Good Morning! Today is Monday, August 1. A ship loaded with grain has left Ukraine for the first time since the war began. Flooding in Kentucky has killed at least 28 people. The McKinney fire in Northern California has grown to more than 52,000 acres in two days.
The Mortgage Note Reports
Bidding Wars: Renters continue to engage in bidding wars as Americans struggle to find affordable places to live. Writer Tyrone Townsend explains why.
Mortgage Monitor: Home price growth saw its largest single-month slowdown since at least the 1970s, coinciding with the largest single-month gain in inventory in 12 years.
Stirling Joins Embrace: James “Jace” Stirling has been named regional sales manager of the Southeast for Embrace Home Loans.
And in other mortgage and housing news…
Construction Spending: Construction spending in June fell to an annual rate of $1,762.3 billion, down 1.1% from May’s revised estimates.
“You Have To Cut Back”: Consumers are starting to pare back purchases as inflation takes its toll, with new data revealing that household spending is increasingly strained.
Fannie’s Results: Fannie Mae reported a net income of $4.7 billion for Q2, up from Q1 but down 34.7% YOY.
Investor Interest: Investor interest in commercial real estate waned in Q2 as price gains for most property types fell but office and land prices jumped.
Borrower Credit: A Zillow report found that a borrower with a “fair” credit score could pay $103,626 more over the life of a 30-year mortgage than an otherwise identical borrower with an “excellent” score.
Downsizing To Save: Downsizing by one bedroom would allow renters in 50 cities to save up in less than five years for a down payment on a starter home.
Voucher Test: A legal battle brewing in a Dallas suburb could be a test case for protecting voucher holders under the Fair Housing Act of 1968.
China’s Boycott: China’s home sales slumped further in July, indicating the widening mortgage boycott crisis emerging has weighed on buyer confidence.