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 Oak: Angel 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.