Housing markets

While not-in-my-backyard activists have long fought new developments, local officials and business groups across the South say they've seen a heightened level of anger since the pandemic-era growth.

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.

Home inventory on the market increased in May, but stubbornly high mortgage rates and home prices are leading to slow sales in many areas, according to reports from Redfin and Zillow.

The 22,385 homes entering the process last month was a 3% monthly increase but a 4% annual decline.

Homeowners responded to moderating interest rates and brought in significantly more refinance volume, with Department of Veterans Affairs numbers more than doubling from the prior week.

Amid industry challenges, borrow a page from the playbooks of these industry leaders as they strategize around new roadblocks and look for fresh opportunities.

Rate locks have increased every month this year, but May's pace came in more subdued than early-year numbers, according to Mortgage Capital Trading.

Nearly one-in-five homeowners have to borrow to pay unexpected expenses related to their property, although 24% claim to have a rainy day fund, according to Bankrate.

With millions of Black and Hispanic consumers likely to become new homeowners over the coming decades, the lending community stands to benefit if they are willing to combine expanded underwriting with direct outreach.

A Fannie Mae survey-high 86% of prospective buyers said it was a bad time to buy a home in May.