Morning Roundup (7/23/2024) — Existing Sales Struggle

Good Morning! Today is Tuesday, July 23. Kamala Harris secured enough delegates to become the Democratic presidential nominee. Her campaign says it raised more than $100 million after its launch. A new migrant caravan is headed to the U.S. border on foot.

The Mortgage Note Reports

Opinion: Manhattan Institute director of research Judge Glock argues that President Biden’s rent control plan is a devastating continuation of “anti-landlord” policies.

AI’s Varied Uses: Guild Mortgage and Optimal Blue both announced new AI assistants targeting different pain points for lenders.

Existing Sales Struggle: Existing-home sales continued their downward spiral in June, part of a “slow shift” from a seller’s to a buyer’s market.

In other mortgage and housing news…

Tragic News: DocMagic founder and CEO Dominic Iannitti died unexpectedly at 60.

Getting Cold Feet: Homebuyers backed out of deals at a record rate in June, canceling 15% of all home purchases, totaling 56,000.

Changing Outlook: Fannie Mae analysts predict that home price growth will moderate as listings outpace sales, leading to a boost in existing home purchases by 2025.

Instant Eval: Candor Technologies launched an AI-powered prequalification tool that delivers instant results and borrower insights across conventional and FHA loans.

Company News: Dunmor added a new COO and SVP; Indecomm expanded its BotGenius portfolio to automate title and appraisal document review.

“Tired Of Waiting”: This analyst gave up a 2.6% mortgage to upgrade to a larger house. Does he regret it?