Morning Roundup (3/26/2024) — Helping Neighbors

Good Morning! Today is Tuesday, March 26. A search is underway after a container ship lost power and destroyed a Baltimore bridge, sending cars into the water. The Supreme Court is hearing a case that could decide the availability of an abortion pill and protesters have been arrested nearby. The U.N. Security Council passed a resolution calling for an immediate cease-fire in Gaza.

The Mortgage Note Reports

Helping Neighbors: Homeownership rates for Black Americans are lagging and leaders in some cities are taking action to turn that around. Writer Erin Flynn Jay has the story.

DPA Program: Atlanta-based Citizens Trust Bank announced a new down payment assistance program for borrowers purchasing affordable homes.

Home Prices: Annual home price appreciation continued its upward trend in January, though signs of moderation are shining through on a monthly basis.

In other mortgage and housing news…

Out Of Reach: Buyers need to earn $114,000 to afford the typical U.S. home, 35% more than the typical household makes but an improvement from October’s peak.

Comprise For NIMBYs: Palisades Park, NJ, shows that turning single-family homes into duplexes can increase housing supply without drastically changing neighborhoods.

Company News: Unisource acquired MFI Data, adding credit reporting services to its offerings.

The Affordable Choice: Renting is now cheaper than buying in every one of the U.S.’s largest metros as rates and home prices rise while rents moderate.

CRE Impact On Local Banks: Michigan banks have more commercial real estate loans than big chains. Are they in danger?