Morning Roundup (8/15/2022) – Listings Fall, Fairway Hires

Good Morning! Today is Monday, August 15. Ukraine accused Russia of using the Zaporizhzhia nuclear power plant to blackmail Kyiv and its allies. Five members of Congress arrived in Taiwan, less than two weeks after a visit by Speaker Nancy Pelosi prompted Chinese military drills. Actress Anne Heche died at 53 after a car crash.

The Mortgage Note Reports

Listings Fall: New listings fell 12% during the four-week period ending August 7 as “rate lock-in” and falling demand pushed some sellers to the sidelines.

Fairway Hires: Scott Bristol, Brian Chick, and John Lowe have joined Fairway Independent Mortgage as part of an “aggressive expansion” of its production group.

And in other mortgage and housing news…

Wells Fargo Cutting Mortgage Ties: Wells Fargo, which once accounted for one of every three home loans in the US, is planning a retreat from the mortgage business.

“Will The Market Stop On A Dime?”: Home values are fast approaching the pace of gains that would be consistent with low inflation, but there’s a high risk of overshoot, Jonathan Levin argues in Bloomberg.

Five-Rooms-In-One: Robotic furniture that can turn single rooms into multipurpose spaces can help blunt rising rents and alter where Americans are able and willing to live.

Homeward Cuts: Austin-based Homeward laid off 20% of its staff, about 120 people, two months after its founder told employees he didn’t expect any job losses soon.

Investors Chill Out: Investors helped propel home prices to record levels but now they’re pulling back, a move that could accelerate the market’s slowdown.

“The Legal Innovation Needs To Happen”: Real estate closings can now take place remotely in most states, but lawmakers in seven have reservations.

New Rules: As the recession question rages, there are a few new realities and rules for home sellers to keep in mind so they can still come out on top, regardless of the economy.