Housing shortage number raises eyebrows; Fed nominee hearing set 

This week in Washington, D.C., a report released by the White House said the U.S. is short 10 million homes — a number far larger than what most real estate economists estimate.

Meanwhile, President Donald Trump's nominee to replace Federal Reserve Chair Jerome Powell will soon attend his confirmation hearing after nearly three months of holdups. Plus, a new FBI report estimates that online real estate fraud exceeded $275 million in 2025.

An inflated housing deficit?

In its 2026 Economic Report of the President, the White House said the U.S. would have "10 million or more additional single-family homes today" if there hadn't been a significant decline in home building after the 2008 financial crisis.

Economists agree that there is an inventory crunch, which also contributes to affordability challenges. But most have estimated far lower inventory shortages.

Last month, Realtor.com reported a housing deficit of 4.03 million homes, and Freddie Mac said in late 2024 that the deficit was around 3.7 million. The Federal Reserve Bank of St. Louis recently acknowledged that estimates range from 3 million to 5 million in various studies. 

Analysts at John Burns Research and Consulting have made a much lower estimate — 1.1 million homes — and Director of Research Rick Palacios said even that number is "shrinking."

"This 10 million figure far exceeds all other estimates I've ever come across over the years," Palacios wrote in a social media post.

Hearing scheduled for Fed chair nominee

Nearly three months after Trump tapped Kevin Warsh to replace Powell, Warsh is finally scheduled to appear before the Senate Banking Committee for a confirmation hearing on April 21.

The nomination had been stalled by a bipartisan group of committee members. While Democrats have expressed concerns about Warsh's finances and his background as an ex-Fed governor, the key reason for the blockade is the Department of Justice's (DOJ) investigation into Powell. Committee Democrats and GOP Senator Thom Tillis of North Carolina have said the DOJ must drop its inquiry before they will allow any nominee to move forward.

Tillis, whose vote on the Republican-majority committee is essential to advancing Warsh's nomination for a full Senate vote, reiterated his position this week. A spokesperson for Tillis told CNN that the senator "will support Kevin Warsh once the DOJ investigation has concluded."

But neither the DOJ nor Trump appear to be backing down. Prosecutors have yet to drop the case, even though a federal judge quashed their subpoenas, and Trump vowed in a Fox Business interview to fire Powell if he tries to continue leading the Fed beyond his term.

Powell previously said he will continue to fill the role until the Senate confirms his replacement. His official term as chair ends May 15.

FBI releases real estate fraud report

Real estate fraud losses exceeded $275 million last year, according to the FBI's 2025 Internet Crime Report released in early April. More than 12,300 real estate-related complaints were reported — roughly 3,000 more than a year earlier.

Monetary losses increased year-over-year — up from $173.6 million in 2024 — though the total was lower than in 2022, when nearly $397 million in losses was reported.

With fraud complaints made by people of all ages, the report "outlines how just about anyone, at any age and real estate experience level, can fall victim to these crimes," according to NAR commentary about the report.