The Monday Show

SUMMARY: Pending home sales fell more than expected and, of course, the South continues to be the bright spot, the Fed announces another 75 basis point hike, and mortgage demand falls for the 4th week in a row...

Sources:

• Pending Home Sales Fell More Than Expected in June
• Fed Raises Rates By 75 Basis Points
• Mortgage Demand Falls For 4th 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: News home sales fell 8.1% in June and thank God for the South that represented 66% of all new home sale activity, the Cash-Shiller index reports that home price growth has slowed for two months in a row to the lowest level since January, and consumer confidence falls more than expected to a 17-month low...

Sources:

• New Home Sales Fall 8.1% in June
• Home Prices Slow For Second Month
• Consumer Confidence Falls to a 17-Month Low

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

SUMMARY: Inventory levels continue to rise but the pace slowed considerably, foreclosures & delinquencies rise in June but are still half of the pre-pandemic levels, and a new report finds 80% of millennials lived within 100 miles from where they grew up...

Sources:

• Inventory Growth Continues to Slow
• Delinquencies & Foreclosures Rise in June
• Study Finds Millenials Staying Put

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

SUMMARY: Mortgage rates rise for the second week in a row, the debate continues about what the Fed should do with interest rates, and a new report says the price-rent ratio is now tilting in favor of renting in 76% of the top 50 metro areas...

Sources: 

• Mortgage rates rise for the second week in a row
• It's Becoming Cheaper to Rent
• The Fed Shouldn’t Raise Interest Rates Too Quickly

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

SUMMARY: Existing-home sales fall 5.4% in June as inventory levels and home prices continue to move higher, concern is growing that the Fed's policy to reduce demand could also end up hurting supply, and mortgage demand has fallen to a 22-year low...

Sources:

• Existing-Home Sales Fall 5.4% in June
• Mortgage Demand Falls to 22-Year Low
• America Still Needs Homes

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

SUMMARY: Building permits and housing starts were down for the month but they didn't fall as much as expected, the Fed's attempt to lower demand could also end up lowering supply, and Rob Warnock at Apartment List writes about household formation during the last two years that caused an explosion in demand for housing...

Sources:

• New Construction Falls But Not as Much As Expected
• More Than Two Million Households Disappeared & Then Reappeared During The Pandemic
• Housing Supply Woes (Axios)

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 collapsed in July with the biggest monthly drop since the pandemic however things are still quite positive in the South if you are looking for a silver lining, inventory levels continue to rise but Altos Research says rising inventory is starting to slow before falling again at the end of the year, and Ali Wolf has a great piece in MarketWatch that calls NIMBYs I have a new hero...

Sources:

• Homebuilder Confidence Plummets in July
• Housing Inventory Forecast for the Rest of 2022 (Altos Research)
• ALI WOLF: Only 10% of new homes now sell for less than $300,000... (MarketWatch)

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

SUMMARY: Inventory saw a year-over-year increase for the first time since 2019, a new report finds that housing is underbuilt by 3.8 million homes in 2019, and jobless unexpectedly rise...

Sources:

• Housing Underproduction Doubles in 7 Years
• Inventory Levels Rise For First Time in 3 Years
• Jobless Claims Rise to 244k

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

SUMMARY: The CPI report from June was awful because not only was it worse than expected but it was broad-based which means there is no one category to blame, Greg Ip writes that are a lot of optimistic thoughts about inflation that are mostly wrong, and Kevin Muir writes about the fiscal consequences of this monetary problem...

Sources:

• Inflation Rate Hits 9.1% in June
• GREG IP: Beware Wishful Thinking About Inflation and Recession (WSJ)
• KEVIN MUIR: The Cost of Taming Inflation Will Be Exorbitant (Bloomberg)

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

SUMMARY: Asking rents slow to the lowest year-over-year increase since October, high housing prices could keep inflation data elevated, and Jonathan Levin argues limited supply might not save home prices...

Sources:

• Asking Rent Slows in June
• Housing Could Keep Inflation Elevated
• JOHNATHAN LEVIN: Housing Inventories May Not Save Prices After All

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