Mortgage rates hit year-to-date lows after Powell comments

We’ve reached fresh new year-to-date lows in mortgage rates after Jerome Powell, speaking at the Jackson Hole Economic Summit on Friday, suggested that the labor market may be more important than inflation for the time being. If only someone had been saying that for a few years! All jokes aside, mortgage rates have been trending lower since Jobs Friday. Even though bond yields have increased, mortgage spreads have kept rates from straying too far from this year’s lows.

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Mortgage rates from the site Mortgage News Daily fell 10 basis points today to 6.52%, marking a fresh new year-to-date low in mortgage rates for 2025.

Housing demand?

Now, I have noticed that when mortgage rates head from 6.64% toward 6% housing data typically gets better in the weekly data. Our weekly Housing Market Tracker data updates this every weekend, but let’s take a look at the most recent purchase application data. The key for purchase application data is that we want to see growth in both the weekly data and year-over-year data together in a more steady trend. So far in 2025, year-over-year growth in the data has been good, but the week-to-week data hasn’t been, as mortgage rates for the most part, have been above 6.64%.

Here is the weekly purchase application data for 2025:

  • 15 positive readings
  • 11 negative readings
  • 6 flat prints
  • 29 straight weeks of positive year-over-year data
  • 16 consecutive weeks of double-digit growth year over year 

Over the last three weeks, mortgage rates have remained below 6.64%, leading to positive weekly and year-over-year data. While the week-to-week growth has been modest, it has still been positive, and year-over-year growth has reached double-digit levels.

If mortgage rates can decrease to around 6% and remain there for a while, we could see at least 12 to 16 weeks of positive weekly application data, similar to what we experienced during the last two instances when rates approached 6%.

So, we need to see stronger week-to-week data here, and if that stronger trend can hold, it will result in more existing home sales as it has done the past few years.  We recently wrote about the existing home sales data beating estimates, but it was due to a low bar.

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Conclusion

Tomorrow’s HousingWire Daily podcast will discuss the aftermath of the Jackson Hole Summit and the potential for mortgage rates to drop further, especially if labor and economic data improve. Today, the focus of the Fed was on labor over inflation, leading to mortgage rates reaching a new low for the year.

The more intriguing developments for the rest of the year will involve the specific mix of news about the Federal Reserve, the labor data, tariffs and speculation about who the next Fed chairman will be. Additionally, there is the question of whether Trump will be able to get Fed Governor Lisa Cook fired, allowing him to appoint a new Fed governor. There is a lot on the agenda for the remainder of the year, so get the popcorn ready!

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How much Geelong first-home buyers really need for deposit

While Geelong’s typical home deposit hits a staggering $104,000, savvy first-home buyers are discovering entry points for less than a Toyota Corolla.

Geelong first-home buyers are getting their foot on the property ladder with less money saved than they’d need for a cheap new car.

New analysis shows the 20 per cent deposit preferred by most banks is now $104,000 for the region’s typical home.

But buyers willing to head to the cheapest spots around the city and use the federal government’s First Home Guarantee can secure properties with as little as $20,000 in up-front costs.

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Even without the government’s guarantee, which knocks out having to pay lenders mortgage insurance, the buy-in price for units in areas such as Herne Hill, Geelong West and Whittington, can be up to $46,000 for a first-home buyer, according to data from MCG Quantity Surveyors.

With the government guarantee, the buy-in cost is less than $100,000 in 36 suburbs for first-home buyers with as little as a 5 per cent deposit.

Among that are 22 areas where the median house or unit price is lower than $650,000 and the buy-in cost as little as $17,000.

Geelong buyers advocate Tony Slack said there had been a dramatic swing towards townhouses in established suburbs as first-time buyers sought to secure an affordable edge.

The two-bedroom unit at 1/16 Cornish Ave, Belmont, is listed for sale with price hopes from $530,000 to $560,000.

“It’s been a bit of a dramatic swing and it’s because the market realises it’s not going to get more affordable,” Mr Slack said.

“We’ve had three interest rate cuts already in the past few months. I think they realise there’s going to be more competition out there.

“The units make a really sound choice for the fact they’re in the lifestyle suburbs – that is close to cafes, shops, transport, and the low maintenance aspect.”

Mr Slack said the mid-size units are up to 30 to 40 years old and are brick, which means lower maintenance costs over time.

“That’s where we’ve seen the swing away from older homes on land, the 60 to 80-year-old weatherboards predominantly on larger allotments,” he said.

The inner-to-middle ring suburbs that buyers are targeting include Belmont, Herne Hill, Hamlyn Heights, East Geelong, Newcomb and St Albans Park, Mr Slack said.

