The U.S. Senate confirmed Dr. Ben Carson as the Secretary of Housing and Urban Development with a roll call vote of 58-41.
Insufficient supply levels led to a lull in contract activity in the Midwest and West, bringing pending home sales to their lowest level in a year.
Bolstered by growing demand in smaller markets, commercial real estate should remain on stable ground in 2017 and offer decent returns for investors.
Existing-home sales stepped up in 2017, surpassing a recent cyclical high and increasing in January to the fastest pace in almost a decade.
New housing affordability model suggests homebuyers at many income levels could see few listings on the market in their price range in coming months.