Housing Wire
SEPTEMBER 22, 2024
Have we seen the bottom in mortgage rates for 2024 after a crazy roller coaster ride so far this year? My 2024 forecast had a mortgage rate range of 7.25%-5.75%. To get to the lower end of this range, we needed to see two things: the labor market getting softer and the mortgage spreads improving. This is the double-whammy impact, and that’s what has happened.
Appraisal Buzz
SEPTEMBER 20, 2024
The U.S. housing market is experiencing significant variability, with some cities seeing homes fly off the market while others are witnessing prolonged delays. As of July 2024, the average home spends 35 days on the market, but this figure varies widely depending on the location. Using Redfin data on over 47,000 homes sold in the 100 largest U.S. cities, Joybird examined where homes are selling the fastest—and the slowest.
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Housing Wire
SEPTEMBER 18, 2024
The Federal Reserve lowered its benchmark interest rate on Wednesday by 50 basis points (bps) to a range of 4.75% to 5%, turning an important corner in the central bank’s fight against inflation. The cut is the first since March 2020 after the Fed raised interest rates to a 23-year high point to cool the economy and quell inflation. With both inflation and the labor market cooling, economists and housing professionals alike had expected the Fed to cut borrowing costs in September, with the
Appraisal Buzz
SEPTEMBER 18, 2024
For the first time in four years, the Federal Reserve has slashed its benchmark interest rate, a move that will force lower borrowing costs for consumers and businesses. The rate cut of a full half-point to a new range of 4.75% to 5.0% was announced by Federal Reserve Chair Jerome H. Powell at the conclusion of today’s Federal Open Market Committee (FOMC) meeting.
Sacramento Appraisal Blog
SEPTEMBER 18, 2024
We’ve been waiting for the Fed to cut rates, and it FINALLY happened today. That’s positive news, but let’s unpack what that means. Also, let’s talk about the problem of days on market. Any thoughts? UPCOMING SPEAKING GIGS: 10/18/24 Prime Real Estate (private) 10/23/24 SAFE Credit Union (details TBA) 10/29/24 Orangevale MLS Meeting 11/19/24 Downtown […] The post Rates cuts & you might not be the problem first appeared on Sacramento Appraisal Blog.
Real Estate News
SEPTEMBER 20, 2024
A new guide explains the types of compensation allowed (not an “open-ended amount or a range”), how buyers can ask sellers to pay and when it’s OK to walk away.
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Housing Wire
SEPTEMBER 19, 2024
Real estate agents have white-knuckled their way through more than two years of suffocatingly high mortgage rates that have stymied sales, choked off inventory and pushed home prices to new all-time highs. So what was the reaction from agents when the Federal Reserve surprised everyone by cutting rates by 50 basis points rather than the 25 that was taken as a given?
Eyes on Housing
SEPTEMBER 16, 2024
Over the first seven months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 599,308. On a year-over-year (YoY) basis, this is an increase of 13.7% over the July 2023 level of 527,158. Year-to-date ending in July, single-family permits were up in all four regions. The range of permit increases spanned.
Real Estate News
SEPTEMBER 19, 2024
Alabama Realtors wants members to have “greater flexibility” with their dues dollars. Without it, NAR faces legal risk and could “lose these members forever.
Inman
SEPTEMBER 18, 2024
Clelia Warburg Peters, Era Ventures' founder, is the first woman to raise an initial fund of this size in the real estate category. The fund will distribute capital across various stages of innovation.
Housing Wire
SEPTEMBER 19, 2024
Vetted by HousingWire | Our editors independently review the products we recommend. When you buy through our links, we may earn a commission. In this article, we’ll show you exactly how to convert unrepresented sellers into listings and sales with our proven FSBO scripts. These scripts come from our experience — not just coaching agents but as experienced brokers with long real estate careers.
Appraisal Buzz
SEPTEMBER 17, 2024
According to a new Zillow Home Loans analysis , monthly mortgage payments have grown less expensive than rent prices in 22 of the 50 largest U.S. metros. Recent dips in mortgage rates, which have fallen to the lowest level since early 2023, have significantly reduced monthly payments. According to the latest Primary Mortgage Market Survey (PMMS) from Freddie Mac, the 30-year fixed-rate mortgage (FRM) dropped last week to its lowest level since February 2023, coming in at 6.20%.
Eyes on Housing
SEPTEMBER 18, 2024
After its first post-COVID rate hike enacted more than two years ago, the Fed’s Federal Open Market Committee (FOMC) announced at the conclusion of its September meeting a significant reduction for the short-term federal funds rate. Tight monetary policy was undertaken to fight the worst bout of inflation in four decades. Today’s policy action marks.
Real Estate News
SEPTEMBER 18, 2024
The board took an aggressive approach with its 50-basis point cut, and signaled that two more cuts are coming this year.
Inman
SEPTEMBER 21, 2024
With this week's half-percent rate cut from the Federal Reserve, agents are hoping sellers will finally get off the fence and loosen up some inventory to get the market moving.
Housing Wire
SEPTEMBER 19, 2024
Like the traditional forward space, the reverse mortgage industry has been operating in an elevated interest rate environment for some time. While news of the Federal Reserve lowering its benchmark interest rate by 50 basis points (bps) to a range of 4.75% to 5% will have wider economic ramifications in the government’s ongoing efforts to fight inflation, there are expected benefits to the reverse mortgage business as well as the demographic it serves: seniors on a fixed income.
