Gen Z and young millennials take the lead in mortgages

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Today's newsletter is 588 words — a 3-minute read.

1. DOJ calls for retrial involving REX, Zillow and NAR

DOJ is backing REX’s push to revive a lawsuit alleging an anti-competitive business arrangement between NAR and Zillow.

DOJ says a district court made a mistake when it dismissed a claim that NAR made an illegal deal with Zillow to push down listings from independent brokers on its website.

The dispute is about the NAR's optional "no-commingling" rule, which tells its members to keep "multiple service listings" separate from other brokers' listings.

2. Blackstone, TPG foreclosure on $95M in SA apartments

Multiple San Antonio apartment properties, valued at nearly $95 million face foreclosure, indicating mounting challenges in the city's multifamily market.

Key players like Blackstone's subsidiary, Wispar 3 Finco, and TPG Real Estate Finance Trust are lenders initiating foreclosure proceedings on properties such as the Henry B and Westlake Villas. LINK

3. Catch up quick

🤝 6 reasons to use a local lender in Texas! (Video)

🏠 Top 10 military-friendly housing markets for 2024 including San Antonio, New Braunfels. (Realtor.com)

💸 Former Houston Rockets star Steve Francis' home sold. It had been listed for $4.3M. (Chron)

📲 $400M Apple campus underway in North Austin. (TRERC)

👋 REsides opts out of NAR commission lawsuit settlement. (RisMedia)

4. Gen Zers and young millennials lead the way in taking out mortgages

Recent reports reveal that about 40% of new mortgages in Texas' largest metro areas last year were taken out by Gen Zers and young millennials.

Younger people have dominated U.S. mortgage borrowing over the past five years, preferring to finance homes rather than pay in cash.

Many rely on family money for down payments, with over a third expecting cash gifts. LINK

Share of new mortgages in the Dallas metro area by homebuyer age, 2023

Share of new mortgages in the San Antonio metro area by homebuyer age, 2023

Share of new mortgages in the Houston metro area by homebuyer age, 2023

5. Luxury development unveiled for Spicewood

A new lagoon-centered development is planned for the Texas Hill Country’s Spicewood.

Crystal Lagoons will create a 3-acre lagoon as the focal point of the Ascensions development on Lake Travis in Spicewood.

Plans include luxury residences, retail, restaurants, and a hotel, with the lagoon open to the public. LINK

6. North Texas developer acquires 1,100 acres west of Celina

Centurion American Development Group recently acquired 1,100 acres of land between Celina and Pilot Point in North Texas.

This parcel, known as Bryson Ranch, is set for a future master-planned project and sits adjacent to previous Centurion American developments.

The purchase was facilitated by Trez Capital, with REX representing both Centurion American and Blue Star Land in the transaction.

7. More Texans struggle with housing costs

As housing costs in Texas soar, homeownership is becoming increasingly unattainable for many residents, with high home prices and rents surpassing pre-pandemic levels.

A report from Harvard University's Joint Center for Housing Studies highlights the challenge, noting that the state's housing market has cooled but remains out of reach for most due to high interest rates and steep increases.

This trend has led to a record number of Texans struggling to afford housing.

POLL OF THE WEEK

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