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Mullets, Makeup, CoreLogic/CoStar@War; Housing implosion 😱

By March 8, 2021 No Comments

What’s in: Mullets for everyone and makeup for men

Rise&Shred is the one and only daily dairy of the mortgage market so we’d be remiss NOT to mention fashion. For one day, we will return to conferences and we’re here to say if you want to rock a mullet at the MBA Annual, you are well within

your rights.
That’s right, nothing says business in the front, party in the back, like a nice, on-point mullet hairstyle. “It's back from the dead,” said Tony Copeland of the British Master Barbers Alliance, theorizing that a few months of loc

kdown growth helped propel the resurrection.

“We're going to see more and more this year. Guys are just fed up with all the skin fades.”

What’s more, the mullet is now officially acceptable for all genders; Rihanna and Miley Cyrus have both been seen rocking the iconic hairstyle. 

Speak of something that’s good for all genders, Realtor Ben Dixon caught sight of his face during an early morning Zoom call with a client in January, he was distracted by what he perceived were bags and discoloration under his eyes.

So, like a growing number of dudes who are increasingly horrified by their appearance on countless Zoom calls, he consulted a friend with seemingly perfect skin, who generously shared his secret: makeup for men.

According to market analytics firm Moz, Google queries for “men’s makeup looks” jumped almost 80% last year from 2019, and other top requests included “covering redness,” “hiding acne” and “hiding bags under eyes.”

🤣 MEME of the day by Val Miller 🤣

Have a funny meme? Email your favorite meme here for a chance to be featured in our next Rise&Shred.

What’s Out: CoreLogic rejects CoStar bid, or is it the other way around?

CoreLogic said late last week it rejected the CoStar acquisition bid. In return, CoStar made a very public display intelling the world it was actually the other way around. 

Why? Rising interest rates, CoStar said in a statement. Really?
CoStar Group believes rising interest rates will negatively impact the outlook for the mortgage refinancing market, the statement said.

Accordingly, these rising interest rates have caused valuations for residential property technology companies to decline significantly in recent weeks, which has changed CoStar’s view of the value of CoreLogic. “With interest rates moving up, now is not the time for us to aggressively buy into the residential mortgage market,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group.

Then there’s this statement in which you will need some aloe for the low-grade burn:

“CoStar Group continues to believe that a strategic combination of CoStar and CoreLogic had the potential to create significant value for all shareholders, and that CoreLogic is an excellent company with a talented team. CoStar Group is committed, however, to maintaining its disciplined approach to valuation as it pursues strategic acquisitions.”

Why would they say this? Oh wait, we almost forgot. CoreLogic’s public letter to Andrew Florance CEO & President of CoStar Group was also burn-tastic, from a business perspective.

Here’s an edited version:

Dear Mr. Florance:

“The Board of Directors of CoreLogic has carefully reviewed the updated terms of your March 1, 2021 proposal, and has not concluded that your Updated Proposal is a Superior Proposal as defined in our merger agreement with affiliates of Stone Point Capital and Insight Partners.

The CoreLogic Board unanimously believes your Updated Proposal requires further improvement with respect to the following key areas: (i) value, (ii) certainty of value, and (iii) certainty of closing in a timely manner.”

It sounds like things got kinda ugly in a boardroom meeting or two, which wouldn’t happen if the executives were rocking mullets and makeup. #ChangeOurMind

🔥 New Loan Officer Mastermind 🔥 

With Mortgage Coach

Housing inventory implodes just as the economy gets a boost

U.S. stocks reversed from a sharp sell-off and climbed higher in wild session Friday as a rally in bond yields eased, while a stronger-than-expected jobs report boosted optimism for a faster economic reopening.

Unfortunately, anyone with a new job who wants to reward themselves with a new home may be on the sidelines for some time.  

This is due to a recent pullback by sellers that resulted in roughly 207,000 fewer homes newly listed for sale in the first two months of 2021 compared with the average for the same period over the last four years. To catch up, new listings would have to grow by 25% annually in March and April, which is unlikely. 

“While the biggest drops in new supply were in Oklahoma City and Kansas City, Missouri, declines were widespread across the country,” writes Diana Olick in CNBC. “The only major cities seeing gains in inventory were San Jose, California, and San Francisco and Denver.”

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