SHUTDOWN LEAVES HOMEBUYERS UNABLE TO CLOSE DEALS

The government shutdown, which has just entered its 22nd day, is being felt in ways that many people may not have expected. According to a 2024 report by the National Association of Realtors, more than one third of homebuyers across the country turn to federally backed loans to make homeownership possible. Now, the shutdown is putting those homebuying dreams in jeopardy for buyers across the country, like Chase Franklin, who is planning to use a USDA-backed mortgage for his home purchase. “So my lender got back in touch with me and she said, unfortunately, we’re not going to be able to close until the USDA reopens,” Franklin tells us. He isn’t alone. Anthony Smith, a senior economist at Realtor.com, says that the favorable terms of a government backed mortgage mean this may primarily impact first-time homebuyers. “That’s going to be really one of the biggest cohorts that are going to be impacted by this,” Smith says. Correspondent Leigh Waldman has all the details – including Franklin’s message to lawmakers in Washington, D.C. – in a 3pET PKG with FREE custom talkbacks from New York.