Housing Wire

JUNE 21, 2022

Mortgage rates continued to surge last week, with the 30-year fixed mortgage rate jumping 33 basis points to 5.98% – the highest since November 2008 and the largest single-week increase since 2009,” Joel Kan, associate vice president of economic and industry forecasting for the trade group, said in a statement. the week prior. .

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Mortgage Contracts 445

Housing Wire

SEPTEMBER 14, 2022

Demand for mortgage loans declined last week as mortgage rates reached their highest level since 2008, crossing the 6% threshold. . MBA’s estimate, however, indicated the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) rose to 6.01% this week to the highest level since 2008, from the previous week’s 5.94%.

Mortgage 353

Mortgage Retail Contracts Housing Market 353

Housing Wire

JUNE 29, 2024

The last time we had a stressed seller market was when national home prices crashed in 2008-2011 and even with more inventory , we’re nowhere close to those levels. The numbers speak for themselves and if anyone you know has been saying housing looks like 2008 for the past 10 years, I will tell you that the person doesn’t read.

New Listings 380

New Listings Inventory Contracts Sellers 380

Housing Wire

MARCH 6, 2024

million in damages related to a breach of contract claim in a four-year dispute between the companies. Founded in 2008, Pennymac employs about 3,900 people nationwide. He will be responsible for developing a road map to expand Pennymac’s proprietary servicing platform, Servicing Systems Environment (SSE).

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Technology Retail Contracts Tools 397

Housing Wire

JANUARY 13, 2022

The leading plaintiffs are two couples, Phillip and Sara Alig and Daniel and Roxanne Shea, who refinanced their mortgages in 2007 and 2008, respectively. Federal reforms following the 2008 financial crisis sought to put a firewall between lenders and appraisers.

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Appraisal Law Valuation Home Value 433

Housing Wire

MAY 18, 2022

This demand curve prevents a boom and bust cycle from happening, as we saw from 2002 to 2008. It takes forever to finish a home, and now the builders are dealing with the reality of borrowers who went into contract with sub-4% rates and are now dealing with 5%+ rates. This is a huge positive for the U.S. From Census: Privately?owned

Mortgage 477

Mortgage Construction Contracts Housing Market 477

Housing Wire

DECEMBER 11, 2020

Had a blockchain like FormFree’s been in place in the early days of the COVID-19 pandemic, it could have helped avert future lender losses and credit issues, according to Faith Schwartz, who led the HOPE NOW alliance during the 2008 crisis. The smart contract presents the borrower’s lending request to the exchange.

Lending 426

Lending Contracts Investors Technology 426

Housing Wire

DECEMBER 13, 2022

Fraud risk continues to rise even as the market contracts . Back in 2008 there were 8 million job losses in a single year,” Yun said. Yun also noted the difference in inventory conditions today compared to 2007 and 2008 when there were about 4 million homes on the market.

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Realtors Mortgage Real Estate Housing Market 431

Housing Wire

DECEMBER 9, 2020

Mnuchin , have raised a $124 billion claim against the federal government, essentially arguing that the FHFA, which was created in the wake of the 2008 housing crash, acted illegally when it took several actions to prevent Fannie and Freddie from collapsing. The plaintiffs in the case, Collins v. home loans.

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Government Legal Investing Law 388

Housing Wire

JANUARY 27, 2023

After the 2008 mortgage meltdown, JVM let go of all its loan originators and trained its employees to target the jumbo loan market in the San Francisco Bay area instead. The lender runs its business based on a “no-loan-officer” model in which all of its 45 employees are licensed and delegated to a specific role in closing a loan.

Lending 384

Lending Real Estate Agent Loan Officers Retail 384

Housing Wire

JANUARY 3, 2024

Deran Pennington, a former Movement Mortgage top sales executive sued for poaching by the lender, filed a counterclaim alleging that Movement breached the contract by failing and refusing to pay his due compensation. million and liquidated damages for the company’s breach of contract. In total, he asks for about $13 million.

Contracts 382

Contracts Legal Mortgage 382

Housing Wire

APRIL 20, 2022

According to the agency, a “soft-landing” – when inflation subsides without economic contraction – is possible, but historically such an outcome is an exception, not a norm. Fannie Mae changed its GDP forecast from a growth of 2.2% to a decline of 0.1%. Fannie’s predictions show that, after peaking at 8.5%

Technology 476

Technology Mortgage Contracts Real Estate 476

Housing Wire

FEBRUARY 16, 2023

There is one simple reason for this: it’s not 2008. However, the glaring difference today versus the recession of 2008, is that in 2007 the builders had to deal with over 4 million active listings as competition for their pricey new homes. Let me be honest here: we got lucky as a country.

