Morning Roundup (5/9/2024) — How Long Should You Hold Onto Real Estate?

Good Morning! Today is Thursday, May 9. President Biden told Israel that the U.S. would halt some weapons shipments if its military invaded Rafah. Microsoft will build a data center in Wisconsin on the site of a failed Foxconn project from 2017. The House rejected an effort to remove Speaker Mike Johnson from office.

The Mortgage Note Reports

Time Clock: How long should you hold onto real estate? Alex Capozzolo, co-founder of SD House Guys, shares his opinion.

UWM Earnings: UWM reported positive Q1 2024 earnings results, including a company record for first-quarter purchase originations.

Income Calculator: Fannie Mae enhanced its Income Calculator tool, available at no additional cost to lenders, to give self-employed borrowers a leg up.

In other mortgage and housing news…

Record Highs: The median U.S. monthly housing payment hit an all-time high of $2,894 in April, up 14% YOY, and home prices rose 4.5% to their own record high.

Tracking Equity: The share of equity-rich homes fell to a two-year low in Q1 2024 though it remains elevated; the number of underwater homes increased.

Surprise Injunction: Buyers in Batton 1 filed for a temporary restraining order preventing the final approval of the Keller Williams, Anywhere, and RE/MAX settlements.

Company News: Change Lending became a member of the Federal Home Loan Bank of San Francisco.

Luxury Paradox: The U.S. actually needs more luxury houses, thinking ahead to Millennials’ high-earning later years, Conor Sen argues in Bloomberg.

Growing Disparity: Older Baby Boomers aren’t moving out of their homes, while younger Boomers reaching retirement now are increasingly facing homelessness.