During his first presidency, Donald Trump rescinded the DACA/Dreamers asylum program, and banned anyone here in the U.S. under that program from obtaining a government sponsored mortgage. This time around, the administration has gone one step further, preventing even non-permanent resident aliens from FHA financing. Since about a third of my business is done in the Spanish language, this is a pretty big deal for me and the clients I represent. The new rule goes into effect May 25.
Pending Home Sales (SFR under contract and not yet closed), which were down -4.6% last month, were reported up 2% today. This is great news for our business; we like people buying homes!
The final read on Q4 2024 GDP came in at 2.4%, one tick higher than expectations. Not a lot of market reaction yet this morning.
