5 Surprising Truths Behind the Headline For many American families, the dream of homeownership—the American Dream—feels increasingly out of reach. Single-family home prices have surged, wages have not kept pace, and frustration is mounting. In this climate, Donald Trump has proposed a dramatic solution: banning large institutional investors from purchasing single-family homes. The message is politically powerful and immediately understandable. It identifies a clear villain and promises swift relief. Yet the reality of the U.S. housing market is far more complex. Behind the headlines are facts that challenge common assumptions—and reveal why this proposal may oversimplify a deeply structural problem. Below are five critical truths behind the debate. 1. “Wall Street” Owns Far Less Than Most People Think The first disconnect between rhetoric and reality lies in scale. Large institutional investors—the primary targets of Trump’s proposal—own only a small fraction of the U.S. single-family housing stock. Most estimates place their share at approximately 1–3% of all single-family homes, or about 2%…

Last Week In A Nutshell Rates ended the week about 10 bps lower following renewed trade tensions with China. Upcoming Attractions  This is a light week, especially if the shutdown continues. CPI report: Originally scheduled for Wednesday, but will be released October 24, regardless of when the government re-opens because the data is used to determine cost of living increases for social security recipients. Fed speakers: Fifteen Fed speaking engagements this week, including Chair Powell’s speech at the NABE conference earlier today, where he predicted an end to the Fed’s balance sheet runoff in coming months. Postponed if shutdown continues: Retail sales (Thursday), PPI (Thursday), housing starts and permits (Friday), jobless claims (state level data still available). Last Week’s Highlights Trade tensions: In response to new controls on rare earth exports, President Trump said that the US would add an additional 100% tariff on Chinese goods beginning November 1. These moves are ahead of his scheduled meeting with President Xi later this month. Ten-year treasury…