Core Insights - Millrose Properties deployed $5.5 billion in land acquisitions and development funding in 2025, generating $3.4 billion in takedown proceeds from over 31,000 homesite closings [1][3] - The company managed approximately 142,000 homesites across 933 communities in 30 states, serving 15 counterparties, including nine of the top 25 homebuilders in the U.S. [2] - Millrose's average home selling price was about 20% below the national average for newly built single-family homes, supporting housing affordability [3] Financial Performance - Millrose reported a fourth-quarter net income of $122.2 million, or $0.74 per share, and a full-year net income of $404.8 million, or $2.44 per share [13] - Adjusted funds from operations (AFFO) for the fourth quarter were $0.76 per share, at the high end of guidance, with a normalized year-end run-rate of $0.77 per share [14] - The company ended the year with total assets of approximately $9.3 billion and total debt of $2.1 billion, resulting in a debt-to-capitalization ratio of about 26% [16] Growth Strategy - Millrose aims to grow invested capital outside the Lennar Master Program Agreement by an additional $2 billion in 2026, bringing total invested capital to approximately $10.5 billion [18] - The company plans to fund growth while maintaining a conservative posture, targeting a 33% debt-to-cap ratio and not issuing equity below book value [19] - Management highlighted the importance of maintaining leverage discipline, with a focus on durable, fundamental growth and building new relationships for land banking capital [20][24] Market Outlook - Signs indicate that the spring selling season in 2026 could resemble a normal, healthy market, supported by rising incomes, moderating home prices, and lower interest rates [8] - Builders reduced starts in the second half of 2025 to align supply with demand, which helped manage inventory levels [9] - The company is monitoring various markets, noting strength in the Southeast and challenges in Texas and Las Vegas [10][11][12]

The 30-year fixed mortgage rate averaged 5.98%, the lowest level since September 2022, down from 6.01% last week, mortgage finance company Freddie ‌Mac said on ⁠Thursday. It ⁠averaged 6.76% during the same period a year ago. The The drop followed a decline in the benchmark 10-year U.S. Treasury yield after the U.S. Supreme Court on Friday struck down Trump's sweeping tariffs. In response, Trump imposed a 10% global tariff, before raising the rate to 15%. The 30-year fixed-rate mortgage tracks the Economi ...

Core Insights - The average rate on the 30-year fixed mortgage in the U.S. has dipped below 6% for the first time in three-and-a-half years, providing a psychological boost to the housing market, which has been struggling with high borrowing costs and limited supply [12] - Economists caution that the recent decline in mortgage rates may be temporary, driven by volatility in bond markets rather than a significant change in economic fundamentals [12][10] - A shortage of housing inventory remains a critical issue, with millions of homeowners locked into lower mortgage rates, creating a "rate-lock" effect that discourages selling [5][12] Housing Market Dynamics - Home prices rose by 1.8% in the 12 months through December, following a 2.1% increase in November, indicating moderated price growth but ongoing affordability challenges [5][12] - The Trump administration's initiative to purchase $200 billion in mortgage bonds aims to lower borrowing costs, but economists are skeptical about its effectiveness without an increase in housing supply [6][12] - Federal Reserve minutes indicate that the bond-buying initiative led to a decline in mortgage-backed securities yields, but refinancing activity is unlikely to surge due to current mortgage rates being above the weighted average of outstanding loans [7][12] Market Implications - The decline in mortgage rates could support shares of homebuilders, banks, and consumer discretionary companies linked to housing demand, as housing is closely tied to broader economic activity [10][12] - Falling Treasury yields may benefit growth-oriented sectors in the U.S. stock market, as lower yields reduce discount rates used in equity valuations [10][12] - Despite the potential for increased buyer confidence with rates below 6%, analysts emphasize that life events often drive housing decisions more than marginal rate changes, and without a significant rise in listings, lower rates may not lead to a broad housing revival [9][12]

President Donald Trump said his administration plans to make housing more affordable for new homebuyers while keeping home values high for existing homeowners. Trump delivered his State of the Union address to a joint session of Congress on Tuesday night and touted the lower cost of new mortgages since he took office in January 2025."Mortgage rates are the lowest in four years and falling fast, and the annual cost of a typical new mortgage is down almost $5,000 just since I took office. One year," Trump sai ...

