Housing Wire

AUGUST 1, 2024

The average 30-year fixed-rate mortgage dropped to 6.62% on Thursday, a new low for 2024 that appears to be tied to the expectation that the Federal Reserve could move to cut interest rates at its next meeting in September. This is according to data reported by Mortgage News Daily. On Wednesday, Fed Chair Jerome Powell indicated that a rate cut is a possibility after the September meeting if economic data continues to trend in the right direction.

Mortgage 518

Mortgage Inventory Marketing 518

Appraisal Buzz

AUGUST 1, 2024

The market is getting more buyer-friendly as a result of a combination of increasing inventory levels and price decreases, according to Realtor.com’s July housing data. In July 2024, the number of active homes for sale increased by 36.6% from the same month the previous year, reaching a post-pandemic high. At the same time, the percentage of listings with price reductions reached 18.9%, the highest level since October.

Inventory 418

Inventory Sellers Buyers Housing Market 418

Housing Wire

AUGUST 1, 2024

Homebuyers often adjust their plans for the uncertainty that an election year can bring. With less than 100 days until the 2024 election, a majority of buyers are taking note. That’s according to survey results released Thursday by Veterans United Home Loans, which show that 60% of prospective buyers are taking the election into account. Even more dramatic is that 38% of homebuyers are pausing their search until after Election Day.

Housing Market 508

Housing Market Finance Buyers Marketing 508

Real Estate News

AUGUST 1, 2024

Many homebuyers are waiting to see who the next president will be before continuing their home search, but it’s really the Fed that they should be watching.

Buyers 345

Buyers 345

Housing Wire

AUGUST 1, 2024

Rapidly rising home prices are bad news for prospective buyers, but they’re proving quite beneficial for homeowner equity. That’s according to a new report from ATTOM Data Solutions that found that in the second quarter of 2024, 49.2% of mortgaged homes were “equity-rich,” defined as having a loan balance of less than half of the estimated market value of those homes.

Market Value 482

Market Value Home Value Housing Market Buyers 482

Real Estate News

AUGUST 1, 2024

The company said its contract — which will be available in 24 states — was designed to “help agents navigate new requirements” related to the NAR settlement.

Contracts 306

Contracts Design Agents 306

Real Estate News

AUGUST 1, 2024

eXp showed growth in revenue and transactions as execs pitched the company’s value prop ahead of August 17 rules changes mandated by the NAR settlement.

279

279

Housing Wire

AUGUST 1, 2024

With just over two weeks to go until the National Association of Realtors’ (NAR) commission lawsuit settlement agreement will require agents to have a signed buyer representation agreement prior to taking a client on a home tour, Zillow has released 24 state-specific versions of the touring agreement it released roughly three months ago. According to Zillow, the state-specific agreements cover 80% of its Premier Agent real-time touring connections.

Agents 459

Agents Realtors Buyers Law 459

Real Estate News

AUGUST 1, 2024

More than 25,000 consumers paid Zurixx for coaching endorsed by TV real estate reality-show stars in a case officials hope “is a warning to others.

Real Estate 279

Real Estate 279

Housing Wire

AUGUST 1, 2024

The Community Home Lenders of America (CHLA) on Thursday issued a comment letter to the Consumer Financial Protection Bureau (CFPB), saying that a major reason for the increase in mortgage closing costs from third parties is due to a lack of competition among third-party providers. On top of “click fees” that CHLA said are charged by ICE Mortgage Technology to facilitate data access between lenders and vendors, “fees for necessary loan functions have grown exponentially in recent years, in areas

Insurance 457

Insurance Mortgage Technology Development 457

Real Estate News

AUGUST 1, 2024

A $20 million payment on its commissions litigation settlement takes a bite out of cash flow but cost-cutting efforts yield $30 million in savings.

264

264

Housing Wire

AUGUST 1, 2024

Talk to a real estate agent about expectations for the fall and they’ll likely mention that the housing market will be slow due in part to the election, a belief in the industry that’s become rote. But a new report from John Burns Research and Consulting refutes that notion. The firm crunched 35 years of data and concluded that the typical seasonal decline in home sales activity in the fall is actually more severe in non-election years.