Cheapest SUBURBS up-front cost to buy A HOUSE

Suburb Median
price		 First-home buyer
with 5% deposit & First Home Guarantee		 First-home buyer with 10% deposit Buyer with 10% deposit
Norlane $460,000 $23,000 $54,280 $76,950
Corio $495,000 $24,750 $58,410 $83,180
Thomson $524,000 $26,200 $61,832 $88,342
Whittington $537,500 $26,875 $63,425 $90,745
Newcomb $550,000 $27,500 $64,900 $92,970
Winchelsea $600,000 $30,000 $70,800 $101,870
North Geelong $610,000 $32,611 $74,091 $103,650
St Albans Park $622,500 $35,988 $78,318 $105,875
Charlemont $626,000 $36,955 $79,523 $106,498
Curlewis $630,000 $38,075 $80,915 $107,210

Source: MCG Quantity Surveying, PropTrack. Up-front purchasing costs include deposit, lenders mortgage insurance and stamp duty were applicable, calculated at median house price.

New realestate.com.au data reveals higher demand for properties in regional cities than last year, lead by a 125 per cent jump for units in Belmont and 88 per cent in Newcomb.

GSE Finance partner Matt Turner said the First Home Guarantee provided access to cheaper finance on top of helping people save a deposit faster and avoid paying lenders mortgage insurance.

The two-bedroom unit at 1/9 Heyers Rd, Grovedale, is listed for sale with price hopes from $495,000 to $525,000.

“It’s allowing potential buyers access to cheaper finance because they’re not deemed as risky for the lenders to offer more competitive interest rates so their affordability is improved.

“Secondly, they’re avoiding that lenders mortgage insurance, which can be up to $50,000 but is typically around $10,000 to $15,000.”

Mr Turner said first-time buyers were still honing in on homes priced under $600,000 to avoid stamp duty.

But more buyers were turning again to new constructions in areas such as Armstrong Creek, Lara and Curlewis, where buyers also accessed a $10,000 building grant, Mr Turner said.

Cheapest SUBURBS up-front cost to buy A UNIT

Suburb Median price First-home buyer
with 5% deposit & First Home Guarantee		 First-home buyer with 10% deposit Buyer with 10% deposit
Herne Hill $340,000 $17,000 $40,120 $55,590
Whittington $380,000 $19,000 $44,840 $62,710
Norlane $393,000 $19,650 $46,374 $65,024
Geelong West $420,000 $21,000 $49,560 $69,830
Bell Post Hill $435,500 $21,775 $51,389 $72,589
Lara $460,000 $23,000 $54,280 $76,950
Leopold $476,500 $23,825 $56,227 $79,887
Newcomb $480,000 $24,000 $56,640 $80,510
Grovedale $495,000 $24,750 $58,410 $83,180
Highton $517,000 $25,850 $61,006 $87,096

Source: MCG Quantity Surveying, PropTrack. Up-front purchasing costs include deposit, lenders mortgage insurance and stamp duty were applicable, calculated at median unit price.

“If we’re talking 12 months ago, the value proposition was with established homes because it was a weaker market. There was a lot of stock and you could pick up things pretty easily.

“Now it’s a bit more competitive they’re looking towards building as there is still plenty of titled land around so they’re not having to wait (for the land).”

MCG Quantity Surveyors director Mike Mortlock said even saving up a much lower deposit was becoming a challenge at current prices.

“It’s been made even harder by the high cost of living,” he said.

The two-bedroom unit at 5/6 Drysdale Ave, Newcomb, is listed for sale with price hopes from $499,000 to $545,000.

“Most people are spending their salaries to cover their living expenses. To start really building up their savings, they would need a big pay rise.”

But Mr Mortlock said “prices are just going up so much faster than wages.”

“And until we build more housing, we’re going to be talking about the same thing in a few years, only the problem will be even worse,” he said.

Mr Mortlock said first-home buyer incentives, such as the federal shared equity scheme and other state-based programs, were a good development “in theory” but in practice would likely exacerbate the deposit burden by lifting prices.

The post How much Geelong first-home buyers really need for deposit appeared first on realestate.com.au.

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USDA is automating its loan application uploading

The U.S. Department of Agriculture (USDA) announced this week that it has awarded technology services firm Phoenixteam a $49 million contract to modernize its mortgage underwriting platform, the Guaranteed Underwriting System (GUS).

The Arlington, V.A.-based company will overhaul GUS, which supports USDA’s guaranteed loan program for rural and farming communities. Phoenixteam said the updates will expand lender participation and improve access to affordable housing in underserved areas.

“This award is about more than technology — it’s about access to homeownership,” said Phoenixteam CEO Tanya Brennan. “By modernizing USDA’s Guaranteed Underwriting System, we make it easier for lenders to deliver this product, which is often the only path to homeownership for rural families.”

Among the planned upgrades is automated loan application uploading, a function long available at Fannie Mae and Freddie Mac but absent from GUS. Lenders have frequently criticized the platform as confusing and cumbersome, with manual re-entry requirements that discouraged some originators from offering USDA loans. 

