Good Morning! Today is Monday, Aug. 23. As violent scenes outside the Kabul airport continue, President Biden has said his administration could extend the August 31 deadline for removing American troops. Tropical storm Henri made landfall in New England yesterday. A group of nine House Democrats published an op-ed in the Washington Post urging Speaker Pelosi to pass the bipartisan infrastructure deal and “take the win” rather than tie it to the $3.5 trillion additional spending plan.
And in mortgage and housing news…
Existing Home Sales Up in July: Existing-home sales rose in 2.0 percent in July, marking two consecutive months of increases, the National Association of Realtors® reported Monday.The median existing-home sales price rose at a year-over-year pace of 17.8 percent.
Past Due: The national delinquency rate is down nearly half since last year, but many are still in dangerous territory after the foreclosure moratorium expired in July.
Wall Street Back Turning Mortgages into Bonds?: The WSJ reports the “private-label mortgage market” —in which financial firms serve the middleman role of creating giant pools of loans and selling them to investors—had more than $42 billion of issuance in the second quarter.
Michigan Hiring Slowdown: Rocket Mortgage and UWM are adjusting to a period of slowed growth with lower margins and fewer hirees.
AmeriSave To The Top: AmeriSave President Mike Bert plans to use superior tech to overtake UWM and Rocket Mortgage.
Starts Down, But Not Out: Low July housing start figures have economists down, but there’s hope when compared to 2020’s numbers.
Trouble On The Horizon?: Economist David Rosenberg warns that high home values might signal a “Black Swan” home price collapse.
“ROCSTARS”: ROC Title has been named the fastest growing title company in Western America, reporting revenue growth of 96% in the first half of 2021.
Home Alone: Many young professionals who started careers during the pandemic are ready to move from home to office, but don’t know when– or if– they’ll be able to.