Good Morning! Today is Monday, September 26. Global markets tumbled this morning, and the pound fell to a record low against the dollar. Instead of rebounding, stocks have continued to fall, burning investors who stepped in to buy shares on sale. A NASA spacecraft is set to collide with an asteroid today, testing a technique to protect Earth.
The Mortgage Note Reports
Look At The Numbers: Adjacent cities grew during the pandemic as people fled New York, Los Angeles, and other major metropolitan areas. Writer Chuck Green has the story.
AG CEO: T.J. Durkin has been named CEO of AG Mortgage Investment, and other leadership changes have been made as David Roberts moves towards retirement.
August First Look: Delinquencies fell in August to 2.79%, just 4 basis points above May 2022’s record low, but foreclosure starts are up 14.7% from July.
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In other mortgage and housing news…
Bidding Wars Down: Just over 4 in 10 Redfin home offers faced competition in August, down from a year earlier as 6% mortgage rates price buyers out of the market.
Where Job Cuts Will Hurt Most: Unemployment is expected to increase, and economists say certain types of workers are more vulnerable to losing their jobs first.
BayFirst Scales Back: BayFirst Financial will now only originate mortgages in Florida, citing “the uncertain outlook for mortgage lending over the coming quarters.”
What Happened To Starter Homes?: As land gets pricier, small, affordable homes make less sense to build, meaning entry-level homes get squeezed out.
“Exploring Their Options”: More Sun Belt buyers are backing out of purchases than anywhere in the U.S. as the housing market cools.
Staying Positive: John Paulson says another downturn in home prices may be in the cards but the banking system is in a much better condition to handle it.
Real/Brew: The Real Brokerage has signed an agreement to buy LemonBrew Lending.
Rent-to-Own: Is it a good idea or possible trouble? Here are the pros and cons.