# New Silver May 2023 Update

**URL:** <https://gov.centrifuge.io/t/new-silver-may-2023-update/5484>\
**Category:** Pools\
**Tags:** newsilver, pool-update, 2023\
**Created:** [June 2, 2023, 4:21pm UTC](https://gov.centrifuge.io/t/new-silver-may-2023-update/5484 "2023-06-02T16:21:44Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![prankstr25](https://dub1.discourse-cdn.com/flex013/user_avatar/gov.centrifuge.io/prankstr25/32/1162_2.png) [@prankstr25](https://gov.centrifuge.io/u/prankstr25)\
**Post date:** [June 2, 2023, 4:21pm UTC](https://gov.centrifuge.io/t/new-silver-may-2023-update/5484/1 "2023-06-02T16:21:44Z")

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Dear Community,

We are continuing, and hopefully close to finalizing, the legal review with MakerDAO in connection with our upcoming request to increase debt ceiling and bring in a trustee to oversee our vault. Thanks you to all of the parties involved, everyone has worked super hard on this, and we are excited to have the finish in sights.

We have also started discussions with the DAO to set up a new pool via the POP process. Excited to get this going and continue our long-standing partnership with Centrifuge. More on this soon!

The US housing market is still adjusting to the new reality of higher interest rates, but there is light at the end of the tunnel. Inventory is still tight and sales volume is fairly low as folks are waiting out the higher rates before putting their homes up for sale and/or buying new homes. Our portfolio continues to perform well overall, and we are optimistic about ramping up origination volume once we complete the DC process.

Here is the latest US real estate market overview from [realtor.com](https://www.realtor.com/research/may-2023-data/) :

- The number of homes actively for sale increased by 21.5% compared to last year.
- The total number of unsold homes, including homes that are under contract, decreased by 0.2% compared to last year.
- Home sellers were less active this May, with 22.7% fewer homes newly listed for sale compared to last year.
- The median price of homes for sale increased by just 0.9% annually in May, lower than April’s growth rate.
- Homes spent 43 days on the market, which is 14 days longer than last year but still shorter than before the pandemic.

**Loan Originations in Tinlake**  
New Loans:4  
New Loan USD Volume: $937,000  
Average Originated Interest Rate: 9.4%  
Average Tinlake Finance Fee: 6.7%  
Average Loan Amount: DAI 234,313  
Average Loan to Value: 66%  
Average FICO score: 709  
Average Term: 6.2 months (mainly due to extensions)  
Loans Paid Back: 10

**Loan Performance**

90+ day late: 0  
Forbearance: 0  
Foreclosure: 0