Morning Roundup (4/18/2024) — Existing Sales Slip

Good Morning! Today is Thursday, April 18. A Boeing whistleblower told a Senate panel that the company knowingly put out defective planes. Four states have been hit by 911 outages. Indonesia has issued a tsunami alert following multiple eruptions of a remote island volcano.

The Mortgage Note Reports

Sales Slip: Existing home sales dropped as the price of the average home rose to the highest level ever recorded in March.

“If Not Now, When?”: As the cost of homebuying hits another record high demand is creeping up due to buyers worried that affordability will only get worse.

In other mortgage and housing news…

Giving Up Hope: Traders and market experts are taking off their rose-colored glasses as last quarter’s optimism wears off and rates stretch higher.

Petition Shut Down: The Supreme Court denied a petition by HomeServices of America filed in February and aimed at nullifying the Burnett ruling.

GSE Changeup: Freddie Mac is seeking regulatory approval to begin guaranteeing HELOCs as refinances dwindle.

Company News: Figure launched an AI chatbot for HELOC origination; Meridian Capital Group added two industry vets to its board; Truework now supports Freddie Mac’s asset and income modeler.

The Fight Isn’t Over: Fed Chair Jerome Powell said it will take “longer than expected” to win the war against inflation. Here’s what that means for the housing market.

Bring In The Troops: A former U.S. Army captain argues that housing construction could accelerate at lightning speed with the help of military technology.