Homebuyer assistance programs reach record high

✈️ Tuesday has landed! July is flying by.

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1. Court dismisses lawsuit against Zillow

A federal judge dismissed the Taylor v. Zillow lawsuit, ruling that every claim against Zillow and its partners failed — even after plaintiffs filed five amended complaints.

• The court found Zillow's disclosures about its agent referral process and home loan offerings were clear, and rejected allegations that the company's tools misled consumers or inflated homebuyer costs.

The suit claimed Zillow's platform steered buyers toward preferred agents and financing options, but the court found plaintiffs failed to show evidence of consumer deception or financial harm.

The judge also rejected claims of an unlawful conspiracy, finding the complaint described routine business practices rather than illegal conduct.

2. New home sales rise for first time in three months

New home sales rose 1.6% in June to a seasonally adjusted annual rate of 628,000 — the first monthly increase in three months, the Census Bureau reported.

Here are the other key points of the report:

• The median new home price fell 2.7% year over year to $398,300, extending a six-month decline.

• Inventory dropped 3.2% annually to 485,000 homes, though supply stayed elevated at a 9.3-month pace.

• Builders kept using price cuts and buyer incentives to offset high mortgage rates and weak consumer confidence.

• The South led the recovery, with sales jumping 9.9% to their highest level since November.

A MESSAGE FROM DAVE YOUR MORTGAGE GUY

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Divorced. No job. Still closed.
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I broke down exactly how this loan works in my latest video — watch it here.

3. Catch up quick

🏞️ 88000-acre Texas ranch sells for $127.7 Million. (NYP)

⚠️ Pending home sales fall to 3-month low. (Redfin)

🏘️ Nearly 5.6 million renter households now have roommates. (StorageCafe)

💸 Home insurance now costs more than property taxes in many states, including Texas. (LendingTree)

⚖️ NAR homebuyer commission settlement hearing set for Nov. 2. (HousingWire)

4. Homebuyer assistance programs reach record high

Homebuyer assistance programs reached a record 2,746 nationwide in Q2, with 2,114 actively funded as of July 1, according to Down Payment Resource.

Grant programs rose 6% during the quarter to 234, while nearly two-thirds of all programs now support households earning above $100,000. Another 11% have no income limits.

Texas ranked third nationwide with 198 programs, behind California and Florida. More than 86% were active and funded, one of the highest rates among the nation's largest states.

5. Austin ranks among top metros for Millennial homebuyers

Austin is once again emerging as one of the nation's top destinations for Millennial homebuyers, ranking No. 7 nationally as Millennial homeowner households surged 110.9% between 2018 and 2023, according to a RentCafe report.

Texas placed four metros in the nation's top 20 for Millennial homeownership growth: San Antonio (105.8%), Dallas (96.9%), and El Paso (95.3%) joined Austin on the list.

A MESSAGE FROM THE RUNDOWN AI

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