Government

According to recent data, the U.S. is short approximately four million housing units, a gap which is only growing, as well as the number of over-burdened renters and owners.

According to the MBA’s Builder Application Survey, new home purchases applications decreased in January, although applications remain 42% higher compared to 2022’s totals.

“Mortgage rates moved up for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing.”

“Homebuilder sentiment increased for the second consecutive month in February," said First American Deputy Chief Economist Odeta Kushi. "Conditions are still considered ‘poor’ overall, but the improvement signals that builders are feeling cautiously optimistic about the months to come.”

A new report from the American Enterprise Institute found multiple pitfalls in current governmental and GSE data and recommends that they turn their eye to individual appraisers to get a better picture of potential racial bias.

“Our analysis of credit reports provides yet another indicator that, due to a strong labor market and emergency programs during the pandemic, household financial distress reduced over the last two years,” said CFPB Director Rohit Chopra.

Surveyed consumers' top areas of concern remain the ability to save money and afford housing payments, with many consumers citing problems affording household necessities, according to a new report from Fannie Mae.

What caused the uptick in fixed mortgage rates, and what might it mean for the housing market in the months ahead?

“January’s HPSI results showed that consumer sentiment toward the housing market remains subdued by historical standards,” said Doug Duncan, Fannie Mae’s SVP and Chief Economist.

An upcoming Senate Banking Committee hearing will examine the nation’s housing space, as rates continue to drop and buyers are re-entering the fray.