Good Morning! Today is Thursday, August 31. A building fire in Johannesburg, South Africa, killed at least 73 people. Idalia cooled to a tropical storm after ravaging Florida. Senator Mitch McConnell froze suddenly during a news conference, raising concerns about his health.
The Mortgage Note Reports
Back In Black: Lenders were back in business in Q2, issuing $494 billion worth of residential mortgages (+23% from Q1) across every loan category.
Pending Sales: Pending home sales improved in July, marking a second month of increases as the housing market reheats.
In other mortgage and housing news…
GDP: U.S. economic growth was revised lower to a still-solid pace in Q2, but momentum appears to have picked up early in the third quarter…
PCE: …while the core personal consumption expenditures price index, the Fed’s preferred inflation measure, posted the smallest back-to-back increases since late 2020.
“Mixed Signals”: Home prices hit a new record high in July and will keep climbing, but monthly gains are slowing below long-term averages, suggesting a possible transition.
Inventory Woes: Active inventory shrank YOY in August despite an unusual increase in newly listed homes that signaled a potential return of seller activity heading into fall.
Delinquencies Down: The mortgage delinquency rate remained at a historic low in June, though recent natural disasters are likely to force them up in the near future.