There's been a quiet revolution going on in the mortgage market.
The big picture: In 2017, it took an average of 74 days to close on a mortgage, per LendingTree. In May 2019, the most recent month for which data is available, that number had come down more than 50%, to 36 days. The decline is a function of an increasing number of lenders embracing digitization. The surprise is that it took this long.
Illustration: Eniola Odetunde/Axios
Last month I wrote that SPACs are the new IPOs. But I may have understated it, because SPACs are also becoming the new private equity.
By the numbers: Short for "special purpose acquisition company," SPACs have raised $24 billion so far in 2020, with a loaded pipeline of upcoming offerings. U.S. buyout firms raised nearly $102 billion through the end of June — a much larger amount, but not so much larger that the two can't play on the same field.
Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images
French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.
Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.
Photo: Gary Kellner/PGA of America via Getty Images
The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.
Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.