The National Observer | Real Estate Edition | March 24 | Banking turmoil and the housing market

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The collapse of Silicon Valley Bank and other banks in the past couple of weeks have created turbulence across the economy, but the for-sale housing market saw a bit of a bump in the wake of SVB's failure on March 10.

In fact, mortgage rates dropped full half percent the weekend after the bank failure, and the Mortgage Bankers Association reported mortgage applications increased 6.5% the week ended March 10 compared to the week prior.

Housing economists vary somewhat in their predictions of where mortgage rates will go in the coming weeks and months but most agree they won't move down meaningfully enough in the near term to spur a wave of buyers in the housing market, where affordability remains the biggest challenge.

Here are other top real estate stories from around the ACBJ network:

1. A number of executives in commercial real estate have vocally declared their support for First Republic Bank, a San Francisco-based bank that does plenty of real estate lending in the Bay Area and across the U.S.
2. Is Elon Musk building a town near his companies' facilities in the Austin, Texas, metro area?
3. Microsoft Corp. has shelved plans for a four-building office campus in its hometown of Redmond, Washington.
4. The University of Tampa in Florida has seen its enrollment grow in recent years but is struggling to house its students, prompting a critical concern about housing access and affordability for its student body.
5. The city of Columbus, Ohio, is taking a hard look at how to redevelop its surface parking lots for other uses.
6. Amazon.com Inc. may've backed out of its plans to open a headquarters in Queens' Long Island City but the New York neighborhood is booming regardless.
7. Green Cove Springs, Florida, could be considered a relic of a bygone era — but new infrastructure projects and population growth threaten to change its small-town charm and character.
8. An analysis of U.S. Postal Service ZIP code data reveals which downtowns have seen the biggest exodus since the Covid-19 pandemic.

Built by Ashley Fahey, editor of The National Observer: Real Estate. Reach me with tips, questions and feedback at?[email protected]