Previous modernization efforts, dating back to the platform’s 2006 launch, stalled due to funding constraints.

Shaun Michael Lewis, CEO of residential, recreational and luxury real estate brokerage Clearwater Properties, says that his operational scope is “heavily rural,” leading many of the buyers he works with to rely on USDA loans.

“Automated uploading will be transformational for our operations, as the current manual documentation process generates significant delays, often 2-3 weeks just for initial feedback from underwriting,” he said. “If the automation is executed well and reduces this wait to days, our agents will be able to move faster on time-sensitive rural property transactions where the buyer otherwise has limited financing options.”

As a result, Lewis says the updated standards will level the playing field. “Based on what we have read with regard to the modernization effort, we would anticipate a 40-50% reduction in processing time, with a decrease in associated costs. In rural markets, especially competitive ones, every day matters,” he said. 

Jessica Vance, an LO for Anchor Funding, agrees. “For too long, the tech gap made USDA loans feel too slow,” she said. “Once GUS is modernized, I expect underwriting times to shrink by days, with real cost savings on the back end.”

Bringing GUS up to GSE standards is expected to simplify rural lending, broaden financing options and advance USDA’s mission of expanding homeownership opportunities.

Founded in 2015, Phoenixteam’s leadership includes veterans of IBM, the Department of Veterans Affairs and Black Knight Financial Services.

Although USDA loans represent a small portion of the mortgage market — just 0.6% of 2024 originations, or 36,173 loans totaling $6.4 billion, according to HMDA data — they remain an important tool for economic development in rural America.

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Powell’s Jackson Hole speech stirs cautious optimism for housing

Federal Reserve Chair Jerome Powell’s speech on Friday at the Jackson Hole Economic Symposium left real estate and mortgage professionals cautiously optimistic. While expectations are building for lower interest rates, volatility remains a concern.

In his final address as Fed chair at the Federal Reserve Bank of Kansas City’s annual conference, Powell signaled the possibility of a rate cut at the next Federal Open Market Committee (FOMC) meeting that concludes Sept. 17. He also announced changes to the Fed’s operating framework. Investors responded by driving the 10-year Treasury yield down to 4.2%, pulling the 30-year mortgage rate to about 6.5%.

“Mortgage rates have traded lower for now, which is a win for borrowers and lenders,” said Geno Paluso, CEO at mortgage servicing software company Sagent. ”But lenders must stay prepared for continued rate volatility as the Fed and markets balance unemployment and inflation risks.”   

Kevin Peranio, chief lending officer and partner at Paramount Residential Mortgage Group (PRMG), added that softening labor conditions are fueling the downward trend in mortgage rates, creating more revenue for larger lenders to invest in artificial intelligence and operational efficiencies.

“Rates have further to fall and it has been sustained all year – labor and inflation reports are critical to sustain the trend” Peranio said. “Volatility is expected as rates don’t move down in a straight line. With inflation elevated due to tariff uncertainty, any decent jobs report can cause an immediate uptick in rates.” 

Signals from Powell

Powell signaled Friday that inflation has moved “closer to our objective” and that upside risks “had diminished.” The core Personal Consumption Expenditures (PCE) index reading currently stands at 2.9% as the effects of tariffs continue to “accumulate,” he said.

According to the Congressional Budget Office (CBO), as of Aug. 19, the effective tariff rate on goods imported into the U.S. has risen by about 18 percentage points compared to 2024 trade flows.

At the same time, the labor market is no longer “overheated,” the Fed chief noted. Unemployment has climbed by nearly a full percentage point — something that typically hasn’t happened outside of recessions. And Powell warned that downside risks to employment are increasing.

“When our goals are in tension like this, our framework calls for us to balance both sides of our dual mandate,” Powell said. He added that, “with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”

Markets took his comments as another sign of easing ahead. According to the CME Group’s FedWatch tool, about 83% of investors expected a 25 basis-point rate cut in September as of Friday afternoon — up from 75% just a day earlier and 58% a month ago. 

Beyond September, Powell emphasized that “monetary policy is not on a preset course,” noting that the FOMC will continue to decide based solely on incoming data.

“For the housing sector, even modest rate relief could improve affordability, revive buyer interest, and offer a much-needed boost to builders and lenders heading into the fall,” First American senior economist Sam Williamson said in a statement. 

Realtor.com senior economist Jake Krimmell added that mortgage rates holding at 10-month lows are already offering a “boost to affordability and, potentially, to buyer sentiment.”

“That relief is welcome after several years of high borrowing costs eroded consumers’ purchasing power, leaving this summer especially frustrating for buyers, sellers, and builders as both existing and new home sales stayed sluggish,” Krimmell added. 

