Turmoil in Congress is making headlines, but will it impact the economy – and the mortgage industry – more broadly?
The House this week voted 216 to 210 to remove Kevin McCarthy (R-CA) from his position as speaker. He was the first speaker to be ousted through a vote in the middle of a congressional term.
No new speaker has been appointed, though several Republicans have put themselves in the running.
“It’s uncharted territory because we’ve never done that in the history of the United States,” Matthew Green, a politics professor at Catholic University, told CBS News.
The short-term impact of this week’s turmoil has been felt immediately in the mortgage market.
Redfin Economic Research Lead Chen Zhao said that…
Despite the market correction, housing ended 2022 on a strong note, CoreLogic reports.
Delinquencies and foreclosures were historically low throughout 2022 and remained that way at year-end, with both seeing only minor upticks in December compared to the previous six months. Both hit their bottoms in early 2022 and have barely moved since.
Only 3% of all mortgages in the U.S. were in some stage of delinquency, including in foreclosure, with a 0.4% decrease YOY and less than a 0.1% increase month-over-month.
Serious delinquencies fell 0.7% YOY, accounting for 1.2% of mortgages compared to 1.9% in December 2021 and a high of 4.3% in August 2020. Adverse delinquencies also dropped, down 0.1% YOY to 0.3%.
Homeowners are beginning to feel…
By KIMBERLEY HAAS As the COVID-19 pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” It is estimated that about 4.4 million Americans quit their jobs in September after months of dramatic departure numbers, which means those employees are looking for and taking new jobs, often choosing to live in a different location if they have the option of working remotely. Since 87% of employees say they would like to work remotely at least one day a week, and one in three workers would not want to work for an employer that required them to be onsite full time, potential homebuyers are taking these…
