Morning Roundup (7/22/2024) — Challenges For Home Flippers

Good Morning! Today is Monday, July 22. Joe Biden dropped out of the presidential race and endorsed Kamala Harris. Polls show a close race between Harris and Trump. Secret Service Director Kimberly Cheatle will face lawmakers today about security failures in Donald Trump’s shooting.

The Mortgage Note Reports

The Good And The Bad: As home flipping rates went up at the start of this year, profits kept improving for investors, but challenges remain.

Small Investors: The rise of mom-and-pop investors is changing the cash-buying landscape, and it’s good news for regular homebuyers.

Seasoned Execs: Lender and servicer Cornerstone Capital Bank announced seven leadership hires as it grows its financial services franchise.

In other mortgage and housing news…

ICE First Look: Coming off a near-record low in May and with June ending on a Sunday, the national delinquency rate jumped to its second-highest level in 18 months.

Hang On Tight: Analysts at Morgan Stanley continue to argue that U.S. homeowners are the “strong hands” in this cycle of the housing market.

Company News: Ascent Developer Solutions launched as a lender for real estate developers; Howard Hanna announced a bundle program that provides a closing credit for clients who use the company’s mortgage services.

Hidden Gems: These often overlooked metros aren’t ranked in the top 50 biggest cities but offer plenty of opportunities for affordable homeownership.

Bubble Set To Burst: A steep price decline is coming for popular pandemic markets, one analyst says, offering long-term opportunities for homebuyers.