Volume 105  | August 19, 2022

Guardian Asset Management

Weekly Newsletter

Guardian endeavors to provide you with the latest in housing, industry and market news from Washington D.C. and around the country. It is our goal as your industry partner to be informative, relative and topical.

From the General

Counsel's Desk

How to Get a Deeded Easement to a Land Locked Property

If you buy land that does not directly abut a public access road, your property is said to be landlocked. Put simply, this means that you cannot gain access to your land unless your neighbor grants you a right of way over his land to the road frontage. The best way to secure a right of way is by deeded easement. This is a legally enforceable right transcribed in a deed which, if drafted as an "easement appurtenant," will attach to your land, such that the right of way benefits your successors and burdens your neighbor's successors.

The Mortgage Bankers Association on Thursday reported that the industry's average per-loan earnings fell into the red and financial income from servicing decreased during the second quarter.

Independent mortgage banks and the housing finance subsidiaries of chartered depositories took an average loss of $82 on each loan they originated. That translates to 5 basis points of net production loss. In the previous quarter, they made a profit of 5 basis points in net production income or $223 per mortgage. A year ago, per-loan profits were dramatically higher at $2,023 or 73 basis points.

Home sales fell nearly 6% in July

as housing market slides into a recession

Sales of previously owned homes fell nearly 6% in July compared with June, according to a monthly report from the National Association of Realtors.

Sales dropped about 20% from the same month a year ago.

“In terms of economic impact we are surely in a housing recession because builders are not building,” said Lawrence Yun, chief economist for the Realtors.

New housing starts unexpectedly plunged more than economists projected in July—and to the lowest level in more than a year—as home builders grappled with dwindling demand for new homes, and though some experts remain optimistic that the market could be due for a quick recovery, others are only increasingly bearish.

Many middle- and lower-income Americans are left with a dwindling number of options or forced into renting while supply increases for the wealthiest buyers