Morning Roundup (9/19/2022) – Home Values Fall, Embrace Hires

Good Morning! Today is Monday, September 19. Queen Elizabeth II’s funeral is today. Russia has begun using Iranian-made attack drones to counteract heavy artillery provided by the U.S. President Biden said in an interview that the “pandemic is over,” though we “still have a problem with Covid.”

The Mortgage Note Reports

Puorro Moves To Embrace: Top-ranked originator Michael Puorro has joined Embrace Home Loans in its Basking Ridge, NJ, branch as producing sales manager.

Home Value Falls: The typical US home value slipped for the second consecutive month– down 0.3% to $356,054– as mortgage costs continue to sideline buyers.

In other mortgage and housing news…

New Listings: New listings dropped 8% from July to August to their lowest level since May 2020 and, pandemic aside, their lowest point since 2012.

Rocket Discount Program: Rocket Mortgage launched “Inflation Buster,” a program that reduces homeowners’ monthly payments by 1% for the first year of their loan.

“Buyer’s Bonanza”: analyzed housing data from the nation’s 250 largest cities to find the top 10 cities to buy a home right now.

The Experience: GPARENCY has launched a 30-day educational and mentorship program on commercial real estate, and commercial mortgage and technology services. 

RE/MAX Report: August sales were 5.3% higher than July as the median sale price declined 2.4% to $410,000, offering patient buyers a mild respite from record-high costs.

Zillow Lawsuit: A lawsuit filed against Zillow alleges that it broke the law by “wiretapping” its sites to record the way consumers interact with them.

“Just Unaffordable”: As mortgage rates enter the “red zone,” the advantages of the cooling market can’t compensate for the increased costs of buying a home.

Why Sell At All?: Homeowners are increasingly opting to hold on to their houses amid a soaring rental market, choosing to collect rent rather than sell for less.