Morning Roundup (4/15/2024) — Inventory “Most Critical Factor” In Hot Markets

Good Morning! Today is Monday, April 15. Israel is considering retaliation for Iran’s missile attack. The Biden administration awarded $6 billion to Samsung for domestic semiconductor production. Severe storms are expected to bring hail and tornadoes to the central U.S.


The Mortgage Note Reports

Feeling The Burn: Inventory is the most critical factor in the hottest housing markets, and pricey West Coast hubs are seeing the most home price growth.

HUD Leader: HUD appointed Andrew Lofton as Regional Administrator for the Northwest, overseeing Alaska, Idaho, Oregon, and Washington.

In other mortgage and housing news…

Best Time To Sell: It’s officially’s Best Time To Sell. The week of April 14–20 has the ideal balance of housing market conditions that favor home sellers.

Seller Attitudes: Homeowners planning to sell in 2024 have been considering it for an average of two years and are just now coming to terms with the market’s new normal.

Retail Sales: Retail sales topped Wall Street estimates in March, rising 0.7%, giving the Fed even more reason to be patient with rate cuts.

No Change?: One law expert says the NAR lawsuit won’t end 6% commission rates, calling some provisions of the settlement “largely symbolic.”

Company News: California-based CMG has acquired Norcom Mortgage’s retail assets.

Turning Back Time: Homebuilders are resurrecting a 1980’s playbook for attracting buyers in the high rate environment.