The Monday Show

SUMMARY: A bizarre day for housing data started with the Case-Shiller index reporting that home prices in July slowed at the fastest pace in the index's history while.  This was expected.  However, what was not expected was New Home Sales skyrocketing 28.2% in August thanks to a huge jump in sales in the South which now represents 68% of all new home sales in the country...

Sources: 

• Biggest Home Price Deceleration on Record in July
• New Home Sales Skyrocket in August

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender.  This podcast is for informational purposes only.  Hosted by Tyler Cralle #2028201

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Chairman Jerome Powell has made it very clear that they are trying to rebalance supply and demand with their latest action.  There is just one problem, it's not working.  If the Fed really wants to bring back more balance to housing they need to cause a recession which will reduce household formation and help reduce demand AND increase supply.

Sources:

• The Fed's Housing Problem
• Inventory Rises for the Second Week
• Rents Drop for First Time in Two Years

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender.  This podcast is for informational purposes only.  Hosted by Tyler Cralle #2028201

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: The Census Bureau reports that building permits fell more than expected while housing starts were much better than expected in August and rent prices have now slowed for the third month in a row in July according to CoreLogic, and Conor Sen writes about the changing divide with today's housing slow down versus the '08 crash...

Sources:

• Building Permits Plummet But Housing Starts Jump in August
• Rent Growth Slows for the Third Straight Month
• A New Set of Housing Winners and Losers is Emerging

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Homebuilder confidence falls for the 9th month in a row staying in negative territory nationally while the South barely holds on to positive territory and inventory levels rise for the first time in over a month as rents see a slight decline from the highs earlier this summer...

Sources:

• Homebuilder Confidence Falls for the 9th Straight Month
• Inventory Levels up Slightly for the Week

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DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Retail spending beats economists' predictions with a 0.3% increase in August and Mortgage rates cross the dreading 6.0% threshold according to Freddie Mac after almost dropping below 5.0% just one month ago...

Sources:

• Retail Sales Better Than Expected in August
• Mortgage Rates Climb Over 6% For The First Time Since '08

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: CoreLogic debunks one of many conspiracy theories about Wall Street distorting the housing market, mortgage demand falls for the fifth straight week, and Conor Sen at Bloomberg says now might be a good time to buy a house...

Sources:

• Wall Street Not To Blame for Skyrocketing Home Prices
• Mortgage Demand Falls for the 5th Straight Week
• CONOR SEN: Homebuyers Might as Well Take the Plunge

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: The August CPI report was much worse than expected as almost everything hit a 40+ year higher and wage data shows that real wages are negative thanks to sky-high consumer prices...

Sources:

• Inflation Hotter Than Expected in August
• The Wage Problem

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Despite predictions of inventory armageddon housing inventory levels have now fallen for the second week in a row according to Altos Research, rate lock volume plummets in August and is now down 57% year-over-year, and consumers are starting to feel more optimistic about inflation in the near future...

Sources:

• Housing Inventory Falls For Second Week
• Rate Lock Volume Down Almost 9.0% In August
• Consumer Inflation Concerns Fall For Second Month

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Black Knight's July report shows home prices falling 0.7% month-over-month which was the biggest drop since January 2011,  The Fed's latest Beige Book confirms that housing is slowing, and mortgage demand falls for the fourth week in a row...

Sources:

• Home Prices Fall In July by Largest Amount in 11 Years
• Mortgage Demand Falls For The Fourth Week

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: New data from CoreLogic reports the first month-over-month month decline post-pandemic in July and Governor Gavin Newsom steps up his game to fight the NIMBYs in California...

Sources

• Home Prices See A Major Slowdown In July
• Newsom Fights The NIMBYs

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201