Inventory for sale hits record $698 billion in April

🚼 Wednesday, the week's middle child, has arrived. Today’s newsletter is 710 words, a 2.5-minute read. Let’s dive in…

1.  Rocket to raise $4 billion in debt amid Redfin, Mr. Cooper acquisitions

Rocket plans to issue $4 billion in debt to support its pending acquisitions of Redfin and Mr. Cooper Group. The offering includes $2 billion in unsecured senior notes due 2030 and another $2 billion due 2033, the company said Tuesday.

The offering, aimed at institutional buyers, will initially be guaranteed by Rocket Mortgage. Guarantees from Redfin and Mr. Cooper entities will follow post-acquisition.

• Rocket’s $11.15 billion in pending deals include a $1.75 billion acquisition of Redfin and a $9.4 billion buyout of Mr. Cooper, announced in March.

Rocket joins a wave of nonbank lenders tapping debt markets, but this $4 billion issuance is the largest so far. PennyMac and loanDepot also announced new offerings this week.

2. DOJ moves to end Lakeland redlining order early

The Justice Department is seeking to terminate its redlining consent order against Lakeland Bank more than two years ahead of schedule, citing “substantial compliance,” court records show.

Lakeland agreed to the five-year order in 2022, settling for $13 million after allegations it failed to serve Black and Hispanic neighborhoods. The deal included $12 million in loan subsidies and hundreds of thousands for outreach and community partnerships.

The DOJ’s move follows a broader shift among federal regulators, including the CFPB, which recently said it will no longer pursue fair lending cases based solely on statistical disparities or isolated remarks, and will instead focus on cases with clear evidence of intentional discrimination and identifiable victims.

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3. More Nuggets

🚀 Americans tapped $25B in home equity in Q1. That hasn’t happened since 2008. (ICE)

🔐 Most still feel locked in by their current rate, looking for rates below 4%. (Realtor)

💰 The Federal Reserve has lifted the asset cap that Wells Fargo has operated under since 2018. (BankingDive)

📝 NAR may rescind 'no-commingling' rule this week amid DOJ scrutiny. (Inman)

🪐 You can go to space for $1 (👀 if you have 29,999,999 other friends who will also chip in $1) (RobbReport)

4. Inventory for sale hits record $698 billion in April

The value of homes for sale in the U.S. hit $698 billion in April, a 20.3% increase from a year earlier and the highest on record, according to Redfin. That’s more than double the $309 billion seen in January 2022, when inventory hit a pandemic low.

Key figures from Redfin’s April report:

• 44% of listings—worth $331 billion—sat on the market for 60 days or more.

• Total inventory rose 16.7% year-over-year, the highest since 2020.

• New listings increased 8.6%, the most in three years.

• Median sale price rose 1.4% from a year ago.

More homes are hitting the market, but many aren’t selling quickly. Prices are still climbing, despite weaker demand.

5. Scottsdale tops U.S. millionaire growth, beats Austin

Scottsdale, Arizona, posted the fastest millionaire growth in the U.S. over the past decade, with its wealthy population jumping 125% from 2014 to 2024, according to the USA Wealth Report 2025 from Henley & Partners. The surge knocks Austin out of the top spot, driven in part by a growing tech presence.

Other cities with the highest millionaire growth over the same period:

1. West Palm Beach, FL: +112%

2. Bay Area, CA: +98%

3. Miami, FL: +94%

4. Washington, DC: +92%

The rankings reflect long-term shifts in wealth migration and economic drivers, particularly in the South and West.

6. One tweet 🤷‍♂️

☀️ You’re all caught up. See you on Friday!

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