The Monday Show

SUMMARY: Construction spending was down slightly for the month but is still up year-over-year, mortgage rates continue to rise, and jobless claims fall for the third straight week on a mixed week for jobs data...

Sources:

• Construction Spending Falls For The Second Month
• Mortgage Rates Continue To Climb
• Jobless Claims Fall for the Third Straight Week

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

SUMMARY: Home price growth slowed more than expected and for the third month in a row, Florida took the top spot in Q2 for home price growth, Consumer confidence was up more than expected in August, and job openings were supposed to fall but actually jumped to 11.4M to end July...

Sources:

• Home Price Appreciation Slows in June
• Consumer Confidence Jumps More Than Expected
• Job Openings Increase in July

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

SUMMARY: It was maybe the slowest news day we have ever seen so we discussed a WSJ article on how the mighty Zillow's stock has fallen almost 70% from its high last year and may still have room to fall as well as the big stories happening later this week from the Case-Shiller Home Price Index to the Nonfarm payroll...

Sources: 

• Don't Short Housing, Short Zillow
• Happening This Week

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

SUMMARY:  Investment activity in single-family markets plummets in Q2 as higher rates and concerns about the economy worry investors, jobless claims fall for the second straight week, and Freddie Mac's weekly survey shows a big jump in mortgage rates...

Sources:

• So Much For Investors Buying Up All The Homes
• Jobless Claims Unexpectedly Fall for the 2ND Week
• Mortgage Rates Jump to High Level Since June

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

SUMMARY: Finally some good news for housing as pending home sales only fall 1.0% in July and Lawrence Yun argues we could be near the bottom, mortgage demand falls slightly for the week, and President Biden announces a plan for student loan relief...

Sources:

• Pending Home Sales Only Fall 1.0% in July
• Mortgage Demand Falls for the 2nd Week
• President Biden Announces Student Loan Relief

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

SUMMARY: New homes sales plummet 12% in July and are now at levels not seen since 2016, The South continues to dominate representing 67% of all home sales for the month, new poll finds that 76% of potential buyers are less likely to buy because of rising rates and prices, and the U.S. office glut has been in the making for decades...

Sources:

• New Home Sales Plummet 12.6% in July
• Higher Prices Impacting Housing & Consumer Behavior
• U.S. Office Glut Decades in the Making

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

SUMMARY: Redfin reports that home sales in July fell to the lowest level since mid-2000 but inventory levels fell as well, Altos Research reports that inventory levels for the first time since April did not increase week-over-week, Apartment units are being built at the fastest rate in 50 years, and Alexis Leondis says do not get a 40-year mortgage...

Sources:

• July Home Sales Dropped To Lowest Level Since 2020
• 50-Year Construction High Could Slow Rent Growth
• Inventory Growth Hits A Brick Wall
• ALEXIS LEONDIS: Resist the Siren Song of 40-Year Mortgage Loans

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

SUMMARY: Housing starts surprised economists by falling 9.6% in July while building permits were better than expected & housing completions were actually up for the month and new data from Redfin shows that over 16% of housing purchase agreements saw the buyer pull out in July.

Sources:

• Housing Starts Fall Nearly 10% in July
• More Potential Buyers Backing Out of Deals

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 fell below the breakeven point for the first time since the pandemic, 78% of Americans think the housing market is going to crash and are ready to buy when it does, inventory growth has slowed to a crawl, and Allison Schrager at Bloomberg argues that The Fed’s damage to the housing market may last years...

Sources:

• Homebuilder confidence falls under 50
• 78% of Americans think the housing market is going to crash
• Inventory growth slows to a crawl
• ALLISON SCHRAGER: The Fed’s Damage to the Housing Market May Last Years...(Bloomberg)

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 mortgage monitor report finds the biggest month-over-month change to home price growth in 50 years, CoreLogic's Home Prince Index slows for the second month in a row to the slowest rate since October, Job openings fall more than expected in June, and more people are turning to credit cards to fight higher inflation...

Sources:

• Home Price Growth Slows At Quickest Pace in 50-Years
• Home Price Growth Slows to 10-Month Low
• Job Openings Fall Under 11 Million
• Household Debt tops $16 trillion for the first time

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