The Buzz is a regular summary of housing market news and data driving our decision-making at Bluebid.
Here's the Buzz for the week of March 21, 2024…
MarketWatch reports that construction of new U.S. homes rebounded 10.7% in February to an annual pace of 1.52 million units. That's the biggest gain in 9 months.
CNBC reports that weekly mortgage demand dropped as interest rates rose again. The 30-year fixed rate increased to 6.97%, and applications for mortgages were 14% lower than the same week last year.
The Biden Administration called for Congress to pass a mortgage relief credit which provides middle-class first-time homebuyers with a tax credit of $10,000 over 2 years. They stated that this is the equivalent of reducing the mortgage rate by more than 1.5% for the 2 years.
Hot takes abound after the National Association of Realtors announced a settlement last Friday. CNN stated that the 6% commission on buying or selling a home is gone after the NAR agreed to seismic settlement. Whatever your prognostication, know that the folks at BlueBid are only focused on one thing - creating more opportunities for Americans to buy homes, and realize the American Dream, by increasing available inventory.
NAR issued a statement citing recent inaccuracies in media coverage and stated that they do not set commissions - they are negotiable.
Have a great week.
Disclaimer: Views expressed here are my own and not the views of my coworkers or anyone else. I am not a financial advisor, investment advisor, or housing expert. I’m just a guy who cares deeply about saving the American Dream of homeownership.