Good Morning! Today is Thursday, August 24. Donald Trump is due to report to an Atlanta jail today. Japan will begin releasing treated water from the Fukushima nuclear power plant into the ocean. The Wagner chief behind a Russian mutiny was on a jet that crashed in the Tver region, killing all 10 onboard.
The Mortgage Note Reports
Making It Personal: The co-founder and president of a relationship management automation provider for mortgage professionals says taking a more personal approach to messaging makes a difference. Editor Kimberley Haas has the story.
Demand Dwindling: Mortgage applications tanked last week as average interest rates hit 7.31%.
Vacancies Climbing: Zombie foreclosures increased slightly in Q3, though remain so low that homeowners need not…
Good Morning! Today is Wednesday, August 23. The first presidential debate for the 2024 race is tonight at 9 p.m. Eastern Time. Donald Trump will not attend. Tropical Storm Harold made landfall south of Houston, pummeling Texas with heavy rains. India is the fourth country to land on the moon after a successful lunar mission.
The Mortgage Note Reports
Helping Millennials: Addressing affordability issues by allowing for creative living solutions may be the key to getting more Millennials into homeownership. Editor Kimberley Haas has the story.
Not Looking Good: Scotsman Guide asked mortgage pros how they expect to fare in the next six months. Their answers were tepid, with a focus on high rates.
New Home Sales: New home sales…
Hello! Today is Tuesday, August 22. Former President Donald Trump says he’ll show up in Fulton County, GA on Thursday — the day after the first GOP presidential debate — to be arrested on charges related to the 2022 election. Dick’s Sporting Goods blames ‘increasingly serious’ theft problem for profit plunge. Tropical Storm Harold has made landfall in Texas as the first US landfall of the 2023 Atlantic Season. The Mortgage Note Reports Helping Maui: Federal housing officials have pledged to support people affected by the wildfires in Hawaii as the state’s governor warns developers to stay away. Editor Kimberley Haas has the story. Luxury Life: Writer Nicole Murray explains that California continues to dominate the luxury homes market, but…
Good Morning! Today is Friday, August 18. Hurricane Hilary has been upgraded to a category four storm and could dump years’ worth of rain on California. Maui’s emergency management chief resigned after facing criticism over his wildfire response. Trump asked a judge to delay the start of his federal trial over the Jan. 6 attack until 2026.
The Mortgage Note Reports
Breaking 7%: Mortgage rates once again hit a more than two-decade high last week, breaking 7% on average and adding extra weight to Americans’ heavy housing burden.
RESPA Violation: The CFPB fined Freedom Mortgage $1.75M for providing illegal incentives to real estate brokers and agents for mortgage loan referrals.
In other mortgage and housing news…
Still Losing Out: IMBs…
Good Morning! Today is Monday, August 21. Russia’s first lunar mission in decades failed when its uncrewed spacecraft crashed into the moon. Flash flooding and mudslides are possible in California and the Southwest as one-time Hurricane Hilary weakens. Trump said he will not be participating in the Republican primary debates.
The Mortgage Note Reports
No More Inventory: Potential buyers patiently waiting for a surge in inventory before jumping into the housing market may be out of luck. Editor Kimberley Haas has the story.
ICYMI: Chuck Green’s article last week about how the Fed’s rate hikes are hurting the housing market is our most popular article so far this month.
In other mortgage and housing news…
What’s Next?: With the impact…
Good Morning! Today is Thursday, August 17. The district attorney prosecuting Donald Trump in Georgia is seeking a March trial start date. More than 1,000 people are still missing in the wake of the Maui wildfires, and the death toll has risen to 111. President Biden will host the leaders of Japan and South Korea at Camp David.
The Mortgage Note Reports
School Of Hard Knocks: It is being estimated that the average metro area teacher can afford 12% of homes for sale within commuting distance of their school. That’s down from 30% in 2019. Editor Kimberley Haas has the story.
Opportunity Zones: Low-income redevelopment zones are back on track for home price appreciation, and some are faring better than…
Good Morning! Today is Wednesday, August 16. Trump and his 18 co-defendants in the Georgia 2020 election probe are expected to be booked at the Fulton County jail. The special counsel in the Jan. 6 indictment obtained Trump’s direct messages. X, formerly Twitter, slowed access to certain websites, including Substack and Facebook.
The Mortgage Note Reports
Living Large: The CEO of United Wholesale Mortgage is building a 63,000-square-foot mansion which will be the largest lived-in residence in Michigan, and it will have an amusement park. Writer Scott Kimbler has the story.
Continued Stress: Mortgage applications slipped slightly last week as rates reached their highest point since 2001, driven by mixed inflation data and elevated treasury rates.
Cenlar Hires: Cenlar FSB…
Good Morning! Today is Tuesday, August 15. Donald Trump was indicted on 41 new counts, including racketeering and conspiracy. A Montana judge ruled in favor of young residents who sued the state over its lack of response to climate change. Russia’s central bank raised interest rates to try to stem the decline of the ruble.
The Mortgage Note Reports
Fear For Your Home: Maui already had a housing crisis before wildfires destroyed 3,000 homes. Now residents fear the island will be reshaped by developers and outsiders.
Builder Confidence: Builder confidence dipped in August, breaking a seven-month streak of increases, as high rates and shelter inflation put a dent in new home demand.
TMN Presents: The Mortgage Meltdown Meter, a collection…
Good Morning! Today is Monday, August 14. Nearly 100 people died in the Maui wildfire, and many are still missing. EG.5, a new Covid variant, is spreading in the U.S. but is no more dangerous than past strains. Mark Zuckerburg backed out of a cage fight with Elon Musk, saying Musk isn’t “serious” about the prospect.
The Mortgage Note Reports
Feeling The Pain: Rate hikes by the Feds add to the affordability and inventory issues mortgage professionals are seeing throughout the country. Writer Chuck Green has the story.
Bleak Prospects: Mortgage delinquencies improved in the second quarter of 2023, but homeowners face increasing credit stress as the year drags on.
July Originations: Rate lock volumes sank in July as mortgage…
Good Morning! Today is Friday, August 11. Maui wildfires have killed at least 55 people and have yet to be contained. Iran agreed to free five imprisoned Americans. Trump said he would not promise to support whoever wins the Republican presidential nomination, a requirement for the first debate.
The Mortgage Note Reports
Marching Up: Mortgage rates increased for a third consecutive week, pushing averages closer to 7% and adding further pressure on buyers.
Hawaiian Housing Grant: HUD devoted $21 million to affordable housing efforts in Hawaii, where the median single-family home is more than $1m.
Policy Overkill: In an opinion piece, Desmond Lachman writes that the Fed is engaged in monetary policy overkill.
TMN Presents: The Mortgage Meltdown Meter, a…
