Good Morning! Today is Tuesday, September 19. The FOMC begins its two-day meeting today. Iran freed five Americans it had detained on spying charges. In exchange, the U.S. will allow Iran to access $6 billion in seized oil revenue. Hunter Biden sued the IRS, saying it had violated his privacy by disclosing tax information.
The Mortgage Note Reports
Looking For Clues: Indications are that the Federal Reserve will pause hiking its federal funds rate and investors will be watching closely to see if Chairman Jerome Powell gives any indication as to what they might do to end the calendar year. Writer Patrick Lavery has the story.
Recession Coming: Despite recent optimism surrounding the Federal Reserve’s “soft landing” strategy, economists at Fannie Mae are still expecting a mild recession next year.
New Construction: Housing starts slipped in August as multifamily construction sank, though permits for single-family homes accelerated.
In other mortgage and housing news…
It’s Not Supply: Philip Pilkington argues that speculative investment is impacting the housing market upswing more than it did leading up to the 2008 collapse.
Rate Stability: FirstAm says the key to growing sales will be rate stabilization. Its Potential Home Sales Model decreased in August.
Originators Sued: Guaranteed Rate Affinity is suing former originators, alleging they didn’t repay bonuses and commissions before leaving the company.
Moving Down: Potential “move-up” buyers are instead trickling back down to mid- and starter-price tiers, resulting in rising prices for the eighth consecutive month.
Bargain Hunting: These ten cities have the most homes priced below $250k.