Appraisal Buzz
SEPTEMBER 16, 2024
Across America, baby boomers continue to make their mark, and their decisions on homeownership are significantly affecting the housing market. Born between 1946 and 1964, this generation has shaped the nation’s economy and culture. Now, as they age, their decision to hold onto their homes is impacting housing availability. A new survey from Clever Real Estate shows that 61% of boomers currently own homes, and 54% of those homeowners intend to stay in their homes for life.
Appraiserblogs
SEPTEMBER 19, 2024
Folks, I recently attended a Train the Trainer 1.5 day class about the new UAD/URAR, jointly facilitated by Fannie Mae, Freddie Mac and Aloft. About 20 other instructors from across the US were also present. This class is required before this new UAD material can be taught to other appraisers, under contract with the GSEs. My info below is a limited high-level summary for the new UAD and URAR of what was presented, and what the appraiser community can expect to see, from now into 2026.
Real Estate News
SEPTEMBER 16, 2024
Using the “one-third” formula, the plaintiffs’ lawyers are asking for more than $225 million from the two commissions settlements, plus other expenses.
Inman
SEPTEMBER 20, 2024
The Department of Housing and Urban Development has partnered with Zillow for "Let's Make Home the Goal," a campaign aimed at connecting minority communities with HUD pre-housing counseling services.
Housing Wire
SEPTEMBER 18, 2024
For those of us in the mortgage world, the spring and summer market may be showing some signs of slowing down, and what a ride this market has been. If the past few years have taught us anything, even the veterans must find ways to adapt, and anything can happen in our industry. You deserve a pat on the back if you are still standing because it has been a wild ride.
Appraisal Buzz
SEPTEMBER 16, 2024
According to Zillow’s most recent market report , reduced mortgage rates and more inventory are providing house buyers with a window of opportunity at an uncommon time of year. For those looking to purchase a home, affordability has significantly increased, and rather than decreasing as is usually the case at this time of year, competition among them may continue into the fall.
Appraiserblogs
SEPTEMBER 18, 2024
Ultimately, the United Appraisers Network would represent a bold and progressive alternative to the Appraisal Institute… The recent firing of Cindy Chance, the CEO of the Appraisal Institute (AI), has ignited widespread outrage and a profound sense of distrust among appraisers nationwide. In the wake of this controversial decision, discussions have emerged on industry forums about the potential creation of a new appraisal organization that would better serve the needs and interests of all appra
Real Estate News
SEPTEMBER 19, 2024
A home’s layout and natural light are important, but a new survey reveals what people refuse to give up — and how many of them can stick to their budgets.
Inman
SEPTEMBER 21, 2024
We've weathered the worst of our industry's perfect storm, Better Homes and Gardens Real Estate President Ginger Wilcox writes. Now it's time to get geared up for what's next.
Housing Wire
SEPTEMBER 19, 2024
The Alabama Association of Realtors (AAR) is asking the National Association of Realtors (NAR) to provide greater flexibility by allowing members to decide which levels of Realtor associations they would like to join. AAR made the request in a letter sent Monday to NAR CEO Nykia Wright. AAR CEO Jeremy Walker and President Senia Johnson signed the letter.
Appraisal Buzz
SEPTEMBER 16, 2024
The Five Star Conference 2024 , set for Tuesday-Thursday, September 24-26 at the OMNI Hotel in Dallas, is just days away, and the list of scheduled speakers, educational offerings, and networking opportunities continues to grow, offering something for all in the mortgage space. Tuesday, September 24 at 11:30 a.m., the Five Star Conference officially kicks off with the Keys for Life Opening Luncheon , where attendees will learn about the current State of the Industry, celebrate the 2024 Lifetime
Appraiserblogs
SEPTEMBER 16, 2024
On September 13, 2024, the Appraisal Institute President, Sandra Adomatis, SRA, announced that Cindy Chance is no longer the CEO of the Appraisal Institute. “We are writing to inform you that as of today, September 13, Cindy Chance is no longer in her role as CEO of the Appraisal Institute.” In an interview published by HousingWire, Cindy Chance disclosed that the Board of Directors had terminated her.
Real Estate News
SEPTEMBER 17, 2024
While a rate cut — which could further drive down mortgage rates — would help homebuyers, there are other headwinds at play in the final months of 2024.
Inman
SEPTEMBER 18, 2024
Central bank policymakers drop short-term rates by 1/2 percentage point and signal more cuts ahead, but much of the impact may already be priced in to mortgage rates.
Housing Wire
SEPTEMBER 20, 2024
The Homebuyers Privacy Protection Act of 2024, a U.S. Senate bill introduced this past December that targets mortgage trigger leads, has been incorporated into the fiscal year 2025 National Defense Authorization Act (NDAA). This is a bill that Congress must pass each year, since it refers to laws that specify the annual budget for the U.S. Department of Defense (DOD).
Appraisal Buzz
SEPTEMBER 19, 2024
It’s a tough market for first-time home buyers, but they can still find ways to make their dream come true, according to NerdWallet’s Q2 First-Time Home Buyer Affordability Report. It’s not easy being a first-time home buyer. Traditionally, first-timers have lower incomes and less established credit than repeat buyers, and make smaller down payments (8% for first-timers, on average, versus 19% for repeat buyers).
JMV Lending
SEPTEMBER 16, 2024
Fed Week: Corruption or Panic on the Part of the Fed? The Fed will announce a rate cut this week, and many pundits are now predicting a 50-basis point cut […] The post Why Appraising a Home For More Than Purchase Price Is So Difficult – For 12 Months appeared first on JVM Lending.
Real Estate News
SEPTEMBER 20, 2024
Place/Livian deal ‘a significant step’; Lone Wolf and Seeking Agents respond to lawsuit-driven industry changes; Stellar adds access to MLS Match referral tool.
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