Good Morning! Today is Wednesday, March 20. The Supreme Court will not block a Texas law making it a crime for unauthorized migrants to enter the state. Former Trump advisor Peter Navarro reported to prison to begin a four-month sentence. Trump-backed Bernie Moreno will face Sherrod Brown in the Ohio Senate race.
The Mortgage Note Reports
NAR Settlement Impacts Vets: Huge changes to Realtors’ commission structures may disadvantage veterans using VA loans because they are prohibited from paying real estate commissions.
Rates, Apps Yo-Yo: Mortgage applications are down again as affordability-minded buyers respond to fluctuating rates, which shot back up to nearly 7%.
In other mortgage and housing news…
“Tactical Retreat”: NAR’s settlement appears to help the Realtors get out of a legal jam more than it helps home buyers, the WSJ’s Editorial Board argues.
“First Shoe To Drop”: CRE commercial loan obligations face unprecedented stress. Their share of troubled assets has jumped fourfold in seven months.
Not So Fast: BoA’s CEO says it will take time for the banking industry to work through issues with CRE loans.
Weaker Expectations: Rising rates in February have driven a modest downgrade to expectations for total home sales and originations in 2024, Fannie Mae says.
Leadership Moves: Madisyn Rhone joined MBA as VP of Legislative Affairs; Michael Bremer is now CEO of Calque.
Price Growth Slows: YOY appreciation is down as mid-range price growth falters due to current starter homeowners unwilling to make a move-up purchase.
“A Second Path”: A new report found that the American Dream is changing as more people rent by choice.