Real Estate News 02/07/2024

Today’s News Synopsis:

NAR released a summary of pending home sales data showing that December’s pending home sales rose 8.3% from last month and increased 1.3% from a year ago. This would be the highest since July of 2023.

In The News:

NAR – “‘Pending Sales in December 2023 Climb as Mortgage Rates Come Down” (02-05-24)

“Pending sales represent homes with a signed contract to purchase but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.”

CNN  Business –  “Storms in California hit homeowners already facing an insurance crisis” (02-06-2024)

“Insurance costs in much of California have become exceedingly high, with some insurers abandoning the market, unwilling to take on the risk presented by the frequency and severity of climate disasters in the region.”

The New York Times –  “New York Reimagined Subsidized Housing. What Happened?” (02-07-24)

“Via Verde aspired to serve as a model of beautiful, sustainable subsidized housing. A decade later, our critic finds that a building can change minds, but maybe not systems.”

CNN Business –  “Wall Street is worried about another regional banking crisis” (02-06-2024)

“It’s been nearly a year since the collapse of three US regional lenders left financial institutions and regulators scrambling to prevent the spread of a banking crisis. Today, investors are worried they’re back on familiar territory.”

Wall Street Journal –  “A 3% Mortgage Sounds Too Good to Be True. In Many Cases It Is” (02-04-24)

“Loans backed by the Federal Housing Administration and the Department of Veterans Affairs have provisions allowing them to be transferred from home sellers to buyers, or “assumed.” In other words: Even in a world of 7% mortgage rates, a buyer can get a 3% mortgage if he or she takes someone else’s.”