Good Morning! Today is Thursday, August 10. Wildfires in Maui killed at least 36 people and forced thousands of residents and tourists to evacuate. President Biden signed an executive order banning new American investment in some Chinese technology. A presidential candidate in Ecuador was assassinated at a rally days before the election.
The Mortgage Note Reports
Tale Of Two Lenders: The country’s two largest lenders, UWM and Rocket, were both profitable in the second quarter of 2023, overcoming several quarters of losses.
Improvements Seen: Officials at the Federal Housing Finance Agency say racial and ethnic valuation gaps in home appraisals are being reduced in a majority of states.
Ribbon Relaunch: Powerbuyer Ribbon, now owned by sale-leaseback platform EasyKnock, is reintroducing its all-cash offer product to Atlanta and Charlotte.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
In other mortgage and housing news…
Good And Bad: The house price rebound led to a decline in foreclosure starts month-over-month, though lender repossessions are climbing back toward historical norms.
Formula For High Prices: Miami and Milwaukee have experienced double-digit home price appreciation despite tepid homebuying demand as affordable homes dwindle.
Tech Offices: Searches for office space in San Francisco are picking up again, a sign the AI boom may spur recovery for the tech capital’s depressed downtown.
More Ratings: US bank stocks declined after Moody’s Investors Service lowered its ratings for 10 small and midsize lenders and said it may downgrade other major firms.
For Rent Only: In Raleigh, NC, apartments are available to rent, but townhomes and condos for purchase can’t be found as banks shy away from “risky investments.”