Housing markets

The $1.3 trillion decline was the largest quarterly drop in dollar volume and the biggest falloff on a percentage basis since 2009, according to Black Knight.

The closure of its nationwide retail business — which followed the shuttering of its consumer direct business in Q2 — pushed the Florida bank into a $1.4 million loss for the most recent quarter.

Quarterly numbers also show the smallest gain in appreciation since 2011, with values decreasing on an unadjusted basis, according to Fannie Mae.

Decline was largely driven by a large dip in cash-out refinance locks.

On the other hand, the economists from the UCLA Anderson Forecast claim the U.S. is not currently in a recession and that the chance of a recession in the next 12 months is less than 50%.

Rate and term refinance activity has practically disappeared compared with 12 months ago, and volume for the less rate sensitive cash-out product is much lower.

BofA Securities Inc. predicts that single-family rental securitizations — which repackage a single loan tied to multiple properties — will fall to just $2 billion for the rest of 2022 as Federal Reserve rate hikes send shivers across the industry.

Housing's unusually high appreciation rates have now slowed for three months straight, and the number of metropolitan areas that are considered overvalued keeps growing, according to CoreLogic.

At the same time, the share of overall vacancies fell due to limited inventory, according to a new Attom report.

Their activity was below the record share hit at the start of 2022, and down from the high water mark of 93,700 properties bought in the third quarter last year.