Real Estate Agent 457

Real Estate Agent Housing Market Buyers Real Estate 457

Real Estate News

AUGUST 1, 2024

It’s early, the iBuyer’s CEO says, but Opendoor has seen “10-15 basis points of pressure” on commission rates. “Not a huge amount, but decidedly different.

260

260

Housing Wire

AUGUST 1, 2024

As brokerage firms fine tune how to handle the business practice changes outlined in the terms of the National Association of Realtors’ nationwide commission lawsuit settlement agreement , which are set to go into effect on August 17 , many are focusing on how their agents will handle compensation on both the buy-side and the sell-side. When it comes to handling compensation eXp Realty is not mincing its words — it is not sharing its listing fee with the buyer’s broker.

Sellers 448

Sellers Buyers Agents Law 448

Appraisal Buzz

AUGUST 1, 2024

U.S. home prices were flat in May compared with April but were up 5.7% compared with May 2023, according to the Federal Housing Finance Agency’s (FHFA) home price index. The previously reported 0.2% price increase in April was revised upward to 0.3%. “U.S. house price movement was flat in May,” says Anju Vajja, deputy director for FHFA’s division of research and statistics, in a statement.

Valuation 195

Valuation Design Inventory Finance 195

Housing Wire

AUGUST 1, 2024

It is fitting that the 2024 Summer Olympics in Paris are the backdrop for the final two weeks leading up to when the real estate industry will undergo its largest structural change in decades — a feat of near-Olympic proportions. Like the athletes in Paris, Realtors and brokers across the U.S. have been busy training and preparing to be ready for Aug. 17, the date on which the terms of the National Association of Realtors ’ (NAR) nationwide commission lawsuit settlement agreement are set to go i

Real Estate Agent 448

Real Estate Agent Real Estate Agents Business 448

Appraisal Buzz

AUGUST 1, 2024

LenderLogix , a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, is now integrated with automated employment and income technology provider Truv. Through the integration, lenders can now access Truv’s consumer-permissioned data platform through LenderLogix’s point-of-sale (POS) LiteSpeed to obtain direct-to-source income and employment verification for mortgage applicants.

Technology 195

Technology Tools Clients Mortgage 195

Housing Wire

AUGUST 1, 2024

The purchase of a home stands as a critical first step towards establishing true generational wealth for many Americans. Congress recognized this importance and ultimately created the GSEs to help expand U.S. homeownership. Despite this seminal understanding, the Federal Housing Finance Agency (FHFA) has proposed a significant change in the mortgage finance process that actually runs counter to the stated mission of the GSEs and potentially limits consumers’ access to affordable housing.

Finance 446

Finance Investors Mortgage Marketing 446

Appraisal Buzz

AUGUST 1, 2024

Nearly 800,000 Americans used private mortgage insurance to purchase a home in 2023, and 64% of them were first-time buyers, according to a report from U.S. Mortgage Insurers (USMI). This new USMI data on low down payment and first-time borrowers provides some silver lining insights within the current residential real estate market, the firm says. “Private mortgage insurance continues to help buyers qualify for financing and become homeowners with down payments as low as 3%, and remains one of t

Finance 195

Finance Insurance Buyers Tools 195

Housing Wire

AUGUST 1, 2024

Despite some recent relief from mortgage rates , top executives at the parent of Rocket Mortgage continue to expect a challenging landscape for the industry in the coming months, mainly due to regulatory changes, low affordability levels and consolidation. What will be their playbook? Leaders at the Detroit-based Rocket Companies say they will continue to invest in artificial intelligence (AI) to gain operational efficiency and grow their servicing portfolio, creating opportunities for refinance

Tools 444

Tools Marketing Technology Mortgage 444

Appraisal Buzz

AUGUST 1, 2024

Mortgage rates decreased this week with the average rate for a 30-year fixed-rate mortgage falling to 6.73%, down from 6.78% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 6.90%. “Mortgage rates declined to their lowest level since early February,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 195

Mortgage Inventory Appraisal Marketing 195

Housing Wire

AUGUST 1, 2024

On a recent episode of the Power House podcast, HousingWire CEO Clayton Collins sat down with Mickey Neuberger, chief marketing officer at Realtor.com and the former vice president of global marketing at eBay. In this tantalizing conversation, Collins and Neuberger survey the CMO’s path into marketing , his experience and approach to the field, brand presence, social media and Realtor.com’s recent buyer agency advocacy campaign.

