Morning Roundup (6/21/2024) — Housing “Head Fake”

Good Morning! Today is Friday, June 21. Climate activists sprayed Stonehenge with orange powder. The IRS will deny billions of dollars of claims for a popular pandemic-era tax credit. The Supreme Court upheld a one-time tax on certain foreign investments.


The Mortgage Note Reports

“Year Of The Head Fake”: Economists tracking the housing market say it’s still a game of wait and see as mortgage rates and other affordability factors weigh heavily on potential buyers and sellers.

Prices Drive Sales Down: Existing-home sales dipped again in May as the median sales price hit  $419,300, a record high.

Rates Cool Again: Mortgage rates fell further last week, down to 6.87%, as the market responded to positive inflation indicators.

Technology Podcast: Generative AI is revolutionizing every aspect of the mortgage industry. Hear from industry leaders about its impact on accuracy, efficiency, and enhanced customer service.


In other mortgage and housing news…

ICE First Look: The national delinquency rate fell 6 BPS YOY to 3.04% in May, the second lowest point on record, behind 2.92% in March 2023.

State Of Housing: Increasing multifamily rental units and single-family construction are helping Americans afford housing, but the country still has a long way to go.

Financial Strain: Affordability constraints continue to limit the number of buyers willing to purchase homes, even as listings of for-sale homes rise, Fannie Mae says.

“Do The Right Thing”: Megan McArdle argues that now is the perfect moment to end the mortgage interest tax deduction, a policy that mainly benefits the wealthy.

If You Can’t Beat ‘Em: High mortgage rates got you down? You could take the other side of the trade, by investing in mortgage bonds.

Check It Out: Home prices have far outpaced paychecks across the country. See what it looks like where you live.