NAR: FHA move on multifamily loans to spur more housing | 44% of Americans want LGBTQ+ representation in ads | Economist: Mortgage rates matter less than you think
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LGBTQ+ representation in advertising is important to 44% of consumers across all demographics and 63% say the same about diverse representation in general, per a Numerator survey. While more than 75% of respondents feel either positive or neutral when viewing ads with LGBTQ+ themes, those numbers rise among urban, diverse and young respondents but are more negative among Midwest, rural and older consumers. Full Story: Ad Age (tiered subscription model) (6/29)
Trade CORRA first Montréal Exchange now offers one-month (1M) and three-month (3M) CORRA Futures to facilitate the overall transition from IBORs (InterBank Offered Rates) to RFRs (Risk-Free Rates) in Canada. VIEW VIDEO
Listing: Inside French Montana's Los Angeles mansion Rapper French Montana is selling his 1.35-acre compound in Los Angeles's exclusive Hidden Hills neighborhood for $22.75 million. The property is being represented by agent Tomer Fridman of Compass' The Fridman Group. Full Story: The New York Times (6/26)
Report touches on climate-related risk for insurance A report from the Treasury Department's Federal Insurance Office addresses the potential impact of climate change on real estate assets and what that could mean for insurers, including life insurers. "Real estate may be vulnerable to credit risk if increases in the frequency and severity of climate-related disasters lead to a decrease in borrowers' ability to repay or service their debt and/or to declines in real estate asset values," the report notes. Full Story: ThinkAdvisor (free registration) (6/29)
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Technology & Innovations
The White House has a plan for growing rooftop solar The Environmental Protection Agency on Wednesday unveiled a $7 billion competitive grant round supported by the Inflation Reduction Act's $27 billion Greenhouse Gas Reduction Fund that will help fund residential solar development in roughly 60 low-income communities. "All communities deserve to participate in America's growing clean energy economy and under this competition, we will bring more communities along," said Administrator Michael Regan. Full Story: The Hill (6/28)
JPMorgan adds grants to help Black, Hispanic households An expanded program offered by JPMorgan Chase will offer grants of up to $5,000 to assist with mortgage down payments and closing costs for people in 3,000 Black- and Hispanic-majority census tracts in 16 markets, the bank said. The Chase Home Buyer Grant program, introduced in 2021, could provide mortgage help to 1,000 additional customers through the expansion, JPMorgan's Cerita Battles said. Full Story: American Banker (6/29)
Legislation & Regulation
Regulators urge banks to work with distressed CRE clients The Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and National Credit Union Administration have issued a joint statement asking banks to support borrowers amid mounting pressures in the commercial real estate market. The agencies urged lenders to work "prudently and constructively" with creditworthy borrowers who are grappling with the current market stress. Full Story: Reuters (6/29)
Fed's Powell indicates more rate hikes likely Federal Reserve Chair Jerome Powell indicated that most of the Fed's policymakers are expecting at least two more interest-rate increases before the end of the year. Powell noted that the 10 rate hikes that the central bank has made since March 2022 have constrained the housing sector and business investment, but "it will take time" for the impact to be felt throughout the entire economy. Full Story: Reuters (6/29)
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The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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