Morning Roundup (7/27/2022) – Loan Apps, Pending Home Sales Decline

Good Morning! Today is Wednesday, July 27. The Senate advanced a bill to bolster high-tech research and manufacturing to compete with China. President Biden said that the economy is not in a recession and will not enter one. A 7.0-magnitude earthquake struck the Philippines.

The Mortgage Note Reports

Loan Apps Fall: Mortgage loan application volume fell by another 1.8%, the fourth straight week of declines and the lowest level of activity since February 2000.

NAR PHSI: Pending home sales tumbled in June after a slight increase in May, falling 8.6% month-over-month and 20% YOY.

And in other mortgage and housing news…

Consumer Confidence: The consumer confidence index for July slipped to 95.7 from June’s revised reading of 98.4, the third month of declines.

New Home Sales: Sales of new homes fell for the fifth time this year in June to a more than two-year low, down 8.1% to an annualized 590,000 rate.

House Prices: The FHFA says house prices rose 1.4% from May and 18.3% YOY…

S&P Corelogic: …while the S&P CoreLogic Case-Schiller Index found that prices decelerated for a second month, up 19.7% YOY but down from April’s 20.6% gain.

Ultra-Luxe Mindset: A conversation about the nuances of the luxury market, including everything from location to price point and buyer demographics.

Debt Load: 90% of American millennials have had non-mortgage debt at some point, with 72% of millennials currently owing non-mortgage debt averaging $117,000.

Bad Broker: A former mortgage broker was accused of manipulating her company’s payroll software to pay herself over $700k.