Morning Roundup (11/16/2022) – Bleak Outlook For 2023

Good Morning! Today is Wednesday, November 16. Donald Trump announced he is running for president again in 2024 last night at Mar-a-Lago. Representative Kevin McCarthy of California won the Republican nomination for House speaker. A missile hit a Polish village near the border with Ukraine.

The Mortgage Note Reports

Bleak Outlook For 2023: During this month’s presentation and forecasting of home prices in the United States, the director of American Enterprise Institute painted a bleak picture for the rest of this year and all of 2023. Writer Scott Kimbler has the story.

Loans Make A Comeback: Mortgage loan application volume rose last week, responding to the largest single-week decline in rates since July 2022.

Chicagoland Brokerage: A new Motto Mortgage affiliate has opened in Libertyville, Illinois, serving the Chicago metro area.

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.

As Thanksgiving approaches, what are you grateful for? We want to know. Share your thoughts by emailing us: [email protected]

In other mortgage and housing news…

Fraud Problems: Every $1 lost to fraud now costs financial firms $4.23 compared to $3.64 in 2020. “Buy now, pay later,” bots and mobile channel fraud are key concerns.

Commanders Fight: Jeff Bezos may squash Mat Ishbia’s dream of owning the Washington Commanders. Matthew McConaughey and Jay-Z are also expected to bid.

Last Lender Standing: Online lenders are struggling to survive as home sales and refinancing demand collapse.

CHLA At FHA: CHLA called for the FHA to end its Life of Loan policy after an MMIF report showed a net worth more than 5.5 times its statutory requirement.

Potential Impact: More than $8.8 trillion in home value is at risk of wildfire and $6.5 trillion in home value is at risk of flood damage over the next 30 years.

Anything Can Be Housing: Adaptive reuse apartments, especially converted offices, are increasing faster than regular apartments, up by 25% in the last 2 years.

“Trickle,” Not “Tsunami”: As house price appreciation decelerates and the labor market loses steam, will we now see foreclosures accelerate? Probably not, FirstAm says.

Thursday Deals: Sellers are most likely to cut their list price on Thursdays, but buyers should expect minor concessions, not door-buster discounts.