Mortgage lending took a nosedive across the U.S. in the first quarter of 2022, according to a new report from ATTOM. 

Secured mortgages fell 18% from the fourth quarter of 2021 and were down 32% from the same time last year — the biggest year-over-year drop since 2014. This marked the fourth quarterly decrease, which the data management company said was the result of “double-digit downturns in purchase and refinance activity, even as home-equity lending rose.”

Along with the 32% decline in residential mortgages, the report found the number of new loans fell for the fourth straight quarter, meanwhile refinance lending fell another 22% and purchase mortgages were down 18%. 

Mortgage rates have climbed to their highest level since 2008, pinching…

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Weekly Review
Newsletter - 06/27/2022

Week of June 20, 2022 in Review

Inventory issues continue to impact home sales and rental home prices, while Fed Chair Powell said a recession is “certainly a possibility.” Here are the key stories:

  • Existing Home Sales Still Strong Into Summer
  • The Real Scoop on New Home Inventory
  • Fed Chair Powell Testifies That Recession Is “Certainly a Possibility”
  • Single-family Rent Price Growth Hits New Record
  • Is An Increase In Jobless Claims Ahead?

Existing Home Sales Still Strong Into Summer

Existing Home Sales, which measure closings on existing homes, showed sales were down 3.4% in May at a 5.41 million-unit annualized pace. This data likely reflects people shopping for homes in March and…

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