Long-term change

Powell also outlined changes to the Fed’s policy framework. The central bank is moving away from its prior “makeup” strategy, which aimed to keep inflation expectations well anchored by allowing inflation to run moderately above 2% for a period of time.

Under the revised framework, monetary policy will remain forward-looking, account for the lagged effects on the economy and continue to target a 2% longer-run inflation rate. But according to Krimmel, the Fed now appears more willing to lean against labor market weakness — even if inflation remains slightly above target.

“If Powell’s new framework signals a steadier commitment to balancing inflation and employment risks, it could reduce uncertainty and stabilize rate expectation,” Krimmel said. “Going forward, resolving economic uncertainty will be key for restoring consumer confidence and jumpstarting the housing market this fall, and beyond.”

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Homebuyers seek independent research, but still want a real estate agent

From business practice changes, to a slowing housing market, to rapidly advancing technology, real estate agents have had to adapt quite a bit over the past few years. Still, homebuyers find them more important than ever.

Data from Cotality shows that while more than 500,000 agents have entered the industry over the past decade, home sales have fallen by roughly 290,000 homes. According to Cotality, this has led to fragmentation, with top-performing agents, who have embraced data tools and segmentation models, on one end and generalist agents at the other. 

In a recent survey of over 1,000 recent homebuyers and prospective homebuyers, Cotality found that 73% of buyers are conducting their own research during the homebuying process. However, 88% said they want a human as part of their homebuying experience, with 45% saying that they expect their agent to provide guidance from start to finish. Additionally, while 27% of respondents said they expected the role of technology in their transaction to be beneficial, most respondents still relied on their agent to help bridge the gap between steps in the homebuying process.

chart visualization

Tech is good but relationships are better

“Digital tools have streamlined the exploration of home options and help navigate the complexities of the shopping and buying experience,” Amy Gromowksi, the head of data science at Cotality, said in a statement. “But as you begin to seriously consider one of the largest financial — and emotional — transactions of your life, you need a trusted partner who is going to help you navigate the complexities. You’re looking for someone who helps you understand with confidence, and that’s not a machine — not yet.”

As more homebuyers conduct their own online research during the buying process, Cotality believes that, to be successful, agents must shift from being a source of listings to an interpreter of listings. According to Cotality, in the future, the agents who succeed will be the ones connecting the dots for clients by doing things like flagging early risks and simplifying the complexity and logistical challenges of the buying process. 

True understanding remains elusive for buyers

“Interfaces promise ease. Algorithms anticipate preferences before they’re made explicit. But transparency and true understanding remains elusive. Listings don’t explain that flood maps in the area are about to update. Recommendation engines don’t necessarily explain why a pre-approval disappeared. Monthly mortgage payments don’t necessarily account for a future with rising insurance costs,” the report states. “The promise of a seamless integration for accurate insights too often falls short.”

With just 8% of recent buyer respondents reporting that they felt confident about their transaction even after finding the right home, and 93% of buyers reporting that they dealt with at least one moment of doubt, confusion or pressure, it is clear that despite all of the technology tools available, buyers still need the guidance and reassurance of human real estate professionals. This is also reflected in nearly 75% of recent buyers reporting that their agent provided them with useful guidance during their homebuying journey. 

Expectations are that buying a home will be stressful

Additionally, just 7% of buyers found the process straightforward, while nearly half (46%) said they expected the process to be stressful. The report also found that when it came to many expectations, what buyers anticipated going into a transaction was much different than what actually played out. At the start of their homebuying process, 33% of recent buyers said they expected having to make tradeoffs to find a house; however, 70% reported giving up something on their wishlist to successfully find and purchase a home. Other large discrepancies surrounded having to make multiple offers, which just 34% expected going in and 63% reported post-closing. 

The value of an agent is clear

“The value of an agent today lies in their ability to serve as a truly informed advisor — someone who can distill complex property data and translate it into actionable insights tailored to each client’s unique goals. Agents provide the context needed to navigate what can often be conflicting or overwhelming information,” Kevin Greene, the general manager of real estate solutions at Cotality, said in a statement. 

Looking ahead, while some agents might be intimidated by the wave of tech-savvy, digital-first Gen Z homebuyers entering the market, they should take comfort in knowing that despite all of the information and services available online, 59% of Gen Z buyers reported that the process of finding a home feels overwhelming.

In total, 90% of future buyers say that some part of the homebuying process is overwhelming, with over half (54%) identifying finding a home to be the most daunting prospect. 

Personalized information can’t be found through a public portal

“Clients don’t need another person to curate more listings. What they want — and need — is more context around each listing: Why this house? Why now? What don’t I understand in terms of potential upsides or downsides,” Greene said. “An agent who can explain why ‘this home best fits your budget, your timeline, and your risk profile’ becomes indispensable — even if the buyer already found it online first. They cannot get that personalized information on a public portal.”

