While The Brookings Institution piece focuses on how the Sunbelt’s coronarvirus surge is stalling that region’s economic recovery, I was just as interested by how the illustration of the change in volume of job postings in July seems to show that the big scale gainers are the Mid-Atlantic region, especially the New Jersey-Virginia coastal corridor, and Florida.
“The Mortgage Bankers Association’s Mortgage Credit Availability Index, a formula designed to gauge access to a variety of mortgage products, shows consumer access to jumbo loans was 60% lower in July than it was the year prior.”
According the National Association of REALTORS®, these counties are seeing the most significant growth in remote jobs:
“I could go out at night to my favorite restaurants and then see my favorite performers perform. I could go to the park and play chess, see friends. I could take advantage of all this wonderful city has to offer. No more.”
James Altucher being morose about the prospects of The Big Apple. One only has to review the projections baked into the 2019 NYC Annual Report on Tax Expenditures to be assured that his fears are mathematically provable.
Yet, I’ve witnessed the City’s attraction to my college-bound son, uncolored by legacy notions, through his several visits this summer. The enjoyment of exploring the neighborhoods with friends, the pedestrian pleasures of street food, the magic of a tranquil moment sitting aside a tree in Central Park... NYC will be back, and I’m optimistically hoping that I won’t have to subsidize my son’s future life there as much.
With the heightened levels of distress in the mortgage market, you’d “hope” to get a straight answer. Recent analysis showcase how the myriad participants of mortgage-backed securities and their inconsistent methods of tracking/reporting conspire to obscure this essential metric. “Hope” indeed seems to be the strategy.
In a sample 900 loan non-QM securitization, the different participants had pegged the number of mortgages in modification variously at 233, 41, 74 and 261. Given the implications, you’d think it would be somebody’s job to get this right.
Props to dv01 for a dumbfoundingly clear illustration of the faults of this Rube Goldbergian construct. If you’re wondering why Intercontinental Exchange acquired Ellie Mae - giving Thoma Bravo a ~3x return after 16 months in the process - after picking up MERS in 2018, or why Mike Cagney is laboring on Provenance and Figure, this may be a clue.
July's update on Fannie Mae's Home Purchase Sentiment Index reflect a seller's market, with 53% of Americans believe it a good time to buy a home, down 8% from June, while 45% believe it a good time to sell, up 4% from last month.
