeowners cried during the homebuying process, mixed jobs data from ADP and jobless claims, and a normal housing market could be right around the corner...

Sources:

• There's No Crying In Home Buying
• ADP Report Misses With 128k Jobs Created
• Jobless Claims Fall to 2ook for the Week
• Mortgage Rates Fall for Third Week

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Mortgage demand and rates fall for the third week in a row according to MBA weekly survey, construction spending was up but failed to meet economist expectations in April, and job openings fall but still remain elevated as the labor market remains tight...

Sources:

• Mortgage Demand Falls for the Third Week
• Construction Spending was Up But Missed Expectations in April
• Job Openings Fall Slightly

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201