When it comes to finding the right agent, survey respondents overwhelmingly choose comfort as their number one priority at 80% of respondents, compared to 47% for convenience and 42% who choose loyalty. Additionally, 75% of recent buyers said they were likely to work with the same agent again due to the trust they developed. 

“The challenge with homebuying is that it’s not something that most people do very often,” John Rogers, Cotality’s chief data and analytics officer, said in a statement. “So, by wrapping technology with human guidance, we can offset the lack of familiarity with trust because these professionals are familiar with the data and systems, allowing them to signal potential pitfalls or opportunities to help buyers make the right decisions.”

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Pittsburgh, Cleveland top global metro affordability list

Pittsburgh and Cleveland rank as the world’s most affordable major housing markets, but a new report finds that not a single metro area among 95 studied actually qualifies as affordable.

The annual Demographia International Housing Affordability report — released by Chapman University — measured affordability by dividing median home prices by median household incomes.

Pittsburgh led the rankings for the fifth year in a row with a score of 3.2, followed closely by Cleveland at 3.3.

St. Louis, Rochester, N.Y., and Oklahoma City rounded out the top five U.S. metros.

map visualization

Still, all metros worldwide fell above the 3.0 threshold of what’s considered truly “affordable.”

Two local real estate leaders — Dale Swanton, a Realtor at Pittsburgh-based RE/MAX Select Realty; and Amanda Pohlman, a broker at Cleveland’s KW Living and leader of The Pohlman Team — told HousingWire the rankings definitely reflect what they see daily.

The latest HousingWire Data reveals just how affordable Pittsburgh and Cleveland remain compared to their coastal counterparts.

Current median home prices are a dead heat — with Cleveland at $249,000 and Pittsburgh $249,900.

That compares to markers such as San Francisco ($1.2 million) and Los Angeles ($1.5 million). Essentially, homebuyers can purchase nearly six homes in Cleveland or Pittsburgh for the price of one in San Francisco.

Pittsburgh’s inventory currently sits at 3,857 — ahead of Cleveland’s 2,260.

Slow and steady wins the race in Pittsburgh

Swanton said Pittsburgh’s top ranking didn’t surprise him.

“There was an article that came out last month that said Pittsburgh was the only major metro in the U.S. where it’s more affordable to buy than it is to rent,” he said. “The housing market here, we’ve always been kind of like a slow and steady growth type of area.

“Even in 2008, during the housing crisis, we were one of only two or three metros in the country where we didn’t see a huge drop in prices.”

He noted that prices have still risen significantly.

“If you look at our prices from 10 years ago, I mean, they’ve gone up 40% to 50%,” he said. “It’s just, you know, we’re 40% or 50% versus 100% or more [in other parts of the U.S.].”

Even with Pittsburgh setting a worldwide pace for relative affordability, it still failed to meet that true metric in the study.

Swanton said that will likely remain the same until inventory shortages are solved.

“There are a lot of reports that show that new construction just can’t keep up with demand,” he said. “There are a lot of areas where you have a huge influx of people, and that, of course, is driving up home prices.

“Obviously, you have more people [and] more competition. So, I think finding a way to make more inventory available is going to be the best way to increase affordability in other areas.”

Cleveland making its mark

Pohlman said Cleveland has always been affordable — but rising prices elsewhere are drawing new attention to the market.

“This Northeast Ohio market has always been affordable and has always been full of opportunity,” she said. “I think what we’re seeing is now it’s really being put on the map. It’s being made much more noticeable due to how much prices have gone up [around the country], and now, Cleveland has choices that simply don’t exist in Austin, New York or L.A.”

As incoming president of the Akron Cleveland Association of Realtors, she tracks regional statistics.

“(Our home prices) are up year over year,” Pohlman said. “Our median sales price is about $260,000, which is still so much more affordable than most of the metropolitan cities around the U.S.”

For decades, Cleveland homeowners often saw little appreciation compared to other Ohio metros. Like most areas, that shifted during the pandemic. In some neighborhoods, values have soared.

“We are seeing that properties have appreciated, in some cases, 50% or 60% in the last five years, which is unheard of,” Pohlman said. “But even with that appreciation, it looks like it’s just so much more in reach for families to become homeowners.”

Climate refuge, business influx

Pohlman also pointed to Cleveland’s climate and healthcare system as long-term strengths.

“We do not have the tornadoes, the wildfires, all of those things that other areas are seeing,” she said. “I think what we’ve seen is a lot of people shying away from Florida because of what’s happened in the last two or three years with the hurricane[s].”

She added that renowned medical facilities and livable winters are drawing people, too.

“Our healthcare is absolutely top notch, worldwide, top notch,” Pohlman said. “Our climate is actually a real hidden secret, because we have lovely weather, and we do have seasonality to it, and not everybody hates the snow.”

Swanton said Pittsburgh remains a target destination for businesses to set up shop.

