News You Can Use – November 2022 Edition

AD Market Digest – 11/7/22

AD Market Digest – 11/14/22

AD Market Digest – 11/21/22

Market News

• NMN—Rent Prices Experience Second Month Over Month Decline.“In 2022 rents are up by a total of 5.9%, compared to 18% at this point in 2021. Rent prices have dipped nationally for two straight months, falling 0.7% during the month of October. It also marks the largest single-month dip in the history of the index, going back to 2017. The national rent index is down by 1.1% since August. Despite the monthly decline, rent growth over the course of this year continues to outpace the pre-pandemic trend, even as it has slowed significantly from last year’s peaks. So far in 2022 rents are up by a total of 5.9%, compared to 18% at this point in 2021.”
• MCT—Lock Volume Indices: October 2022 Data. “Lock Volume Indices show that year-over-year total lock volume (-60.4 percent) continues to drop, as expected, when compared to the white-hot origination space in 2021. The month-over-month rate/term refinance lock figure and purchase index, those figures were down 28.9 percent and 15.8 percent, respectively. Total mortgage rate locks by dollar volume decreased 17.1 percent month-over-month in October. Cash out refinances are down 27.6 percent month-over-month and from one year ago volume is down 87.2 percent, while rate/term refinance volume has dropped 93.2 percent from 2021.”
• NMP – Where to Find the Best Technology. “Mortgage technology will continue to grow and innovate the industry, so lenders must understand all the options available. While conferences and summits are great places to connect, exceptional web listing services are dedicated to helping mortgage professionals find the right tech solution to grow their business. Investing in technology is challenging, but there is no reason not to consider many options until you find the right fit. “
• NMP – Leaning In to Grow Through a Downturn. “Whether it’s building stronger teams by picking up experienced professionals competitors let go, building stronger, more versatile tech stacks for originating any type of loan through any channel, or outsourcing their fulfillment and focusing on sales, leaders see the opportunity in the current market.”
• MND — Construction Costs, Buyer Traffic Continue to Sap Builder Confidence. “The NAHB/Wells Fargo Housing Market Index (HMI) is a monthly sentiment survey of members of the National Association of Home Builders (NAHB). The HMI is a weighted average of three component indices: current single-family sales, the outlook for sales over the next six months, and traffic of prospective buyers. ​HMI fell another 5 points in November. NAHB said this measure of builder confidence in the new home market is now at 33 after 11 straight months of decline. All three HMI components posted declines in November. Current sales conditions fell 6 points to 39, sales expectations in the next six months declined 4 points to 31 and traffic of prospective buyers fell 5 points to 20.​”