Morning Roundup (3/7/2024) — Above Water

Good Morning! Today is Thursday, March 7. Mitch McConnell endorsed Donald Trump. Dean Phillips ended his campaign against Biden. Alabama passed legislation to protect I.V.F., moving away from a controversial ruling by its state Supreme Court.

The Mortgage Note Reports

Above Water: The number of underwater homes in the U.S. dropped in Q4 2023 as home prices continued soaring, adding to the property wealth of American homeowners.

Update Alert: Fannie Mae announced enhancements to its Desktop Underwriter to streamline originations for lenders and buyers.

In other mortgage and housing news…


Fed Update: Jerome Powell testified that the central bank is in no rush to cut interest rates until inflation moves closer to 2% but expects cuts “at some point this year.”

Alarm Bells: California, New Jersey and Illinois have the highest concentrations of risky markets in the country based on affordability, foreclosures, and other factors.

Small Victory: Mortgage credit availability increased in February, though it remains near all-time lows for MBA’s survey.

Summer Sales: Early June may be the best time to sell a home, with sellers making $7,700 more in the first two weeks of that month than in 2023.

Huge Leap: New listings rose 13% from a year earlier nationwide during the four weeks ending March 3, the biggest increase in nearly three years.

Cooling Markets: Renters hoping to catch a break might be able to find deals in the western parts of the U.S. as the rental crisis starts to ease across the country.