Thu.Oct 26, 2023

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Weekly mortgage rates soar closer to 8%: Freddie Mac

Housing Wire

Average mortgage rates on 30-year fixed home loans continued their march towards 8% this week as the Treasury yield surpassed 5%. Rates have been steadily climbing for seven straight weeks, the longest consecutive increase since Spring 2022, according to Freddie Mac ‘s Primary Mortgage Market Survey. The average 30-year, fixed-rate mortgage rose to 7.79% as of Oct. 26.

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Making a modern home from a tract home

Sacramento Appraisal Blog

You will either love it or hate it. This owner transformed a tract home built in 2002 into something with serious Midtown modern vibes. When I saw this house, I knew I wanted to write about it, and I think there are some great conversation nuggets. How do we value something when it has really […] The post Making a modern home from a tract home first appeared on Sacramento Appraisal Blog.

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Servicing earnings prop up Pennymac’s Q3 performance

Housing Wire

The servicing segment drove most of Pennymac Financial Services ’s earnings in the third quarter of 2023, just like its peers, Mr. Cooper and Rithm Capital. Profits at the California-based lender increased by 60% from July to September, compared to the prior quarter, with originations also boosting performance. Pennymac announced on Thursday a $92.87 million net income in Q3 2023, up from $58.2 million in the previous quarter but down from $135 million in Q3 2022, per Securities and Exch

Sellers 448
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Defense paints picture of bleak future; plaintiffs strike back hard

Real Estate News

The defense in Sitzer/Burnett called on three experts to discuss the consequences of decoupling commissions, with one facing aggressive cross-examination.

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Leverage Trellis Court Data To Identify More Investment Opportunities

Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.

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Judge denies HomeServices’ motion for mistrial in commission lawsuit

Housing Wire

KANSAS CITY, Missouri — The ninth day of the Sitzer/Burnett commission lawsuit started off with some overnight news from the court. After filing a motion for a mistrial Wednesday morning, citing several grievances including “vulgar” footage from a Tom Ferry podcast featuring Allan Dalton and references to the Department of Justice’s investigation of the National Association of Realtors (NAR), defendant HomeServices of America learned it didn’t get its way.

Buyers 448

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Jason Christie returns to Compass in NYC

Housing Wire

Jason Christie New York City luxury agent Jason Christie has returned to Compass after two years at Serhant , the company announced on Thursday. Christie specializes in luxury real estate in Manhattan and the Bronx. He is also the founder of “Agents of Color,” a national referral network for BIPOC real estate professionals. Christie said he returned to the brokerage because of its technology, agent network and culture.

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The chills continue as mortgage rates keep rising

Real Estate News

Expect a “more dramatic” seasonal slowdown in home sales as average rates near 8% scare off buyers.

Mortgage 293
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BaseCap co-founder on data accuracy and data risk

Housing Wire

HousingWire Editor in Chief Sarah Wheeler sat down with Nicolas Guillen, co-founder of BaseCap Analytics , to talk about data, AI and the problems we still need to solve. Sarah Wheeler: Your background includes experiences in banking and capital markets, including working at Morgan Stanley as a credit risk manager. How do you leverage those experiences at BaseCap?

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Anywhere, Offerpad form mutually beneficial partnership

Real Estate News

The iBuyer will send potential sellers leads to the brokerage company, while Anywhere agents can present their sellers with a cash offer from Offerpad.

Brokerage 261
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The Constructor's Digital Transformation Playbook: Reducing Risk With Technology

Speaker: Dylan Secrest

Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.

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Pending home sales up slightly in September: NAR

Housing Wire

Pending home sales ticked up 1.1% in September despite significant affordability hurdles weighing on the market, according to data released Thursday by the National Association of Realtors (NAR). NAR’s Pending Home Sales Index rose to a reading of 72.6 in September. Pending homes sales mirrored the trend in new home sales , which posted a 12.3% increase in September.

Inventory 435
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Broker Spotlight: Brian Fairweather of The Agency Palm Beach

Inman

Find out how this Florida brokerage leader combines selflessness, diligence and patience to achieve remarkable results.

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Rithm delivers $194M profit in Q3 amid M&A deals

Housing Wire

New York-based Rithm Capital’s profits declined in the third quarter of 2023, when the real estate investment trust got involved in a dispute for Sculptor Capital Management and announced the acquisition of Specialized Loan Servicing. The deals are part of the firm’s plan to become a leading global asset manager, executives said. Rithm announced Thursday that it delivered a $194 million GAAP net income in the third quarter of 2023 — lower than the $357.4 million the prior quarter , p

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RESAAS enters enterprise domain with new pitch to big brokerages

Inman

RESAAS’s data provisioning and market insight tools address a wide array of needs in multiple real estate business centers. It's known especially for its MLS and brokerage communication modules.

Brokerage 199
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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.

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Offerpad, Anywhere team up to expand iBuyer’s reach

Housing Wire

Real estate conglomerate Anywhere is teaming up with Offerpad to expand the iBuyer ‘s services nationwide, according to an announcement on Thursday. Offerpad operates in 14 states. The partnership extends Offerpad’s reach by allowing seller requests from areas outside of Offerpad’s current markets to be served by certified agents affiliated with the Anywhere Leads Network , a nationwide network of 500 brokers and more than 100,000 real estate agents.

