Morning Roundup (8/9/2022) – Cenlar FSB, Inventory Growth

Good Morning! Today is Tuesday, August 9. Donald Trump said the F.B.I. raided his Mar-a-Lago home and opened a safe. China announced plans for more drills in the waters around Taiwan. Olivia Newton-John died at 73.

The Mortgage Note Reports

Cenlar Appointments: Cenlar FSB has appointed Dave Applegate as Chairman of the Board of Directors, while Robert Lux and Dr. James Dara will take over as co-CEOs.

Inventory Growth: Active listings rose by 30.7% YOY in July, a record-high growth rate, but remain below their pre-pandemic and even early-pandemic levels.

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And in other mortgage and housing news…

Delinquencies Fall Again: Delinquencies accounted for 2.7% of all mortgages in May, down 2% month-over-month to another new low.

Bad Times: Consumer sentiment towards housing fell to its lowest level since 2011 as Americans worry that is a bad time for both home selling and homebuying.

Foreclosures Down: U.S. foreclosure activity fell 4% in July, with both foreclosure starts and completed foreclosures, though these figures could be impacted by seasonality.

Stale Homes: The share of homes that were listed for 30 days or longer without going under contract rose by 12.5% YOY in July, the first YOY increase in “stale” housing supply since the beginning of the pandemic.

Mortgage Monitor: Overall mortgage rate locks fell by 14.4% month-over-month in July as purchase demand dipped below pre-pandemic levels.

Green Borrowers: MISMO released its Commercial Green Borrower Questionnaire, a resource with standardized questions for commercial lenders.

Kuber BoardKuber Mortgage Investment Corp announced the appointment of three new independent directors following the departure of Oswald De Silva from its Board.

“Put On Their A–“: The housing correction has flipped the script on homebuilders, who are now fearing what six months ago was unthinkable: oversupply.

Real Estate Fraud: A VA husband and wife realty team were sentenced to federal prison for a scheme involving $300,000 in commissions for sales that never existed.