Top National News Jan. 5, 2023
Here’s a summary of Top National News Items from major news sites and industry trade publications. To get started, click on the headline above:
Mortgage Demand Plunged 13.2% to End 2022, as Interest Rates Head Higher Again
CNBC, Jan. 4, 2023–Diana Olick
Mortgage application volume was down 13.2% at the end of last week from two weeks earlier, according to the Mortgage Bankers Association’s seasonally adjusted index. MBA was closed last week due to the holidays.
https://www.cnbc.com/2023/01/04/mortgage-demand-plunges-interest-rates-rise.html
Fed Minutes Show Officials Feared Markets’ Optimism Could Complicate Inflation Fight
Wall Street Journal, Jan. 4, 2023–Nick Timiraos (subscription)
Federal Reserve officials raised concerns at their meeting last month that investors’ optimism that the central bank might end its rate rises could make it more difficult to slow the economy and combat high inflation.
https://www.wsj.com/articles/fed-minutes-show-officials-feared-markets-optimism-could-complicate-inflation-fight-11672859245?mod=hp_lead_pos2
Hurricane Ian Assistance Tops $4.45 Billion
National Mortgage News, Jan. 4, 2023–Bonnie Sinnock (subscription)
Assistance paid out to address the earlier storm, which made landfall on Sept. 28, now totals over $4.45 billion, according to the Federal Emergency Management Agency. Another $3.3 million went to damages caused by Hurricane Nicole, which struck on Nov. 10.
https://www.nationalmortgagenews.com/news/hurricane-ian-assistance-tops-4-45-billion
How Title Companies are Combating Wire Fraud
HousingWire, January 4, 2023–Tannistha Sinha
Cyberattacks, particularly wire fraud through business email compromise, remain a major concern for the title industry. Attempted attacks increased significantly, according to a 2022 survey by the American Land Title Association, with 46% of respondents saying their employees receive at least one email a month attempting to change wire or payoff instructions.
https://www.housingwire.com/articles/how-title-companies-are-combating-wire-fraud/
Manhattan Home Prices Slip 5.5% in First Decline Since Mid-2020
Bloomberg, Jan. 4, 2023–Jennifer Epstein
Manhattan’s homebuying market weakened at the end of last year, but didn’t foreshadow a deep freeze heading into 2023. Co-ops and condos traded for a median of $1.1 million in the fourth quarter, a 5.5% drop from the same period in 2021, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
https://www.bloomberg.com/news/articles/2023-01-04/manhattan-home-prices-slip-5-5-in-first-decline-since-mid-2020
Mortgage Industry Prepares to Ride Out Troubles in 2023
National Mortgage News, Jan. 5, 2023–Spencer Lee (subscription)
Mortgage professionals see a likely recession, ongoing inflation and shrinking mortgage demand as dominant themes over the next 12 months, all pointing to a reduction in business. But glimmers of optimism also show up, particularly within mortgage technology, which looks set to grow despite a challenging environment.
https://www.nationalmortgagenews.com/news/mortgage-industry-prepares-to-ride-out-troubles-in-2023?
Salesforce to Lay Off 10% of Workforce, Reduce Offices
Wall Street Journal, Jan. 4, 2023–Will Feuer (subscription)
Salesforce Inc. is laying off 10% of its workforce and reducing its office space in certain markets, extending a brutal period for tech job cuts into the new year.
https://www.wsj.com/articles/salesforce-to-lay-off-10-of-workforce-reduce-offices-11672836369?mod=hp_trending_now_article_pos3
Amazon to Slash More Than 18,000 Jobs in Escalation of Cuts
Bloomberg, Jan. 5, 2023–Spencer Soper, Matt Day
Amazon.com Inc. is laying off more than 18,000 employees — the biggest reduction in its history — in the latest sign that a tech-industry slump is deepening.
https://www.bloomberg.com/news/articles/2023-01-05/amazon-to-slash-more-than-18-000-jobs-in-escalation-of-cutbacks?srnd=premium
