Real Estate News 03/27/2024

Today’s News Synopsis:

The Mortgage Bankers Association reported today a 0.7% week-over-week decrease in its Market Composite Index, a measure of loan application volume.

In The News:

MPA Mag – “Borrowers wait to apply for mortgages as housing shifts to a buyer’s market“ (03-27-24)

“Potential homebuyers aren’t rushing into the market despite a slight drop in mortgage rates.”

Real Estate News –  “California homeowners face another insurance company pullout“ (03-27-2024)

“State Farm, which stopped issuing new homeowner policies in the state last year, will no longer renew thousands of existing policies starting in July.”

Redfin –  “The Typical Household Earns Roughly $30,000 Less Than Needed to Afford the Median-Priced Home—But That’s an Improvement From Last Year” (03-26-24)

” The typical U.S. household earns $29,448 less than it needs to afford the median-priced home. While that’s a sign of a major housing affordability crisis, it marks an improvement from October, when the typical household earned a record $40,810 less than it needed as mortgage rates hit the highest level in 23 years.”

Yahoo Finance – “Fed posts record loss of $114.3 billion in 2023” 03-27-2023)

“The Federal Reserve said on Tuesday that it officially saw a net negative income of $114.3 billion in 2023, a record loss tied to expenses related to managing the U.S. central bank’s short-term interest rate target.”

AP News – “The IRS has 940,000 unclaimed tax refunds from 2020 that are about to expire. Is one of them yours?” (03-26-2023)

“The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.”