Construction 478

Construction Housing Market Inventory Mortgage 478

Housing Wire

OCTOBER 12, 2022

It’s no coincidence that the post-2008 crisis mortgage expansion happened to occur during a period marked by transformative technological change in the industry. The industry is now heading into one of those contractionary periods and an ICE-Black Knight merger would amplify those effects.

Mortgage 382

Mortgage Technology Business Contracts 382

Housing Wire

AUGUST 3, 2022

Some closed in 2008 crash. It turns out a lot of big companies have contract workers. A lender has a budget for the year or quarter and calls an agency that has short- and long-term contracts with licensed, certified processors, underwriters, closers, and more. The employees would know their contract length and plan budgets.

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Mortgage Human Resources Contracts Training 371

Housing Wire

JANUARY 19, 2024

It happened in 2008 and then didn’t happen again until 2023. Our housing market tracker counts weekly active single-family listings, those homes that aren’t in the contract, and the raw available number of homes for sale. Our tracker articles have a lot more details about the current weekly market and we publish those each Saturday.

Housing Market 433

Housing Market Inventory Contracts Marketing 433

Appraisal Buzz

MARCH 14, 2022

What would happen on purchase transactions if the Purchase Contract were not provided to the appraiser? Could that contract be construed as an influence on value? Reviewers report that they see a lot of fancy footwork to get to the contract price in increasing markets. To hit the purchase price, that’s why! Boilerplate Comments.

Appraisal 397

Appraisal Contracts Marketing Lending 397

Housing Wire

MAY 13, 2022

In 2008 when blockchain and its celebrity use case of BitCoin came into view, with breathless excitement discussions of complete decentralization of purchases and bank-less futures coursed freely through public discourse. Distributed Ledger Technologies are the Backbone of Blockchains.

Contracts 352

Contracts Technology Architecture Government 352

Housing Wire

SEPTEMBER 21, 2022

MBA’s estimate, however, indicated the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) rose to 6.25%, from the previous week’s 6.01%. Mortgage rates followed suit last week, increasing across the board, with the 30-year fixed rate jumping 24 basis points to 6.25% – the highest since October 2008.”.

Mortgage 382

Mortgage Retail Contracts Housing Market 382

Housing Wire

OCTOBER 1, 2022

The National Association of Realtors Research Group has produced the index since 2008, at a time of turmoil in the real estate market. Notably, the market has contracted as fewer buyers can afford to purchase in today’s market with the rise in interest rates and the continual rise in home prices.

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Realtors Housing Market Marketing Buyers 402

Cleveland Appraisal Blog

OCTOBER 14, 2021

Others have expressed concerns that we are headed for a housing crash, like in 2008. Let’s talk about the difference between today’s market and the one during the years leading up to the bursting of the housing bubble in the Great Recession of 2008. THE RISE IN HOME PRICES IN THE YEARS LEADING TO 2008.

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Inventory Market Value Appraisal Contracts 243

Housing Wire

AUGUST 23, 2023

The yields jumped to their highest level since 2008, north of 4.3%. The average contract interest rate for 5/1 ARMs fell to 6.50% from 6.20% a week prior. For the week that ended August 18, mortgage applications fell 4.2% from the prior week , according to data from the Mortgage Bankers Association. bond yields spike last week.

Mortgage 312

Mortgage Contracts Government Buyers 312

Housing Wire

FEBRUARY 13, 2023

Equity Prime Mortgage (EPM) filed a counterclaim against Jesse Iwuji Motorsports (JIM) last week for allegedly breaching a sponsorship contract. The stock car team is also accusing EPM of breaching the contract by failing to make more than $4 million in sponsorship payments following a “margin call” from its investors.

Contracts 284

Contracts Legal Lending Loan Officers 284

Housing Wire

SEPTEMBER 3, 2022

Even though the builders are going to stop producing new single-family homes that aren’t already under contracted, they need to have the labor to finish the homes that have been started on or under contract and not started on yet. We aren’t there yet, but now is the time to be mindful of it.