“The cost of living here is certainly very affordable here,” he said. “A lot of companies are coming into the area, especially a lot of tech companies. So, there’s a lot of good jobs in the area and a lot of good universities.”

The full Chapman University report can be found here.

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Is the real estate industry getting its antitrust enforcement wish? 

Many in the real estate industry lauded President Donald Trump’s victory in the 2024 presidential election as they anticipated his win would usher in a new wave of weaker antitrust scrutiny on an industry that had spent the past four years battling its fair share of antitrust suits. 

However, these hopes and dreams were put into question after the nominations of antitrust-hawk Gail Slater as assistant attorney general, and Roger Alford, a law professor at Notre Dame University, as deputy assistant attorney general in the Department of Justice’s (DOJ) Antitrust Division. Alford served as an expert witness testifying against the real estate industry in the Sitzer/Burnett suit.

In recent weeks, however, with Alford’s dismissal from the DOJ and the dismissal of three antitrust suits aimed at the National Association of Realtors (NAR), it appears real estate professionals may be getting their wish after all. 

“By all indications there is very little appetite for antitrust enforcement from the DOJ,” Francis X. Riley, a partner at Saul Ewing LLP., said. “They just aren’t doing anything. They are letting these mergers go through with limited investigations or limited exchange of information, and this sheds light on the fact that the DOJ is not going to be active in antitrust enforcement actions.” 

Civil lawsuits won’t stop

While the DOJ, which has historically been very active when it comes to NAR, appears to be taking a step back from real estate, that doesn’t mean the civil lawsuits have stopped. Just last week  Jorge Zea, a real estate broker in Florida, filed an antitrust suit accusing NAR, local associations and MLSs of steering buyers to using buyer’s agents. 

“I think what the DOJ is going to do is simply let the market dictate whether something is antitrust or not, meaning that they are going to allow private plaintiffs to bring their own actions, but I don’t see the DOJ taking a very strong stance with enforcement,” Riley said. 

Under past administrations, Chuck Cain, a title industry attorney and the president of Alliance Solutions, said an uptick in consumer lawsuits has triggered the DOJ to take a closer look at an industry or company, but he is uncertain if that will happen under the current Trump administration. 

“You may think that if civil litigation continues to pick up there would be some interest from the DOJ, but on the other hand, they may think that it will all be taken care of through the civil courts,” Cain said. “Historically though, if we see a lot of civil litigation or action from the state attorneys general, the DOJ typically gets involved. 

Additionally, Cain notes that the most recent DOJ investigation into NAR and the Sitzer/Burnett commission lawsuit were brought during the first Trump administration. 

Alford, who spoke out about his four-month stint at the DOJ earlier this week, is attributing the decrease in antitrust enforcement to the lobbying efforts by “MAGA-in-name-only” lobbyists.

According to Alford, the MAGA-in-name-only lobbyists view antitrust laws as “nuisances or obstacles to overcome.”

“Rather than the legitimate lobbyists who have expertise and perform traditional functions of education and engagement, corrupt lobbyists with no relevant expertise are perverting actual law enforcement through money, power, relationships and influence,” he said. 

Other industries still face scrutiny

However, Cain notes that the antitrust investigations into Google and other technology companies are still occurring.

“Outside of NAR, the cases are rolling along. The Google case and other cases are continuing, so they really seem focused on tech right now,” Cain said. 

While antitrust enforcement from the DOJ currently seems to have cooled, legal experts warn that real estate professionals and leaders should not become complacent. 

“In regard to NAR, the DOJ could always come back. This is a pro-populist administration and DOJ. If they view something as being negative from this populist stance, they may go after it,” Cain said. “Additionally, in three and a half years we may have a very different administration that does want to focus on real estate. So, NAR needs to keep its guards up and everyone needs to mind their antitrust Ps and Qs.” 

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What to expect next from The Builder’s Daily

No one in the homebuilding business I know is sitting around waiting for things to get easier.

That’s not how this works. Not in 2025.

Not when mortgage rates, insurance shocks, permitting delays, capital costs and housing politics are all pulling in different directions. Not when builders are expected to do more with less, and faster — while the rules keep shifting underfoot. Not when buyers are paralyzed, cities are gridlocked and your best team members are fielding three job offers a month.

So why launch the next chapter of The Builder’s Daily right now?

Because the builders, developers, capital investors, trade partners and solution providers who show up every day to solve housing’s hardest challenges deserve more. More clarity. More connection. More recognition. And more confidence in the path ahead — even when the ground under their feet won’t stop shifting.

For four years now, The Builder’s Daily has tried to meet those people where they are. Our mission has been simple: to earn the trust of homebuilding’s most serious players by leveling with them. Not cheerleading. Not sugarcoating. Just calling things straight — and pointing toward what’s working, what’s not and what might.

