Consumer sentiment is stuck in the pits thanks to soaring mortgage rates.
Fannie Mae’s Home Purchase Sentiment Index sank further in September, down by 2.4 points to 64.5. The full HPSI is up 3.7 points YOY, a decline from August.
Five of the index’s six components fell month-over-month. The home price expectations component increased, resulting in a net negative outlook.
Only 16% of respondents say it’s a good time to buy a home, down from 18% last month, while 84% say it’s a bad time to buy. This is new survey high.
The share of respondents who say it’s a good time to sell dropped as well, down to 63% from 66%.
Driving this pessimistic streak are mortgage rates, which…
Michelle DeHart has been appointed vice president of loan operations for escrow at Cenlar FSB, company leaders announced in a press release.
“I am excited to be part of the Cenlar team,” DeHart said. “My objective is to strengthen Cenlar’s escrow area by leveraging technology and automating wherever possible to enhance operational efficiencies and deliver the best outcomes for Cenlar, our clients, and their homeowners.”
DeHart will be in charge of all escrow functions including tax, insurance, flood insurance, and escrow analysis.
With 25 years of experience in mortgage banking and financial services, she will also lead additional operational efficiencies and risk mitigation initiatives.
“With Michelle’s breadth and depth of knowledge in the mortgage servicing industry, she is a valuable…
Good Morning! Today is Monday, April 18. Russia is headed toward a default on its foreign debt for the first time since 1918. The World Health Organization estimates that fifteen million people have died of Covid. Police arrested a suspect in connection with a shooting Saturday at a Columbia, S.C., shopping mall that left 14 people injured. The Mortgage Note Reports Job Cuts: Writer Chuck Green reports that empty desks are apparently not so uncommon these days in the mortgage industry. Record HPI Annual Pace: Fannie Mae’s HPI accelerated in Q1 2022 to its fastest annual pace in the 47-year history of the index, measuring 20% YOY. Eco-Friendly Homes:A Zillow analysis found that homes with eco-friendly features can sell faster…
More than 14.5 million single- and multifamily homes were impacted by natural disasters in 2021, causing an estimated $56.92 billion in property damage, according to CoreLogic’s 2021 Climate Change Catastrophe report. The report analyzed thirteen “major hazard events” of 2021– including hurricanes, tornados, wildfires, and winter storms– and 120 million residential structures in the U.S. The findings show significant damage to residential properties and increased economic instability in impacted areas. For example, damage from Hurricane Ida in Houma, Louisiana, resulted in delinquency rates rising from 7.4% before the storm to 13.3% the following month. “By leveraging granular data for the increasing frequency and severity of catastrophes, we are able to see that more than 14.5 million homes were impacted to…