Contracts 493

Contracts Construction Marketing Design 493

Appraisal Buzz

AUGUST 1, 2022

When reading contracts, words will always have their ordinary meaning unless defined otherwise. a rule in statute or contract interpretation: when the language is unambiguous and clear on its face the meaning of the statute or contract must be determined from the language of the statute or contract and not from extrinsic evidence [i].

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Valuation Contracts Appraisal Legal 360

Housing Wire

SEPTEMBER 19, 2023

There are 345,000 single-family homes in the contract pending stage. In this chart the height of each bar is the total count of homes in contract. There were still 390,000 single-family homes under contract last year mid-September. That’s 12% fewer than last year. The light portion of the bar are the new transactions each week.

Housing Market 439

Housing Market Marketing Inventory New Listings 439

Housing Wire

OCTOBER 20, 2022

regions experiencing month over month contractions. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.” from August to September, with three out of four major U.S. million from 6.18

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Inventory Contracts Mortgage Realtors 392

Housing Wire

MAY 18, 2024

The moves haven’t been significant and our weekly pending contracts data picked up this week. Compare this level to 2008-2012 when this data line ran between 250,000 and 400,000 per week: clearly we aren’t seeing any considerable national-scale stress in this data line.

New Listings 456

New Listings Inventory Mortgage Contracts 456

Housing Wire

MARCH 22, 2024

We are seeing contracts fall through during the due-diligence period because of the sticker shock on insurance costs, so that is definitely a problem.” What we recommend is that before you put a property under contract, you consult and get a quote so that you know what your potential insurance costs will be.”

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Insurance Inventory Marketing Real Estate 397

Appraisal Buzz

MAY 17, 2021

In the run-up to the 2008 market crash, appraisers were overworked and took on more than they reasonably could handle. Almost daily, there is some story on social media about being “turned in” to the state by a disgruntled agent, buyer, or seller for appraising a property below the contract price.

Appraisal 418

Appraisal Clients Real Estate Sellers 418

Housing Wire

FEBRUARY 27, 2024

Exclusivity: No Trial period: No Contract requirements: Annual contract required SmartZip is a lead generation, marketing and CRM solution founded in 2008. Or purchase just the data and the platform, and do the mailing and marketing yourself.

Advertising 389

Advertising Real Estate Tools Sellers 389

Housing Wire

OCTOBER 15, 2024

In fact, the 61,000 new contracts pending this week for single-family home purchases was 16% more than the same week a year ago, when sales were tanking with the mortgage rate spikes. Home prices down The median price of all the homes that went into contract this week is $389,000. That happened in the 2008 bubble burst.

Inventory 481

Inventory New Listings Sellers Marketing 481

Housing Wire

MAY 31, 2022

increase year over year for properties under contract, indicating that demand in the city remains strong,” said Elizabeth Anne Stribling-Kivlan, Compass’ senior managing director. Since its establishment in 2008, the firm said it has bought and sold about $12 billion in residential real estate. during the same time.

Mortgage 397

Mortgage Construction Lending Real Estate 397

Housing Wire

SEPTEMBER 20, 2022

” According to Tullos, the company made an arrangement to work on a contract basis with some of the employees that were laid off. Founded in 2008, ResMac is a nonbank mortgage lender that originated, on average, $15 million in loans over the last 12 months and has licenses in 31 states, according to the mortgage tech platform Modex.

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Marketing Investors Retail Mortgage 331

Housing Wire

FEBRUARY 24, 2024

As mortgage rates rise, there is weakness in demand and homes don’t go into contract immediately. Weekly new listing data for the last week over the previous several years: 2024: 51,381 2023: 44,864 2022: 48,979 For some historical reference, during 2008-2011, new listings data was growing between 250,000-400,000 per week.

Mortgage 466

Mortgage Inventory New Listings Housing Market 466

Housing Wire

AUGUST 1, 2023

The median price of the homes in contract is $385,000. There are now 376,000 single-family homes in contract. Maybe by Q4, we’ll have more homes in contract than there were at the end of 2022. The count of new contracts this week was just over 68,000 single-family homes. Both lines indicate about 70,000 contracts.

Inventory 341

Inventory Contracts Buyers Mortgage 341

Housing Wire

FEBRUARY 21, 2023

million units for the year – a level similar to the annual pace that occurred in 2008-2011 period. trillion in 2024, a substantial contraction from Fannie Mae’s estimated volume of $2.36 Fundamentally, there continues to be an elevated number of homes under construction or completed that are for sale relative to the recent sales pace.

Inventory 384

Inventory Mortgage Housing Market Contracts 384