Now, as we join HW Media, that mission scales up.

We’ll keep our voice clear and grounded. The one that raises your expectations of us, and the same one that’s earned trust across homebuilding’s front lines. Now, we’ll carry it further, with stronger tools, wider reach, and even more reporting that cuts through the noise, stays honest and helps builders make better decisions.

But now we’re doing it with stronger tools, a wider lens and a shared platform that spans the full housing ecosystem: mortgage, real estate, servicing, title, valuation — and now, homebuilding.

Let’s be clear: homebuilding is the front line of housing. You can’t fix housing without more new homes. But building more new homes doesn’t happen with speeches. It takes bold capital, good land, confident consumers, cooperative local governments, efficient construction ops, trustworthy trade relationships and — above all — leaders who can thread all of that together in real time.

That’s who we’re here for.

We believe The Builder’s Daily can be more than an editorial platform. We’re evolving it into what we call a center of excellence — a hub where homebuilding business leaders can come for strategic intelligence, for performance insight, and for connection to the people, tools, and solutions that make a measurable difference.

Here’s what you can expect from us next:

  • A focus on high-performance attainment — not as a slogan, but as a measurable, evolving standard.
  • A benchmarking and certification platform that will help builders and partners understand, track and improve operational, financial and customer metrics.
  • A growing daily audience — from 3,500 leaders today to 10,000 by the end of 2026 — committed to accountability and transparency in how we build.
  • A flagship data product, launching in 2025, called America’s Homebuilder-of-Choice Scorecard, ranking performance by trust, quality and value, not just volume.
  • An open invitation to HousingWire’s professionals — from mortgage, real estate, title and proptech — to engage with the builders shaping the next decade of housing supply.

The stakes are too high for homebuilding to be an afterthought in the housing conversation. We won’t let it be. We’ll stay close to the ground, keep our coverage honest and hold our perspective to a simple standard: does this help make the business better?

Thanks for reading. And if you’re someone trying to build smarter, lead better and stretch your team’s capacity to do more with less — we’ll be here for you, every day.

Welcome to The Builder’s Daily. Let’s get to work.

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Tech Pulse: eXp’s digital twin trend; lenders urged to build AI compliance

Welcome back to Tech Pulse — HousingWire‘s weekly series rounding up the latest in technology news, including tools, integrations and trends that impact mortgage and real estate.

Here’s what happened this week:

eXp Realty embraces digital twin tech to transform workflows

eXp Realty isn’t dabbling in AI — it’s making digital twins a companywide mandate. CEO Leo Pareja and eXp International managing director Felix Bravo say the technology is cutting bottlenecks, scaling leadership across time zones and even helping agents close deals faster.

Survey: Where are you in the AI revolution in mortgage operations?

Take part in HousingWire’s exclusive survey on AI in mortgage operations. Your insights are vital for understanding how the industry is adopting this transformative technology. As highlighted at the HousingWire AI Summit, exploring AI solutions isn’t optional — it’s essential. We want to learn about your journey, strategies and challenges.

Alanna.ai wants to help title agents with the new FinCEN rules

Title tech firm Alanna.ai has rolled out Alanna Sign, a digital signing tool designed to help title agents comply with the Financial Crimes Enforcement Network (FinCEN)’s sweeping new anti-money laundering rule that takes effect Dec. 1. The solution automates data gathering, reminders and execution — easing what many fear will be a compliance burden for closings involving legal entities and trusts.

Why are some vendors dragging their feet on the ICE SDK transition?

ICE Mortgage Technology has extended the sunsetting of its Encompass SDK and other legacy systems from Oct. 31, 2025, to Dec. 31, 2026, giving lenders and vendors extra time to transition to the API-based Encompass Partner Connect. While the extension eases immediate pressure, some industry voices warn it may encourage procrastination.

Lenders urged to build AI compliance foundations sooner rather than later

Mortgage lenders should start preparing now for Colorado’s new AI law, which takes effect in February 2026. Experts at HousingWire’s AI Summit emphasized that AI compliance requires proactive governance, vendor due diligence and integration of legal risk into return-on-investment planning. Colorado is setting a precedent that others may follow.

Inside Real Estate puts forth AI-powered home search platform

Inside Real Estate has launched HomeSearch AI, a new platform that lets buyers use natural language to find listings while helping agents reactivate dormant leads. Powered by acquisitions like ListAssist, BoomTown and BoldTrail, the system combines AI-driven search, MLS data and automated alerts.

StellarMLS and Rayse expand strategic partnership

StellarMLS is expanding its partnership with Rayse, now including the real estate technology platform at no extra cost for all subscribers. Rayse provides clients with real-time transaction transparency through agent activity tracking, client portals and closing reports, helping agents build trust and long-term relationships.

