Housing

• Home prices go negative for the first time in over 2 years — and may stay that way for a while - Home prices have not gone negative since mid-2023, a year after the Federal Reserve first brought rates up from zero, and mortgage rates moved sharply higher.
• Refinance demand for FHA loans jumps 24%, as homeowners seek the most savings they can - Current homeowners are turning to government FHA loans, which offer lower interest rates, to find savings, as conventional rates turn higher.
• Congressional watchdog probes Trump FHFA chief Bill Pulte - Pulte has made allegations of mortgage fraud against New York Attorney General Letitia James, Fed Gov. Lisa Cook, Sen. Adam Schiff, and Rep. Eric Swalwell.
• Apartment rents drop further, with vacancies at record high - A good supply of new multifamily units is coming online at a time of much weaker demand.