Morning Roundup (11/17/2022) – Potential Buyers Are There

Good Morning! Today is Thursday, November 17. Republicans are projected to win a majority in the House. SpaceX employees say they were fired for speaking out about Elon Musk. About 10,000 mink are loose in Ohio, posing a danger to pets.

The Mortgage Note Reports

Potential Buyers Are There: Despite a plethora of obstacles, there are prospective buyers chomping at the bit to purchase a home. Writer Chuck Green explains.

Housing Starts: Housing construction fell sharply in October, another miss for the rapidly constricting housing market as both buyers and builders pull back.

Originations Slip: Mortgage originations saw their largest annual decline in 21 years, further evidence that the housing boom is coming to an end.

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…

Retail Sales: Retail sales rose 1.3% in October, higher than expected and promising ahead of the holiday shopping season, but buyers are looking for serious deals.

Laid Off For The Holidays: Colorado-based American Financing Corp is letting go of 194 of its 305 employees over the course of the next five weeks.

Values Plateau: Home values remained nearly flat in October as new inventory waned and sales continued to fall from the pandemic frenzy.

Builders Feeling The Burn: Builder confidence posted its 11th straight monthly decline in November, falling to its lowest point since June 2012.

“Pay-To-Pay”: The CFPB says mortgage servicers violated federal law by charging “junk” phone payment fees without consumers’ knowledge.

More UWM Buydowns: UWM expanded its temporary rate buydown offerings, including lender-paid buydowns as well as seller-paid.

First-Time Products: loanDepot launched a suite of tools for first-time homebuyers.

“Buyers Are Taking A Breath”: October saw 30.7% fewer closings and 36.8% more homes for sale year-over-year, giving buyers more options and room to breathe.