For some reason, companies laying off large numbers of people (most recently Better, Freedom, Mr. Cooper) make headlines, whereas shouldn’t the unusual, like companies that aren’t laying off anyone or who are hiring, be more newsworthy? There are indeed companies that are not laying off anyone, and in fact are hiring to take advantage of slow times. There is other good news. Despite inflation, elevated mortgage rates, and slowing sales activity, severely limited housing inventory will prevent large home price drops for most of the country next year according to NAR Chief Economist Lawrence Yun in his 2023 outlook. “For most parts of the country, home prices are holding steady since available inventory is extremely low. Some places are experiencing price gains, while some places, most notably in California, are seeing prices pull back… Housing inventory is about a quarter of what it was in 2008, distressed property sales are almost non-existent, at just 2%, and nowhere near the 30% mark seen during the housing crash. Short sales are almost impossible because of the significant price appreciation of the last two years.” (Today’s podcast is available here and this week’s is sponsored by MCT Investor Services, which helps investors scale their seller base, automate the bid process, source whole loan and flow co-issue production, automate AOTs, and analyze performance all in a cost-effective manner. Listen to an interview with Jason Cave, Deputy Director/Chief Fintech Officer, Division of Conservatorship Oversight and Readiness (DCOR), Federal Housing Finance Agency (FHFA), on how to better channel tech in a way that reduces closing times and costs.)
Source: Mortgage News Daily