Stocks exposed to the US housing market plummeted Wednesday as investors assessed grim outlooks from companies like home improvement retailer Lowe’s Cos Inc., and weighed the lack of a housing policy update during President Donald Trump’s State of the Union speech. The S&P composite homebuilder index shed as much as 5.2%, the most since last April’s tariff-related market meltdown. The declines were led by Green Brick Partners Inc., Lennar Corp., Champion Homes Inc., Dream Finders Homes Inc., Installed Bui ...

Core Insights - Economic concerns, particularly job losses and affordability, are significantly impacting home improvement retailers like Home Depot, which reported nearly flat comparable sales growth for the quarter and full fiscal year [1] Group 1: Consumer Sentiment and Spending - Continued consumer uncertainty is the primary reason customers are hesitant to invest in large home improvement projects, as highlighted by CEO Ted Decker [2] - High prices and low existing mortgage rates have kept homeowners from selling, while high borrowing costs and layoffs have dampened enthusiasm for financing renovations [3] Group 2: Market Outlook - Concerns over housing affordability and job losses are increasing, leading to a cautious approach for the upcoming spring season, which typically sees higher activity for Home Depot [4] - The company is not relying on tax stimulus for support, as it anticipates that funds may be used for debt repayment or savings rather than home improvement projects [5] Group 3: Financial Health and Stock Performance - Home Depot and its competitor Lowe's have managed the current uncertainty with discipline, resulting in an increase in stock prices following Home Depot's earnings report [5] - The CFO noted that even financially healthy households are showing reluctance to invest in renovations due to economic uncertainties [3]

Safehold Named 2026 Ivory Prize Finalist for Affordable Housing Innovation [Accessibility Statement] Skip NavigationNEW YORK, Feb. 19, 2026 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has been selected as a finalist for the 2026 Ivory Prize for Housing Affordability, which recognizes organizations driving high-impact innovation in the affordable housing market across finance, construction and policy.Continue Reading"We're proud to be part of the so ...

Group 1 - The financial situation of millennials is characterized by significant challenges, including student debt, housing affordability, and limited wealth-building opportunities [1][3][4] - Wealth gains among millennials are concentrated among those who own homes and financial assets, while renters have seen smaller increases in net worth [3][5] - The rising home prices have outpaced income growth, making homeownership unattainable for many millennials, and those who do buy face higher mortgage payments relative to income [5][6] Group 2 - Despite the struggles of many millennials, a portion of the generation has experienced substantial wealth growth due to rising asset prices and market gains [7][8] - A late-2024 analysis indicates that millennials' total net worth has nearly quadrupled since 2019, driven by increases in housing values and financial assets [8] - Millennials' average net worth growth has outpaced that of Gen X and baby boomers, averaging 12.74% in 2024 [8]

Mortgage Rates and Housing Market Overview - Mortgage rates have slightly decreased, with the average rate on a 30-year fixed mortgage falling to 6.09% from 6.11% last week, compared to 6.87% a year ago [1][3] - The average rate on a 15-year fixed mortgage also decreased to 5.44% from 5.5% [3] - Economic growth, a strong labor market, and low mortgage rates have improved housing affordability, leading to increased purchase application activity compared to the previous year [3] Inventory and Home Sales Trends - Existing home sales in the U.S. dropped 8.4% in January to a seasonally adjusted annual rate of 3.91 million units, marking the lowest level since December 2023 [7] - Year-over-year, home sales decreased by 4.4%, indicating a decline in market activity [8] - Inventory growth has slowed for nine consecutive months, with total supply remaining about 17.2% below pre-pandemic levels [5] Market Influences and Future Outlook - Mortgage rates are influenced by various factors, including the Federal Reserve's interest rate decisions and the 10-year Treasury yield, which was around 4.1% [4] - While the current mortgage rates have stabilized, a more significant drop is necessary to attract new buyers and sellers to rejuvenate the housing market [5]

Core Insights - A recent survey by Redfin reveals that 64% of single individuals find it challenging to afford their regular rent or mortgage payments, in contrast to 39% of married individuals [1] - The survey highlights the significant impact of rising housing costs on Americans, with mortgage payments increasing due to elevated sale prices and still high mortgage rates, despite a decrease from recent peaks [1] Housing Market Trends - The survey indicates a growing financial strain on single individuals in the housing market, suggesting a potential shift in demand dynamics [1] - The overall increase in housing costs over the past few years has contributed to affordability issues for many Americans, indicating a broader trend affecting the real estate sector [1]