“Rents are falling, but it feels more like they’re just returning to normal, which is healthy to some degree. You can say egg prices are plummeting, but what’s really happening is they’re finally making their way back to the $3 norm instead of $5 or $6. Rents ballooned during the pandemic, and are now returning to earth.” --Dan Close, a Redfin real estate agent in Chicago, where the median asking rent in March was 9.2% lower than a year earlier.

CONVERGENCE Memphis Inc. named Doreen Graves Executive Director, responsible for leading efforts to strengthen ties within the local Memphis community to promote affordable housing and increase Black homeownership.

The Federal Housing Administration published Mortgagee Letter 2023-08: Extension for COVID-19 Forbearance and COVID-19 Home Equity Conversion Mortgage Extensions, setting May 31 as the final date for borrowers requesting a COVID-19 forbearance or a COVID-19 Home Equity Conversion Mortgage Extension.