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  • Home listings are up more than 60% in some cities: Here's where

Home listings are up more than 60% in some cities: Here's where

Plus: UWM debuts new 75 basis points incentive for refis

September 09, 2024

👋 Heyo, Monday. Today's newsletter is 733 words — a 3-minute read.

Disclaimer: Average mortgage rates as of Sep 06, 2024. © MND Daily Rate Index.

1. August job growth steady, with Fed set to cut rates

According to data released Friday by the Labor Department, the US added 142,000 jobs in August and the unemployment rate ticked down to 4.2 percent, easing concerns of a wider economic downturn even as the labor market cools.

The August job gain fell short of economists’ forecasts of 161,000 jobs, although it exceeded the 114,000 jobs added in July and matched unemployment expectations.

The report ultimately contained neither a notable downturn nor acceleration that threatened to catch the Fed off-guard as it prepares to reduce interest rates by at least 0.25 percentage points later this month.

2. A and N Mortgage sues CMG Mortgage

A and N Mortgage Services is suing CMG Mortgage for allegedly stealing trade secrets. The lawsuit also names two former employees, Bradley Boden and Kristen Cooney-McCarthy, who allegedly misappropriated confidential customer information and loan products before joining CMG.

A and N claims the stolen information is worth over $1 million. The suit accuses the employees of violating non-solicitation agreements, transferring customer data, and redirecting business to CMG. A and N seeks an injunction against CMG to prevent further use of the data.

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3. More Nuggets

🏘️ Mortgage rates falling to 5% would get this party started. (HousingWire)

⛓️‍💥 Fed dings banks over flood insurance, crypto. (BankingDive)

💳 The state of America’s wallet. (The Wall Street Journal)

👀 UWM debuts new 75 basis points incentive for refinances. (UWM)

📈 MCT reports rate lock volume up 3.33% in August. (MCT)

4. Home listings are up more than 60% in some cities

Nationwide, active listings in August were up 36% compared with the same month last year, according to a new report from Realtor.com. That was the 10th straight month of annual growth. Supply is still, however, 26% lower than in August 2019, pre-pandemic.

  • Some cities experienced even larger spikes in inventory, with Tampa up 90%, San Diego 80%, Miami 72%, Seattle 69%, and Denver 67%.

  • Regionally, active listings rose 46% in the South, 35.7% in the West, 23.8% in the Midwest and 15.1% in the Northeast.

“This August, as the number of homes on the market continues to climb, price cuts are more common, asking prices are moderating, and homes are taking longer to sell,” wrote Danielle Hale, chief economist at Realtor’com, in a release. “The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines.”

5. NAR vows to take its DOJ beef all the way to the top

The National Association of Realtors is ready to take its legal fight with the Department of Justice to the highest court in the land.

The trade group plans to petition the Supreme Court in its battle to block the Justice Department’s investigation into its practices, according to a court filing reported by Crain’s. NAR intends to make its move by Oct. 10.

The petition pertains to an investigation the DOJ launched five years ago into some of NAR’s policies around agent commissions, including the Participation Rule. It’s the same rule that was at the center of a landmark $418 million settlement proposed to clear up class-action cases brought by homebuyers and enact rule changes.

☀️ You’re all caught up. See you on Wednesday!

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