Morning Roundup (4/16/2024) — Buyers Locked Out

Good Morning! Today is Tuesday, April 16. Sisay Lemma of Ethiopia won the Boston Marathon’s men’s race, while Hellen Obiri of Kenya won the women’s for a second year. Protesters demanding a cease-fire in Gaza blocked roads in multiple cities around the globe. Tesla will lay off more than 10 percent of its workers.


The Mortgage Note Reports

Buyers Locked Out: The gap between the rates existing homeowners are paying and would-be homebuyers are facing has reached a point not seen in decades, and impacts Americans’ financial outlooks beyond their housing.

Starts, Permits Plunge: Residential construction reversed recent gains last month, clocking its biggest dip since August 2023 as builders watch rising rates.

Sharing The Wealth: Click n’ Close introduced a shared appreciation product, offering lower rates in exchange for up to 40% of the home’s appreciation over 5 years.

In other mortgage and housing news…

Prices Cool Further: Home prices slipped in March as recent inflation data suggests the Fed may cool on rate cuts this year, which could further lower prices.

NY State Of Mind: Fifteen months after the original proposal, New York lawmakers announced an aggressive housing deal that includes two controversial real estate policies.

Slow Spring: March new home sales were up 6.2% YOY but less than 1% from February as unaffordability weighs down the spring buying season.

Teacher-Only Housing: Some cities are proposing job-specific affordable housing as a solution to the nationwide shortage of teachers.

Company News: DataVerify and Vesta integrated to offer flood and fraud services; Landsea Homes launched a financial services arm; Realfinity and OnCourse Learning partnered to help real estate agents get their NMLS license.

Off The Record: Buyers looking to avoid competition can benefit from finding off-market homes for sale. Here’s where to look.