White House sets 100-home ownership threshold in proposed institutional buying ban

Plus: Dallas takes top spot for home investors in 2025

February 24, 2026

⏰ Hello, Tuesday.

Today's newsletter is 685 words, a 3.5-minute read.

1. Zombie foreclosures hold near historic lows

According to ATTOM’s Vacant Property and Zombie Foreclosure Report, 1.33% of the nation’s roughly 104.8 million residential properties, about 1.4 million homes, were vacant at the start of 2026. That figure was essentially unchanged from both the prior quarter and a year earlier.

Of the 230,401 properties currently in the foreclosure process, just 7,540 (3.27%) were classified as “zombie foreclosures,” meaning they had been abandoned by owners before foreclosure proceedings were completed.

That share remained relatively stable quarter over quarter and declined slightly from 3.34% a year earlier, reflecting continued homeowner engagement and strong equity positions.

“It will come as no surprise to anyone shopping for a home that vacancy rates remain low,” said ATTOM CEO Rob Barber. “That is one reason home prices have continued to rise despite ongoing affordability challenges. It is also encouraging for both neighborhoods and the broader market that even among properties in foreclosure, vacancy rates remain relatively low.”

2. Dallas takes top spot for home investors in 2025

According to a new study by Cotality, Dallas ranked No. 1 in total investor home purchases in 2025, leading the nation in investor activity.

  • Dallas recorded nearly 46,000 investor purchases and close to 86,000 non-investor purchases, outpacing every other U.S. metro in both categories.

The report attributes the surge in investor activity to strong population growth, with Dallas and Houston leading major metros in acquisitions due to sustained rental demand.

Source: Cotality

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3. Catch up quick

⚠️ HUD proposes rule that would force noncitizens from public housing. (APNews)

🔻 Texas new home sales slow to start 2026. (HomesUSA)

🏠 Pending home sales down 0.8% in January. (NAR)

🏘️ Rent affordability improves to best level since 2021. (Zillow)

⏳ Texas real estate agents face licensing delays amid state system transition. (KVUE)

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4. White House sets 100-home ownership threshold in proposed institutional buying ban

The Trump administration has proposed barring investors who own more than 100 single-family homes from purchasing additional properties, according to The WSJ, citing a White House memo sent to congressional committee leaders.

The proposal is broader than many in the industry expected. Some investors had anticipated the restriction would apply only to firms with portfolios exceeding 1,000 homes.

The proposal gives the Treasury Secretary authority to modify criteria such as exemptions and how to define a "large institutional investor." Some Democrats are pushing back, arguing the plan includes too many exemptions and doesn't require investors to sell existing properties.

5. San Antonio CEO pleads guilty in $69.5M real estate Ponzi scheme

A San Antonio CEO pleaded guilty Tuesday to participating in a multimillion-dollar fraud scheme and now faces up to 20 years in prison, according to a U.S. Department of Justice press release.

U.S. Attorney for the Western District of Texas, Justin R. Simmons, said 47-year-old Devin Ward Elder, CEO of DJE Texas Management Group, pleaded guilty to one count of wire fraud.

According to court documents, Elder raised more than $69.5 million from approximately 345 investors between January 2023 and March 2025 through 17 real estate investment projects.

Prosecutors said Elder lured investors with false promises of high returns and minimal risk, including claims that he would “co-invest” his own money alongside them.

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