It’s not just Americans who can’t afford U.S. homes. International purchases of U.S. homes over the past year declined 36 percent to 54,300 properties ($42 billion), hitting a record low as foreign buyers balked at the dollar’s strength and a lack of available properties with owners continuing to cling to pandemic-era cheap mortgages. If those buyers are looking for somewhere affordable, maybe they should look at Detroit (MI), which has the most affordable housing as determined by median house price divided by median annual household income. The city is 10.4 times cheaper than in Santa Barbara (CA), the city with the least affordable housing. Or if they’d prefer to rent until rates drop, Flint (MI) has the highest rent-to-price ratio, which is 14.2 times higher than in Santa Monica (CA), the city with the lowest. By the time they are ready to submit a mortgage application, many in our industry are hoping that Senate Amendment 2358 (which includes the Homebuyers Privacy Protection Act of 2024) passes, curtailing the practice of firms seeking to confuse mortgage applicants by inundating them with phone calls, texts, or direct mail solicitations. Aka “trigger leads.” More on that below. (Today’s podcast is found here and is sponsored by Calque. Calque provides a binding backup offer on a borrower’s departing residence, which empowers lenders to provide a bridge-like experience with easier qualification and less risk. Today’s episode features an interview with Blue Sage’s Carmine Cacciavillani on building software platforms for the mortgage industry.)