Morning Roundup (10/19/2023) — Existing Home Sales

Good Morning! Today is Thursday, October 19. Biden said Israel committed to allowing humanitarian aid into Gaza, and pledged $100M in U.S. funds. Jim Jordan (R-Ohio) lost a second vote for House speaker. “Rocky” actor Burt Young has died at 83.

The Mortgage Note Reports

Existing Home Sales: Existing-home sales sunk even further in September, with the formerly-hot Northeast and Midwest joining the West and South in declines.

New Fay CAO: Cari Gordon has been named Chief Audit Officer of Fay Financial.

In other mortgage and housing news…

Summer Profits: Profit margins on home sales nationwide hit nearly 60% in Q3 as prices soared, providing a cushion for seasonal declines in fall.

Spooked Buyers: This year is likely to end with roughly 4.1 million existing home sales, the fewest since the housing bubble burst in 2008.

Hot New Wedding Gift: More engaged couples than ever are asking for money to help them buy a house, in addition to more traditional wedding gifts.

Thinking Forward: What happens if rates stay higher for longer? Here’s a breakdown of possibilities if rates hit 8% and stay there long term.

Company News: says it drastically reduced overhead, including LO commissions, to provide the lowest interest rates possible.