Morning Roundup (9/29/2022) – Sellers On Top, Pending Home Sales

Good Morning! Today is Thursday, September 29. The US economy shrank by 0.6% in Q2, confirming two straight quarters of negative growth, one sign the country could be in recession. President Biden announced a plan to end hunger in America by 2030. Hurricane Ian continues moving north, leaving severe damage and flooding in its wake.

The Mortgage Note Reports

Sellers On Top: Most housing markets still favor sellers despite increasing buyer-friendliness, especially in more affordable markets in the South and Midwest.

Pending Home Sales: Pending home sales fell for a third consecutive month in August, with three of the four major regions seeing month-over-month declines.

What do you think will happen in the housing market in 2023? Share your opinion by emailing us at [email protected].

In other mortgage and housing news…

“A Calmer Market”: A Zillow survey of housing experts said to expect a market firmly in favor of buyers before the end of next year as prices drive down competition.

Tampa Homes At Risk: Tampa Bay has been one of the hottest housing markets in the Great Migration, but Hurricane Ian threatens to submerge it.

State Of Inventory: Sellers are less active than last September, as newly listed homes fell by 9.8% YOY and total inventory increased by a scant 0.7%.

Unaffordability Remains High: Homeownership is still unaffordable in most parts of the country, but declining home prices may provide some relief moving forward.

CFPB Suit: The Chamber of Commerce and banking industry groups sued to stop a CFPB policy that would allow it to bring discrimination claims against financial firms on products and services that aren’t protected by fair lending laws.

Angel OakAngel Oak announced that Sreeni Prabhu has been named CEO and President. It also laid off 75 people, about 20% of its staff.

Delinquencies: Delinquencies dropped for the 16th straight month in July, while foreclosures rose slightly but remained near an all-time low.

Snapdocs/BeSmartee: Snapsdocs integrated with BeSmartee’s digital platform, allowing lenders to offer a borrower experience that spans loan origination to closing.