Good Morning! Today is Wednesday, February 14. Happy Valentine’s Day. House Republicans impeached Alejandro Mayorkas, Biden’s homeland security secretary. A vehicle crashed into a hospital emergency room in Austin, Texas, killing at least one person. William “Bill” Post, the man credited with inventing the Pop Tart, died at 96 years old.
The Mortgage Note Reports
Future Of Profits: Profits remained near record levels for sellers last year but they decreased for the first time since 2011. Writer Erin Flynn Jay asked industry leaders whether profits will continue to drop for sellers.
Investors Return: Investors are back on the market now that rates are moderating, buying 26% of America’s most affordable homes in Q4 2023.
Applications Down: Mortgage applications are up and down, falling 2.3% last week as rates posted increases.
In other mortgage and housing news…
Market Myth: A housing bubble implies an impending pop that brings home prices crashing down — but there’s no pop in sight.
Prepare For Battle: Zillow says buyers and sellers need to prepare for a competitive shopping season this spring, with some markets already heating up.
“Notable Increase”: Foreclosures jumped 10% month-over-month in January, partly due to filings making their way through the system post-holidays.
Company News: Alvaro Loureiro is now branch manager of Embrace Home Loans’ Tampa, FL, location; LendSure launched a new bridge loan mortgage program.
Price Drop: Pop singer Cher has lowered the sale price of her Malibu mansion to $75 million.