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.
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 Board: Kuber 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.