Industries

A decline in interest rates during the first quarter drove a Freddie Mac indicator higher for the first time since mid-2023, while a leading investment firm announced a deal aimed at boosting originations for government-sponsored enterprise financing.

Federal Reserve Chair Jerome Powell says crushing inflation is the most important thing the Fed can do to reduce costs in the housing market. Some economists and policy specialists say higher rates are not the only tool at its disposal.

The Federal Reserve chair said a rate cut would not solve the underlying issues driving up shelter costs, even as housing becomes a disproportionate driver of inflation.

Housing starts increased 5.7% to a 1.36 million annualized rate after downward revisions to prior months, according to government data released Thursday.

The move further diversifies a company working to grow beyond its roots in what is currently a small — but possibly expanding — single-family distressed market.

The National Association of Home Builders/Wells Fargo index of housing market conditions fell by 6 points to 45 in May, the lowest level since the start of the year.

Federal Reserve Governor Lisa D. Cook highlighted concerns over private credit growth, commercial real estate distress and escalating cyber threats in remarks on financial stability at the Brookings Institution Wednesday.

In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.

Residential starts decreased 14.7% in March to a 1.32 million annualized rate, the lowest since August, government data showed Tuesday.

Lumber prices climbed higher for the first time since July, but prospects for single-family construction to grow look promising based on early-year data.

More than a quarter of the respondents to a Redfin survey don't know how much their agent got, with 19% unaware of who actually paid them.

The downward trend comes as servicers and agencies continue to implement programs aimed at keeping borrowers in their homes.

The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.

Lower commodity prices and decreases in government assistance are expected to push farm income lower this year and raise credit risk for banks.

In the four years since February 2020, rents have risen overall by approximately 28%, Corelogic found.

Policy experts say the mix of proposals put forth by the White House could ease the nation's housing shortage, but success will be neither quick nor assured.

The Congressional Budget Office put an estimate on the net government subsidy provided to the Federal Home Loan Bank System, including the so-called "implied guarantee," on bonds priced and sold to investors.

Since mid-January, "we have seen a meaningful uptick in demand that has continued through this past weekend," Toll Brothers Chief Executive Officer Doug Yearley said in an earnings call Wednesday. 

Comparable sales fell 3.5% in its fiscal fourth quarter, Home Depot said Tuesday.

The public retirement fund, one of the biggest in the US, said four years ago it would review all of its fossil-fuel holdings as it sought to reduce investment risks linked to climate change.