Morning Roundup (3/1/2024) — Buffalo Booming

Good Morning! Today is Friday, March 1. A federal judge blocked a Texas law that would let state and local police expel migrants. Gazan officials said that Israeli forces opened fire at a crowd waiting for aid. Russian opposition leader Aleksei Navalny was buried in Moscow.

The Mortgage Note Reports

Buffalo Booming: In recent years, cities in warmer weather states have boasted the nation’s hottest housing markets but now the spotlight is on one of the snowiest places in the country. Writer Erin Flynn Jay has the story.

Buyers Sitting Out: Mortgage rates increased to a two-month high last week, putting pressure on hopeful spring homebuyers.

Lending Pain: Residential mortgage lending plummeted in Q4 2023, the tenth quarter of declines, putting major pain on lenders.

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In other mortgage and housing news…


Shockingly Pricey: Home shoppers today need to make more than $106,000 to comfortably afford a home, a $47,000 increase from 2020.

Still Struggling: Homebuyer affordability declined in January, with the national median payment applied for by purchase applicants increasing to $2,134 from $2,055.

Shut Down: Rocket is shuttering Rocket Pro Originate, a platform for non-LO financial professionals who are also licensed to originate mortgages.

Good Idea, Rough Outcome: A White House plan to turn empty offices into housing hasn’t enticed many developers, mostly due to red tape and lengthy delays.

“Keep Out”: A wealthy community in SC killed a plan for subsidized apartments, highlighting how hard it is to give low-income families access to neighborhoods.