Morning Roundup (1/19/2023) — Housing Starts Slip

ByTMN Editor Reading Time: 2 minutes

Good Morning! Today is Thursday, January 19. The U.S. is expected to hit its $31.4 trillion borrowing limit today. Microsoft will lay off 10,000 people, its largest cut in eight years. A protester was killed and a Georgia state trooper was wounded during a confrontation over a planned police training center in Atlanta.

The Mortgage Note Reports

The Hangover: Three prominent figures in the mortgage industry recently got together to discuss the challenges for lenders in 2023. Writer Scott Kimbler has the story.

Housing Starts: Housing construction slid again in December to its lowest point since July, but an increase in single-family starts may signal improvement to come.

Planet Home Lending: Planet Home lending opened a new branch in Kissimmee, FL, led by Branch Manager Ricardo Maldonado.

Listen To Our Podcast: This podcast highlights the successes and innovations taking place in the mortgage industry.

TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.



In other mortgage and housing news…

Layoffs: Fintech nCino laid off 7% of its workforce, about 120 people, while Finance of America let go of another 43 employees at its Conshohocken office.

Political Pressure: The White House is rolling out new measures to protect tenants in the wake of price spikes, but the housing industry is pushing back.

Reviving Rules: One such rule requires cities, counties, and states that receive federal housing funds to actively uproot patterns of residential segregation.

Rates Begin To Thaw: Monthly mortgage costs have fallen more than $100 from their peak as rates have relaxed, but are still nearly double what they were in 2019.

Continued Improvement: Conventional serious delinquency rates are now lower than pre-pandemic rates, though rates for FHA and VA are slightly higher.

Renting Still Easier: Both renting and homeownership are unaffordable for the average worker, though renting is the most manageable in the majority of markets.

Light In The Dark: High rates and all-cash offers made homebuying challenging for service members and veterans last year, but most are optimistic about buying in 2023.