Morning Roundup (9/13/2023) — Applications Sink

Good Morning! Today is Wednesday, September 13. House Speaker Kevin McCarthy opened an impeachment inquiry into President Biden. Flooding in Libya led to dams bursting and more than 5,000 deaths. Bernard Looney resigned as chief executive of oil and gas company BP after failing to disclose past relationships with colleagues.


The Mortgage Note Reports

Applications Sink: Mortgage applications continued to sink last week despite a small uptick in adjusted purchase applications, driven down by weak refinances.

Saso At US Mortgage: Three-decade industry veteran Nino Saso has been named Chief Production Officer of US Mortgage Corporation.

In other mortgage and housing news…

Moving For Work: Back-to-office mandates are motivating one out of every ten home sellers, not the biggest reason, but an uptick as the remote work boom fizzles out.

RON In CA: The timeline is uncertain but California is on track to allow remote online notarization, a process that can speed up real estate closings.

Foreclosures Rise: Foreclosure filings were up 7% MOM in August but down 2% YOY.

Best Time To Buy?: The first week of October is 2023’s best time to buy a home, says, as historical trends and recent market changes converge.

Far-Reaching Effects: Furniture retailers like RH and Williams-Sonoma are struggling to sell products in a tight housing market, as fewer buyers mean fewer couch sales.