Good Morning! Today is Tuesday, October 25. At 42, Rishi Sunak, Britain’s new prime minister, is the first person of color to serve in the role and the youngest prime minister in two centuries. A gunman killed a 16-year-old girl and a 61-year-old woman at a St. Louis high school. Kanye West’s talent agency dropped him after an antisemitic outburst.
The Mortgage Note Reports
Deal Off: During the pandemic homebuyers fled to southern states for warmer weather but now would-be purchasers are bailing out of deals at a faster clip than anywhere in the country. Writer Chuck Green has the story.
FHFA Changes: The FHFA eliminated upfront fees for certain borrowers and approved two new credit models that will replace the Classic FICO.
“Forceful Deceleration”: Home price appreciation continued to cool in August, as the rate of deceleration broke July’s record for the largest monthly decline.
What are your main concerns going into 2023? Share your thoughts by emailing us at [email protected].
In other mortgage and housing news…
Up-And-Coming Markets: Johnson City, TN, is the nation’s hottest emerging market, topping a list of Southern and Midwestern cities becoming popular for their affordability.
Ginnie Re-Pooling: Ginnie Mae is shortening the re-pooling seasoning requirement for re-performing loans from six months to three months.
More FHFA: The FHFA made its aggregate appraisal data sets public, offering a broad set of data points and trends found in appraisal reports.
New Non-QM Offering: GO Mortgage launched a non-QM construction loan designed for self-employed borrowers and real estate investors seeking to build a home.
Condo Adviser Update: Freddie enhanced its Condo Project Adviser to expedite the evaluation of these projects, bringing greater efficiency to their financing.
“Stunning Downfall”: AEI Housing Center Director Ed Pinto shares a chart showing just how far home prices have plunged in 50 American cities.