President Trump called on Congress to ban large institutional investors from buying single-family homes, aiming to give regular buyers a fair chance. While only 2.2% of investor-owned homes are owned by large investors, their impact is significant in certain hot markets, driving up prices and distorting the market.

Shares of big investment firms like Blackstone and Apollo Global Management dropped over 5% in response to the proposed ban. The ban is seen as a win for regular Americans but a blow to these firms, as they may struggle to monetize their investments in the future.

Despite falling mortgage rates, total mortgage application volume decreased by nearly 10% in the first week of January. This decline comes even as rates were expected to stimulate the market, highlighting the challenges buyers still face in the competitive housing market.

Read more at Yahoo Finance: Trump Seeks to Lock Corporate America Out of Local Housing Markets