LeadingRE adds AccountTECH to preferred vendor program

Leading Real Estate Companies of the World (LeadingRE) has added AccountTECH to its Solutions Group, giving member brokerages access to darwin.Cloud — a back-office platform that streamlines commission tracking, accounting and transaction processes.

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New data reveals the true upfront costs of buying a home in SA

Looking to buy a house in Adelaide but struggling to scrape together a deposit?

A new report reveals that even with $30,000 in savings, South Australians have enough to cover the 20 per cent deposit and all of the upfront costs on a house in 26 suburbs.

The cheapest is Elizabeth North, where you need just $21,880 in total upfront costs to buy a $510,000 house.

Looking to buy a unit in metropolitan Adelaide and have just $30k in savings? You can do that in 55 suburbs – with the cheapest being in Kurralta Park where just $15,405 will secure you a $381,500-median property.

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Grow those savings to $50,000, potentially through a dual income partnership – and you unlock an additional 202 Adelaide suburbs in which you can buy a home.

The extra $20,000 in savings unlocks a median-priced unit in another 18 metropolitan suburbs.

Regional buyers have even more choice – $30,000 will get you into a median-priced house in 59 suburbs and towns, and a unit in four outside metro Adelaide.

Up that deposit to $50,000 and you unlock a house in another 17 towns, and a unit in one more – Normanville.

Mike Mortlock of MCG Quantity Surveyors

MCG Quantity Surveyors director Mike Mortlock said high home prices relative to incomes meant 20 per cent deposits became unrealistic for many new buyers years ago.

The difference was that today even saving up a much lower deposit was becoming a challenge at current prices, he said.

“It’s a real hurdle,” Mr Mortlock said.

“Even putting together a 5 per cent deposit in some areas is getting difficult. It can still be a lot of money and take an average earner years to save.

“It’s been made even harder by the high cost of living. Most people are spending their salaries to cover their living expenses. To start really building up their savings, they would need a big pay rise.”

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Mr Mortlock said a 20 per cent deposit, once the most common deposit size, was too much of a stretch in many of the most expensive big city markets without parental help.

“It’s been widely reported that the bank of mum and dad is now the nation’s fifth largest lender,” he said.

“It’s great for those who can get that support, but some people don’t have parents who can do it.”

The Reserve Bank of Australia’s recent rate cut had many South Aussies refinancing their home loan in order to keep household budgets in check.

Homstart Refinance

Tanya and Jason Presland have recently refinanced their home. Pic: Kelly Barnes.

Tanya and Jason Presland, 44 and 50 respectively, have recently refinanced from HomeStart to another lender – part of a growing number of the government-backed lender’s clients who have done so in recent years.

In the five years between 2015 and 2019 4,428 loans were refinanced, compared to 5,680 refinanced between 2020 and 2024 – a whopping 28 per cent increase.

“If it weren’t for them, we would never have got into our own house four years ago,” Ms Presland said.

“By us not being with HomeStart anymore we’ve actually created room for someone else to be helped – I think that’s really good,” she said.

HomeStart chief executive officer Andrew Mills

HomeStart CEO Andrew Mills said recent housing market data underlined the importance of homebuyers being aware of the assistance available.

“Support with upfront costs, like stamp duty exemptions, can make all the difference,” he said.

“After buying a home, it’s also important to make sure the loan continues to meet their needs. Many HomeStart borrowers choose to refinance after a few years, recognising they can also ‘pay it forward’ to more South Australians needing some help.”

– with Aidan Devine

Lowest upfront cost needed to buy an Adelaide house

Suburb Current median Total upfront cost needed
Elizabeth North  $          510,000  $         21,880
Elizabeth South  $          510,000  $         21,880
Elizabeth Grove  $          522,000  $         22,540
Davoren Park  $          538,500  $         23,448
Elizabeth Downs  $          550,000  $         24,080
Elizabeth Park  $          550,000  $         24,080
Smithfield  $          550,000  $         24,080
Smithfield Plains  $          550,000  $         24,080
Elizabeth East  $          570,000  $         25,180
Woodville Gardens  $          570,000  $         25,180

Highest upfront cost needed to buy an Adelaide house

Suburb Current median Total upfront cost needed
Medindie  $       3,300,000  $      175,330
Unley Park  $       3,000,000  $      158,830
Rose Park  $       2,550,000  $      134,080
Toorak Gardens  $       2,488,991  $      130,725
Leabrook  $       2,220,000  $      115,930
St Peters  $       2,152,500  $      112,218
Tusmore  $       2,150,000  $      112,080
Malvern  $       2,138,000  $      111,420
Netherby  $       2,110,000  $      109,880
Somerton Park  $       2,092,500  $      108,918

*Source: MCG Quantity Surveyors. Total purchasing cost for a non-FHB with a 20 per cent deposit

The post New data reveals the true upfront costs of buying a home in SA appeared first on realestate.com.au.

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