The US mortgage industry could be on the cusp of a bust cycle as the Federal Reserve’s most aggressive interest rate hikes in decades have sent mortgage loan application volume crashing.
Newsfeed: Private Mortgage Lender Bust Begins As Loan Applications Crash Read More »
Today, Governor Ron DeSantis announced Florida’s unemployment rate dropped to a historic 2.7 percent in July as the state’s job creation skyrocketed. Florida’s July 2022 unemployment rate is the lowest since February 2020 and this level has only been reached three times since Florida began recording unemployment data in 1976.
Even with oil prices now around $95, and commodities across the board dropping amid bearish economic prospects, a lineup of analysts still see another bull run by year’s end.
Newsfeed: Wall Street Sees Another Big Commodities Rally In 2022 Read More »
Another month, another plunge in housing.
Hot on the heels of the latest catastrophic homebuilder sentiment print and plunging single-family starts and permits, analysts expected existing home sales to accelerate their recent decline with a 4.9% MoM drop in July.
Existing-home sales sagged for the sixth straight month in July, according to the National Association of REALTORS®. All four major U.S. regions recorded month-over-month and year-over-year sales declines.
Newsfeed: Existing-Home Sales Retreated 5.9% in July Read More »
Wells Fargo & Co. said it’s weighing the size of its mortgage business in the face of a “dramatically smaller originations market” as home buyers retreat from higher interest rates and lending capital grows more scarce.
The housing market is slowing as higher mortgage rates sideline many prospective homebuyers. With competition declining, the house hunters who are still in the market are enjoying newfound bargaining power, a striking contrast from just a few months ago, when buyers often had to pull out every stop in order to win.
In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo, the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business.
Newsfeed: Wells Fargo to shutter correspondent lending? Read More »
Builder sentiment in the market for single-family homes fell into negative territory in August, as builders and buyers struggle with higher costs.
Newsfeed: Homebuilders say U.S. is in a ‘housing recession’ as sentiment turns negative Read More »
While Wall Street celebrated the slight cooling of inflation in July, Statista’s Felix Richter points out that the latest reading won’t be enough to ease the financial pressure on millions of households in the United States in face of rising costs of living.
Newsfeed: Where Americans Plan To Cut Back In Face Of Inflation Read More »