Buyers 444

Buyers Real Estate Agents Clients 444

Inman

AUGUST 1, 2024

Inman honored 12 individuals and companies at its 26th annual Innovator Awards on Thursday, including awards for company, brokerage and innovator of the year. See the full list of winners.

Realty 190

Realty Brokerage Real Estate Technology 190

Housing Wire

AUGUST 1, 2024

Connecticut-based Ellington Financial , the parent company of top-10 reverse mortgage lender and servicer Longbridge Financial , announced this week that it has completed a securitization backed by a pool of proprietary reverse mortgages. The $232 million securitization closed on Thursday and was backed by a pool of proprietary reverse mortgages, all of which were originated by Longbridge, according to Ellington.

Mortgage 439

Mortgage Marketing 439

Inman

AUGUST 1, 2024

The Kennedy family scion and presidential contender also argued Thursday at Inman Connect Las Vegas that democracy depends on people maintaining "a posture of fierce skepticism.

190

190

Housing Wire

AUGUST 1, 2024

West Palm Beach, Florida-based Onity Group , the parent company of top-five reverse mortgage lender Liberty Reverse Mortgage , recorded a decline in income during the second quarter of 2024. Despite the financial result, Onity — formerly known as Ocwen Financial Corp. — is doubling down on the reverse mortgage space by entering into an agreement to acquire the reverse lending assets of Mortgage Assets Management (MAM) from Waterfall Asset Management.

Mortgage 433

Mortgage Clients Business Lending 433

Inman

AUGUST 1, 2024

HomeLight CEO Drew Uher says he's glad to be out of the mortgage business. Fathom CEO Marco Fregenal sees value of being in lending "in a very selective way.

Mortgage 190

Mortgage Lending Business Brokerage 190

Housing Wire

AUGUST 1, 2024

eXp Realty is expanding its footprint in Missouri. The company has added independent brokerage Delhougne Realty Group , a St. Louis-area team that tallied $353.3 million in sales volume on 1,160 transactions in 2023. The group is based in Chesterfield, Missouri, and is led by Matt Delhougne. According to his LinkedIn profile, Delhougne previously worked as a police officer in St.

Realty 420

Realty Brokerage Agents Design 420

Inman

AUGUST 1, 2024

Starting at Inman Connect Las Vegas with the Innovator Awards, join us in celebrating the brightest minds pushing the real estate industry forward all month long.

Technology 187

Technology Real Estate Brokerage Agents 187

Eyes on Housing

AUGUST 1, 2024

The Federal Reserve’s monetary policy committee once again held constant the federal funds rate at a top target of 5.5% at the conclusion of its July meeting. In its statement, the Federal Open Market Committee (FOMC) noted: “Recent indicators suggest that economic activity has continued to expand at a solid pace.

Marketing 167

Marketing 167

Inman

AUGUST 1, 2024

At Inman Connect Las Vegas, brokerage leaders, technology executives and software builders offered wisdom and wit in a multitopic marathon on AI, the future consumer and how technology drives growth.

Brokerage 186

Brokerage Technology Real Estate 186

Eyes on Housing

AUGUST 1, 2024

Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, tax returns that itemize Schedule A deductions, such as the mortgage interest deduction (MID) , have fallen significantly with only 9.6% of all returns using an itemized deduction in tax year 2021. In 2017, the share of returns claiming an itemized deduction.

Mortgage 167

Mortgage 167

Inman

AUGUST 1, 2024

The high-volume RE/MAX real estate agent and former "Survivor" contestant broke down how he manages his time to build a fast-growing real estate business at ICLV on Thursday.

Real Estate 185

Real Estate Real Estate Agent Agents Business 185

Appraisal Buzz

AUGUST 1, 2024

The National Association of Home Builders (NAHB) has reported a stable sentiment in the remodeling market for the second quarter, according to the latest NAHB/Westlake Royal Remodeling Market Index (RMI). The index posted a reading of 65, a slight decline from the previous quarter’s 66. The RMI survey evaluates remodelers’ perceptions of five market components, rating each as “good,” “fair,” or “poor.

Marketing 150

Marketing Appraisal 150