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Offerpad to partner with Anywhere agents outside of market area

Inman

Sellers located outside of Offerpad markets who contact the iBuyer for services will be connected with eligible agents in the Anywhere Leads Network.

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Judge denies HomeServices’ motion for ‘judgment as a matter of law’ in Sitzer suit

Housing Wire

Wednesday afternoon’s proceedings at the Sitzer/Burnett commission lawsuit trial continued with more testimony from HomeServices of America executives. After appearing in a video deposition on Monday as part of the plaintiff’s testimony, Rosalie Warner, a corporate representative for HomeServices of America and its affiliates, was in the Kansas City courtroom in person on Wednesday.

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Beth Kushnick went from staging ‘The Good Wife’ to your listing

Inman

The longtime film and TV set decorator turned to staging for NYC-based real estate firm Archpoint Advisory on the cusp of the WGA and SAG-AFTRA strikes, and is enjoying the opportunity.

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HousingWire Annual completes merger with The Gathering of Eagles

Housing Wire

In a groundbreaking development for the real estate and mortgage industries, HousingWire has announced the successful merger of HousingWire Annual and RealTrends’ Gathering of Eagles. The merger, which has been in the works for several months, brings together two powerhouse events that have been at the forefront of industry thought leadership. By joining forces, The Full Picture begins to emerge, creating business and knowledge opportunities for mortgage, real estate, title, and appraisal leader

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Pending home sales surge in a September surprise

Inman

The Pending Home Sales Index, representing the number of homes that went under contract, rose 1.1 percent between September and August.

Contracts 190
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Q3 earnings for title’s Big Four are a mixed bag

Housing Wire

Thursday was a big day for title firm earnings, with three of the Big Four title insurers reporting their third-quarter 2023 earnings. The day began with Stewart’s Q3 2023 earnings call with investors and analysts. During the quarter, the smallest of the Big Four recorded a total revenue of $601.7 million, down from $716.4 million a year ago. Stewart’s net income also fell year over year dropping from $29.4 million in Q3 2022 to $14.0 million in Q3 2023.

Insurance 429
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24 coaching strategies that will help your business soar in 2024

Inman

If you've been struggling with motivation, mindset and the strains of the current market, author and trainer Bernice Ross offers two dozen proven techniques to get you back on track.

Business 183
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U.S. Economic Growth Accelerates in the Third Quarter

Eyes on Housing

The U.S. economy had remarkable growth in the third quarter of 2023, fueled by consumer spending. The GDP price index rose 3.5% for the third quarter, up from a 1.7% increase in the second quarter. The Personal Consumption Expenditures (PCE) Price Index, capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior, rose.

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Our Extraordinarily Strange, Not-So-Good, and Very Illiquid Real Estate Market

BiggerPockets

The housing market makes no sense at this point. Is it good? Bad? Ugly? Here's what the data says it is.

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Housing Share of GDP Remains Flat in the Third Quarter of 2023

Eyes on Housing

Housing’s share of the economy remained at 15.9% at the end of the third quarter of 2023. Overall GDP increased at a 4.9% annual rate, following a 2.1% increase in the second quarter of 2023 and 2.2% increase in the first quarter of 2023. Housing’s share of GDP remained at 15.9% for the third consecutive quarter in 2023. In the.

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Understanding the Quitclaim Deed

BiggerPockets

Sometimes, properties may not have a clear title or line of ownership. If a property has any issues with its title, an owner may choose to provide a quitclaim deed. These deeds are also referred to as quick claim deeds because the transfer of property can happen much faster using this type of deed. This guide will explain everything you need to know about the quitclaim deed.

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Is the Bank of Canada done with rate hikes?

Mortgagebroker News

CIBC's Tal on whether the end is in sight

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Understanding Leverage in Real Estate

BiggerPockets

Leverage is a valuable tool that uses other people’s money to buy property. This strategy allows you to find more lucrative investment opportunities while protecting your liquid assets. It gives you endless possibilities to purchase real estate with little or no money down.

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BoC rate hold signals confidence in current policy, analysts say

Mortgagebroker News

The central bank's current strategy gives it sufficient room to manoeuvre should a recession materialize

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Return on Investment (ROI) in Real Estate

BiggerPockets

ROI in real estate measures the profitability of an investment property. It's the ratio of net profit to the initial investment. In simple terms, a higher ROI indicates a more lucrative investment, while a lower one suggests lower returns.

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Interest rates to rein in 2024 sales activity: BCREA

Mortgagebroker News

The Bank of Canada's latest decisions seem to indicate that it is now at the end of its tightening cycle, association says

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Cash-Out Refinance: Everything You Need to Know

BiggerPockets

In real estate, refinancing is the process of replacing an existing mortgage with a brand-new one with more favorable terms. By refinancing, borrowers can decrease monthly mortgage payments, negotiate lower interest rates, renegotiate the term, remove other borrowers from the loan agreement, and/or access cash through home equity that has been built over time.