Real Estate News 03/20/2024

Today’s News Synopsis:

Recent surge in mortgage rates could take some air out of a projected rebound in 2024 home sales, with deals driven mostly by households who can no longer put off their moves

In The News:

Inman – “Fannie Mae no longer expects mortgage rates to drop below 6%“ (03-19-24)

“Economists at Fannie Mae no longer expect mortgage rates to fall below 6 percent this year or next and believe that “dual affordability constraints” of high home prices and mortgage rates will also keep 2024 home sales from hitting a previously forecast 5 million mark.”

SF Gate –  “Foreclosures Are Rising—Especially in This One State—but Not for the Reason You Might Think“ (03-18-2024)

“The number of properties that had received a foreclosure filing was up 8% year over year to nearly 33,000 properties in February, according to a recent report from real estate data firm ATTOM. It amounts to about one in every 4,300 homes facing a foreclosure filing in this month.”

Bankrate-  “The future of real estate commissions post-Realtor settlement” (03-18-24)

“Real estate commissions survived the rise of the Internet and decades of attacks from disruption-minded discounters. Now, finally, they might be coming down.”

CNBC – “How an AI program can design your dream home in seconds” (03-19-2024)

“Artificial intelligence is moving into the housing space, specifically architecture.”