Good Morning! Today is Monday, August 22. The daughter of an influential, ultra-nationalist Russian philosopher was killed by a car bomb on the outskirts of Moscow. Teachers at Ohio’s largest school district voted to go on strike Sunday, just days before school is scheduled to start.
The Mortgage Note Reports
Sink Or Swim: Three industry professionals recently hosted a National Mortgage Profession webinar to offer advice so mortgage lenders can stay afloat now that the market has shifted in many parts of the country. Writer Scott Kimbler offers insight into what they said.
July Home Sales: Home sales dropped 19.3% YOY in July to their lowest level since the beginning of the pandemic, their biggest annual decline in more than a year.
Arc Home: Non-QM lender Arc Home LLC has appointed Suzy Lindblom as COO.
And in other mortgage and housing news…
Jackson Hole: Jerome Powell has a chance to reset expectations in financial markets at the central bank’s annual Jackson Hole retreat this week.
Asking Prices Drop: Even more home sellers dropped their asking price in July, particularly in pandemic boomtowns, as they struggled to match their expectations with the reality of the cooling housing market.
Apartment Boost: Multifamily construction in the last two years is at a 50-year high, which could translate to lessening housing burdens for renters– but not right away.
Constrained Economy: Fannie Mae’s ESR Group said tightening monetary policy and inflation are the reasons why the economy is stagnating despite strong job growth.
“Signs Of Caution”: Confidence in the market for new multifamily housing was mixed in the second quarter of 2022, though rental demand “remains solid.”
Compound Actions: Homeowners are buying other homes in their neighborhoods to keep investors and developers out and make room for friends and family.
eXp Expansion: eXp Realty announced the appointment of Michael Valdes to the role of Executive Vice President, International Expansion.
Take A Look: Castles are rare in the US, but they do exist and many are for sale.