Single-family housing starts drop 14.2% in March

Plus: Existing home sales fell 5.9% in March

April 25, 2025

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šŸ˜Œ Friday, finally! We hope you're holding up well. Todayā€™s newsletter is 658 words, a 2.5-minute read. Letā€™s dive inā€¦

Disclaimer: Average mortgage rates as of April 24, 2025. Ā© MND Daily Rate Index.

1. $18.6 million payout for First American CEO

First American Financial Corp. recently terminated CEO Kenneth DeGiorgio following his arrest for an alleged assault on a cruise ship passenger.

The real estate transaction firm has restructured its leadership, appointing CFO Mark Seaton as CEO, Treasurer Matt Wajner as CFO, and Chairman Dennis Gilmore as executive chairman.

DeGiorgio, who served 26 years, received an $18.6 million payout, as he was terminated "without cause." Despite his departure, First American praised the executive team's strong 2024 performance under challenging housing market conditions.

2. Existing home sales fell 5.9% in March

Higher mortgage rates and concern over the broader economy are making for a weak start to the all-important spring housing market.

Sales of previously owned homes in March fell 5.9% from February to 4.02 million units on a seasonally adjusted annualized basis, according to the NAR. Thatā€™s the slowest March sales pace since 2009.

  • Sales were 2.4% lower than in March 2024 and slumped across all regions month to month.

ā€œHome buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,ā€ said Lawrence Yun, NARā€™s chief economist. ā€œResidential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.ā€

A MESSAGE FROM THE DAILY UPSIDE

Read The Daily Upside. Stay Ahead of the Markets. Invest Smarter.

Most financial news is full of noise. The Daily Upside delivers real insightsā€”clear, concise, and free. No clickbait, no fear-mongering. Just expert analysis that helps you make smarter investing decisions.

3. More Nuggets

šŸ“Š Maxwell launches QuickPricer to help loan officers shop, compare, and share pricing scenarios with ease. (Maxwell)

šŸ˜ļø Home prices are falling in 11 of the 50 most populous metros. (Redfin)

šŸ“‰ Single-family housing starts drop 14.2% to 940,000 units in March. (Realty.com)

šŸš€ How Mr. Cooper plans to power Rocketā€™s homeownership flywheel. (HousingWire)

šŸšØ Coachā€™s corner

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4. More MLSs quietly drop 'no-commingling' rule

MLSs nationwide are increasingly abandoning the National Association of Realtors' optional "no-commingling" rule, allowing MLS and non-MLS listings to be displayed together.

Zillow, which previously had to use a two-tab display to comply with this rule, supports these changes, citing consumer demand for a unified search experience. According to Zillow, 91% of consumers prefer seeing all listings in one place.

Major MLSs such as Stellar MLS and Bright MLS recently eliminated the rule, while California Regional MLS never adopted it. Meanwhile, the Department of Justice continues investigating the rule amid antitrust concerns.

5. VA sets timeline to shut down VASP program

The Department of Veterans Affairs confirmed the shutdown timeline for its Veteran Affairs Servicing Purchase (VASP) program, with new enrollments ending May 1 and the final submission deadline set for April 30.

No VASP-related payments will be made after September 30, 2025. The VA also rescinded its home retention waterfall and advised servicers to stop using it by April 30, while the Trial Payment Plan (TPP) will continue only through August 31.

The MBA criticized the decision, urging the VA to adopt a permanent partial claim option instead. Other housing advocates warned the sudden policy shift could create confusion and increase foreclosure risks for veteran borrowers.

A MESSAGE FROM PACASO

Zillow's Co-Founder Wishes They Did This Before The IPO

Spencer Rascoff co-founded Zillow, scaling it into a $16b real estate giant.

But everyday investors couldnā€™t invest until after the IPO, missing early gains.

"I wish we had done a round accessible to retail investors prior to Zillow's IPO," Spencer said.

Now heā€™s doing just that. Spencer has teamed up with another Zillow exec to launch Pacaso. Pacasoā€™s co-ownership marketplace is disrupting the $1.3t vacation home market. And unlike Zillow, you can invest in Pacaso as a private company.

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ā˜€ļø Youā€™re all caught up. See you on Monday!

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