Good Morning! Today is Monday, February 26. The Supreme Court will hear arguments today in two cases on free speech. Ronna McDaniel, the leader of the Republican National Committee, will step down next week. Congress failed to pass legislation to keep the government funded past Friday and avoid a partial shutdown.
The Mortgage Note Reports
Besties Buying: They may not be your typical neighbors, but they could be moving next door soon: Friends who have carpooled their way into homeownership. Writer Chuck Green has the story.
Great Migration: Both taste and costs influenced interstate migration after the pandemic, but price moved people the most, with cheaper Southern states netting the most new residents.
New Home Sales: New home sales improved YOY in January despite higher rates and prices, though they didn’t hit the mark on analysts’ expectations.
In other mortgage and housing news…
Warming Up: Mortgage rates are high and housing inventory is tight, but some experts see the market’s deep freeze starting to thaw this spring.
Company News: Cardinal Financial adopted FICO Score 10 T for non-conforming loans; Pineapple Financial launched Maui, an AI assistant that generates broker sites.
Insurance Pain: Allstate and State Farm are planning double-digit rate increases for homeowners insurance in some places, citing severe weather and inflation.
“Shocking” Costs: Florida’s condo market is faltering as storms push up home insurance costs and HOA fees soar in the wake of the 2021 Surfside condo collapse.
Asking For Advice: “We have a $550,000 home with a 2.5% mortgage rate, but don’t like the neighborhood. Should we sell or rent it out?“