Good Morning! Today is Monday, July 25. Danish rider Jonas Vingegaard won his first Tour de France, three years after turning pro. Russia and Turkey will use “military naval forces” to escort vessels carrying Ukrainian grain through the Black Sea. Climate activists glued their hands to Botticelli’s “Primavera” at the Uffizi Gallery.
The Mortgage Note Reports
Black Knight’s First Look: Mortgage delinquencies and foreclosure starts increased in June but ultimately stayed below pre-pandemic levels.
Weichert Prez: Bill Scavone has been named president of Weichert, Realtors, while continuing to hold his current position of president of Weichert Real Estate Affiliates.
And in other mortgage and housing news…
ARMs Race: More first-time home buyers may choose ARMs because the lower mortgage rate gives them a purchasing power ‘boost’ over the fixed-mortgage rate.
Existing Home Sales: Existing home sales in June fell 5.4% from May and 14.2% YOY, the fifth straight month of declines.
“A Low Mood”: The first two years of the pandemic were good for America’s upper middle class, but in 2022 they’re getting squeezed by higher prices.
To Pay Or Not To Pay: Why do some lenders pay signing bonuses and others not?
First Community VP: First Community Credit Union announced that Mike Pogorelec has joined its team as Vice President of Mortgage Operations.
NH’s Severe Shortage: New Hampshire has the top two hottest housing markets in the country, which really just means there are not enough houses, Andrew Cline argues.
Say No To Layoffs: Even as business dries up, some lenders are insisting they won’t participate in the mass layoffs that are affecting major industry players right now.
No Change Expected: The Fed expected to raise rates by 75 points this week, but rates may not change much as the market has already priced in an increase.