San Francisco divestments and relocations underscore the bank's evolving corporate focus.

Stronger-than-expected second-half construction activity has pushed the under-construction pipeline higher.

Manhattan, Dallas and Silicon Valley lead recovery while vacancy declines and rents hit new highs.

Limited new supply, labor pressures and rising tech needs are widening cost variability for outpatient projects.

Seasonally adjusted FHA delinquencies surge 74 basis points in Q4 while serious delinquencies remain elevated across loan types.

Originations surged 37% year-over-year in Q4, and sales hit $50.9 billion.

Buyers now need just $111,000 to afford the median U.S. home, down from $120,000 in late 2023.

A modest rebound in property values, improving returns and steady credit spreads underpin renewed lending.