Regulatory & Institutional Adoption - Guotai Junan receives approval, marking the first Chinese state-backed Bitcoin trading [1] - Deutsche Bank launches custody services [1] - Sparkassen reverses its 3-year ban on Bitcoin [1] - Fannie Mae and Freddie Mac now consider Bitcoin in mortgage assessments [1] Market Dynamics & Investment Flows - Corporate Bitcoin holdings show companies bought 160,000 BTC versus 40,000 BTC mined in Q2, indicating strong demand [1] - Spot ETF inflows reached $46 billion last month [1] - Daily Bitcoin flows surpass gold, with $117 billion compared to $95 billion [1] Price Impact - Stock experiences a +200% increase [1] - $15 trillion in Assets Under Management (AUM) is potentially unlocked [1] - A potential supply shock is anticipated [1]

.@Pulte’s directive could bolster both crypto and housing significantly. I do not believe that the ramifications of this move are well-understood. Find @GrousARK’s early analysis in our ARK Disrupt newsletter on Monday at https://t.co/4GzS1p9lDa.Pulte (@pulte):After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset fo ...

Investment Rating - The report does not explicitly provide an investment rating for the housing market but discusses various trends and dynamics affecting housing prices and affordability globally. Core Insights - Global home price gains persist despite rising policy rates, although the pace of home price appreciation is slowing [20] - The global housing affordability crisis is deepening due to supply/demand imbalances and elevated rents [21] - The US housing market is characterized as frozen, with declining demand and homebuilder sentiment alongside high mortgage rates [23] - Shelter inflation is likely to return to pre-pandemic levels, but rising rents have compounded cost-of-living challenges [20] - Demographics and household formation support long-term demand, and any housing correction in the short term would likely be modest [20] Summary by Sections Global Housing Market Trends - Home prices have increased by 37% on average over the past decade, with significant growth recorded in countries like Iceland, Portugal, and Hungary [32] - The OECD reports that real home prices have increased by 16% relative to income [32] - The global housing affordability crisis is now a common theme, with many OECD countries facing worse issues than the US [49][56] US Housing Market Dynamics - The US housing market is experiencing a significant decline in demand, with home sales in 2024 being the lowest since 1995 [23] - Housing starts fell approximately 9.8% in May, and the issuance of building permits hit a five-year low [23] - The median sales price of existing homes rose by 1.8% despite fewer home sales [23] Affordability Challenges - Housing affordability in the US has declined almost 30% since December 2021, nearing levels last seen in the late 1980s [51] - The housing affordability index in the US plunged from about 150 in 2021 to the mid-80s by 2024 [49] - Many households are spending over 40% of their income on housing, indicating a severe affordability crisis [51] Regional Disparities - The report highlights divergent trends across the US, with densely populated urban centers facing decreases in demand while suburban and rural areas see demand increases [84] - The Sunbelt region is experiencing higher vacancies and an oversupply of luxury apartments compared to coastal markets [88] Future Outlook - Despite the current challenges, the report suggests that risks to financial stability from the housing market appear manageable [21] - The report anticipates that any housing correction in the short term would likely be modest due to ongoing demographic support for demand [20]

🗞️ Metaplanet buys more bitcoin, surpassing Tesla to become 5th largest corporate holder🗞️ Bill Pulte orders Fannie Mae & Freddie Mac to consider Bitcoin holdings for mortgages.🗞️ SEI prices soar 50% amid Wyoming stablecoin pilot.@jennsanasie hosts "CoinDesk Daily." 🔗👇Thank you @hodlwithledn 🤝 : for being a sponsor of the CoinDesk media network. ...

Market Trend - Fannie Mae and Freddie Mac are preparing to count crypto as assets for mortgages [1] - Industry anticipates potential for tokenization and limited supply strategies in the crypto market [2] Investment Opportunity & Potential Risk - Potential strategy to short the housing market using crypto assets is being discussed [2] - Market participants are considering scenarios involving supply manipulation and subsequent market flooding [2]

Investment Strategy & Portfolio - Pentwater Capital, an event-driven hedge fund, manages $7 billion in assets [1] - The fund held an economic interest in US Steel exceeding $1 billion [5] - Pentwater Capital has a $1.3 billion face value position in Fannie and Freddie preferred stock [16] Fannie and Freddie Privatization - The fund believes the Trump administration will release Fannie and Freddie from conservatorship and allow them to be relisted [8] - The fund believes the preferred stock has more appreciation potential than the common stock due to potential dilution of common shareholders [9][13][14] - The fund anticipates the government might convert its senior preferred shares into common stock, potentially diluting common shareholders [12][13] - The fund believes privatizing Fannie and Freddie will occur before the end of the current administration [14][15] US Steel Acquisition - The fund correctly predicted the closing of the US Steel acquisition by Nippon at $55 [2] - The acquisition involved a "golden share" provision, a novel concept in the United States [4] - The fund actively engaged with senators and the administration to advocate for the US Steel deal, highlighting Nippon's $14+ billion investment in Pennsylvania [3][4]

RT Dip Wheeler (@DipWheeler)loan underwriters at freddie mac determining if an unemployed teenager has enough fartcoin to secure a mortgage. https://t.co/8tRin6krYU ...

Regulatory Action - Federal housing regulator instructs Fannie Mae and Freddie Mac to study cryptocurrency evaluation in mortgage applications [1] Potential Impact - The move could help more crypto holders qualify for home loans [1]

Core Insights - Potential home buyers are increasingly concerned about rising mortgage rates, with fears that rates could exceed 7% and reach 8% or higher [1][5] - The Federal Reserve's recent decision to lower short-term interest rates has paradoxically led to an increase in mortgage rates, highlighting the complex relationship between Fed actions and mortgage rates [2][5] - Economic factors, including government spending and fiscal concerns, are contributing to rising bond yields, which in turn affect mortgage rates [2][4] Mortgage Rate Dynamics - A bond market sell-off could lead to a significant increase in the 10-year Treasury yield, potentially pushing mortgage rates to the 8% range [4] - Historical data indicates that mortgage rates reached 8% briefly two years ago, but there is a possibility of sustained high rates if certain economic conditions arise [8] Home Affordability Impact - Research from the National Association of Home Builders shows that at a 7% mortgage rate, 31.5 million American households could afford a median-priced home of approximately $460,000, requiring a household income of over $147,000 [6] - An increase in mortgage rates to 8% could remove about 850,000 households from the housing market, further impacting affordability [7] Market Behavior and Buyer Sentiment - There is a noticeable shift among buyers from waiting for lower rates to focusing on current affordability and recognizing market opportunities [9][10] - Buyers are advised to consider the overall financial picture, including monthly payments and long-term wealth-building, rather than solely focusing on interest rates [11]

Group 1 - Freddie Mac released its Monthly Volume Summary for May 2025, detailing mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities, and other investments [1] - The company aims to enhance liquidity, stability, and affordability in the housing market across various economic cycles [2] - Since its inception in 1970, Freddie Mac has assisted tens of millions of families in buying, renting, or maintaining their homes [2]