Real Estate News 03/18/2024

Today’s News Synopsis:

The United States is slogging through a housing affordability crisis that was decades in the making. At the root of this problem: America failed to build enough homes for its growing population.

In The News:

AP News – “Why are so many voters frustrated by the US economy? It’s home prices“ (03-15-24)

“The shortage strikes at the heart of the American dream of homeownership — dampening President Joe Biden’s assurances that the U.S. economy is strong and underscoring the degree to which Republican Donald Trump, the former president and presumptive GOP nominee for 2024, has largely overlooked the shortage.”

Redfin –  “Listings Surge, Luring Some Buyers off the Fence, But Near-Record Housing Costs Price Others Out“ (03-14-2024)

“New listings rose 13% from a year earlier, their biggest increase in nearly three years, but home prices and mortgage rates remain elevated.”

NAR-  “Study: Homeowners Associations Are Booming” (03-14-24)

“About 75.5 million Americans reside in a community that’s governed by a homeowners association, representing more than 30% of the U.S. housing stock, according to the Foundation for Community Association Research(link is external). And that number is expected to spike, as the foundation expects more than 3,000 new HOAs to form in 2024 alone.”

NAHB – “What Are the Differences Between Home Owner and Renter Wealth?” (03-14-2024)

“In the third quarter of 2023, CoreLogic’s home owner report analysis detailed that U.S. home owners with mortgages have seen their equity increase by a total of $1.1 trillion, a gain of 6.8% from the same period in 2022. In addition to primary residence equity, households who own a primary residence almost always own other assets as well.”

Inman-  “NAR settlement may disrupt mortgage partner agent programs” (03-18-24)

“A proposed settlement to resolve a slew of real estate commission lawsuits could make it harder for mortgage lenders to drum up business by offering incentives to homebuyers who agree to be represented by the lenders’ partner real estate agents.”