Housing markets

Wall Street is cranking up the bond machine as US homeowners, finding that buying a new house is out of reach since mortgage rates started climbing in 2022, are instead getting home equity loans and sprucing up their current properties.

The publicly traded firm said it anticipates more deals after making its first loan to a developer for $32.7 million, which will support 156 homes in Houston.

The combined prices of properties on the market for more than 60 days currently make up close to half of total unsold dollar volume, according to Redfin.

While attention traditionally focuses on damage to coastal markets, the economic effects stretch into "safer" communities nationwide, according to Cotality.

A proposed 2026 budget would eliminate two programs that are key to increasing the supply of affordable housing, a consortium of elected leaders said.

Pending sales of previously owned US homes last month fell by the most since September 2022, illustrating a disappointing spring selling season as prospective buyers balk at high asking prices and borrowing costs. 

While overall investor purchase activity is returning to pre-pandemic norms, interest in condo units dropped to a 10-year low, as insurance and fees surged.

While more consumers claim they can't tell whether now is a good time to purchase a home, over half of prospective buyers said the market is better than it was in 2024.

Despite interest rate volatility, prepayment rates also increased, surging to levels last seen in October, according to a new ICE Mortgage Technology report.

The run-up in prices since the pandemic, and mortgage rates hovering near 7%, have squeezed affordability for house hunters, pushing many to the sidelines.