Today’s News Synopsis:

The Commerce Department reported an increase in new home sales to their highest in 8 months, having increased 5.8% to 621,000.  At the same time, pending home sales did not show much change for the third month in a row.  Redfin’s latest Housing Demand Index also showed a decrease by 13.9% from February.

In The News:

California Association of Realtors – “March pending home sales and Market Pulse Survey” (4-24-2017)

“Even with a strong performance in March closed escrow sales, a shortage of available homes and robust price growth that’s eating away at affordability stifled pending home sales for the third straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”

CNBC – “Trump’s Canadian lumber tariff could cost US homebuyers about $1,200 per house” (4-25-2017)

“It takes a lot of lumber to build a house, and the price of that wood is going way up.  A new duty imposed by the U.S. Commerce Department on Canadian softwood lumber is designed to level the playing field between Canadian and U.S. lumber producers, and just the anticipation of it has pushed lumber prices higher by about 22 percent since the start of this year.”

Redfin – “Redfin Housing Demand Index Drops Amid Lower-Than-Expected Buyer Activity in March; Remains Above Three-Year Average” (4-25-2017)

“The Redfin Housing Demand Index decreased 13.9 percent from February, to a seasonally adjusted level of 108 in March, according to Redfin (www.redfin.com), the next-generation real estate brokerage.”

Bloomberg – “U.S. New-Home Sales Unexpectedly Rise to Highest Since July” (4-25-2017)

“Purchases of new U.S. homes unexpectedly increased in March to an eight-month high, indicating housing demand remained strong at the start of the spring buying season, Commerce Department data showed Tuesday.”

Freddie Mac – “Freddie Mac Issues Monthly Volume Summary for March 2017” (4-25-2017)

“Freddie Mac (OTCQB: FMCC) today issued the company’s Monthly Volume Summary for March 2017, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities and other investments.”

Bloomberg – “Trump’s Rebuffed in Bid to Cut Funding to Sanctuary Cities” (4-25-2017)

“A San Francisco judge barred enforcement of President Donald Trump’s executive order withholding funds from so-called sanctuary cities that fail to comply with federal immigration demands by shielding undocumented immigrants.”

Fannie Mae – “Fannie Mae Introduces Innovative Solutions for Borrowers with Student Loan Debt” (4-25-2017)

“Fannie Mae (FNMA/OTC) announced new policies that will help more borrowers with student debt qualify for a home loan.”