Housing Wire

JUNE 26, 2024

Homebuilders with unsold inventory are feeling the pinch of high mortgage rates — and it’s showing up in new-home sales data. The U.S. Census Bureau ’s new-home sales report for May shows that transactions took a nosedive to a seasonally adjusted annual sales volume of 619,000. Despite May being part of the prime homebuying season, that number represented a 16.5% year-over-year drop and was 11.3% below the revised rate in April.

Inventory 455

Inventory Realtors Marketing Mortgage 455

Appraisal Buzz

JUNE 26, 2024

According to a new Forbes survey , first-time homebuyers are being forced to stay in the rental market by rising home prices and borrowing rates. Due to the increased demand for rentals, monthly rent rates are high, which puts strain on Americans’ finances. Data found that some 51.9% of renters are estimated to be paying at least 30% of their household income on rent, according to Census data.

Tenants 420

Tenants Finance Appraisal Marketing 420

Housing Wire

JUNE 26, 2024

Craig Stammler has joined New American Funding (NAF) as a regional vice president, the California -based mortgage lender announced Tuesday. Stammler, who previously worked for loanDepot , Wells Fargo and Countrywide , will be responsible for overseeing the company’s southern Idaho and northern California markets. His duties include growth of existing teams, managing profitability and development of branch leadership.

Marketing 397

Marketing Loan Officers Real Estate Development 397

Appraisal Buzz

JUNE 26, 2024

A new rule was passed by the Consumer Financial Protection Bureau (CFPB) to address the use of artificial intelligence and complicated algorithms in home valuations, both now and in the future. A proper home appraisal is essential whether purchasing or selling a property. This appraisal is used by mortgage lenders to calculate the maximum amount they will lend on a property.

Appraisal 380

Appraisal Tools Real Estate Appraisal Process 380

Housing Wire

JUNE 26, 2024

Customer engagement platform Total Expert is launching a marketplace this week for financial institutions to build their marketing technology stack. Partners will plug into the Total Expert platform to offer solutions such as chats and texts supported by artificial intelligence (AI), targeted mail campaigns, and management of their online reputation.

Technology 389

Technology Marketing Insurance Investing 389

Appraisal Buzz

JUNE 26, 2024

What’s going on with the new generation of appraisers? What is the Appraiser Diversity Initiative? And how can each of us help support those entering into the industry today? This week, host Hal Humphreys speaks once again with Loren Cooke, President of Solidifi, about this very topic. We are so excited to have Loren as one of our Keynote Speakers in our “VET” talks (and Solidifi joining us as a platinum sponsor) for Valuation Expo in August.

Appraisal 369

Appraisal Valuation Modernization 369

Sacramento Appraisal Blog

JUNE 26, 2024

It’s been freaking hot lately, so pools are on my mind. Can you relate? I don’t actually have a pool at my house though, so I’m stuck writing about them instead. Haha. Today, I have some interesting pool perspective to share, and I hope it resonates with you too. I’d love to hear your take […] The post What is a pool worth?

Appraisal 292

Appraisal Real Estate Marketing 292

Housing Wire

JUNE 26, 2024

The office of Tennessee Attorney General Jonathan Skrmetti has passed an investigation into an attempted fraudulent foreclosure auction of music icon Elvis Presley’s former home to federal authorities, according to reporting from the The Associated Press (AP). The famous home known as Graceland was purchased by Presley in 1957 after his career skyrocketed, landing him the moniker of the “King of Rock n’ Roll.

Law 395

Law Real Estate 395

Appraisal Buzz

JUNE 26, 2024

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Lending 222

Lending Mortgage Investing Business 222

Housing Wire

JUNE 26, 2024

Reverse mortgage products have a lot of potential utility for older American homeowners, but many consumers remain skeptical of their usefulness due to lingering reputational problems and institutional aversions, despite becoming more regulated in recent years. This was part of a series of perspectives shared on Morningstar ’s “The Long View” podcast by American College of Financial Services professors Don Graves and Wade Pfau.

Mortgage 387

Mortgage Insurance Government Tools 387

Appraisal Buzz

JUNE 26, 2024

Much like hurricanes, wildfires in Americas are given names based on their ignition point and local geography. Right now, multiple, active wildfires in New Mexico named the Blue 2, Salt, and South Fork Fires have burned thousands of acres across the state, and continue to burn—to date,these fires are threating approximately 1,300 residential properties with a combined reconstruction values (RCV) of about $370 million.

Construction 195

Construction Appraisal 195

Housing Wire

JUNE 26, 2024

iHomefinder is hoping to bolster its business with a new hire. The real estate technology provider has added sales veteran Bryson Womack as vice president of sales, a move that took effect this week. Womack has more than 30 years of experience as a CEO, founder and sales executive. “Bryson has a proven track record of success,” the company said in a statement announcing the hire.

Client Relationships 370

Client Relationships Real Estate Technology Design 370

Appraisal Buzz

JUNE 26, 2024

Joseph Peterson has joined Xactus , a provider of verification solutions to the mortgage industry, as chief financial officer. Peterson has more than 30 years of financial experience. He most recently served as executive vice president and chief financial officer at Sagent Lending Technologies. At Sagent he helped the company achieve more than 40% revenue growth and was integrally involved in launching a new mortgage servicing platform.

Human Resources 195

Human Resources Technology Modernization Finance 195

Housing Wire

JUNE 26, 2024

The Florida housing market faces an outsized risk from weather events and larger climate issues. The state has the longest coastline in the lower 48 and its average elevation is just 100 feet. That low-lying land is prime real estate, with 16.2 million people living in coastal areas primed for damage from tropical storms, hurricanes and flooding. Not surprisingly, the state also has the highest average cost for homeowners insurance , and that cost is rising.

Housing Market 369

Housing Market Insurance Marketing Real Estate 369

George Dell

JUNE 26, 2024

Adjustments to comparables seem to be required by lender clients, the quasi-governmental GSEs, and some other users of appraisals. But are they actually required? USPAP (Uniform Standards of Professional Appraisal Practice) says no. No. The word “adjustment” is nowhere to be found. (However Advisory Opinions say an adjustment should be “appropriate.

Clients 195

Clients Appraisal 195

Housing Wire

JUNE 26, 2024

Reverse mortgage industry leader Finance of America (FOA) announced this week that it has restructured its unsecured debt into new, secured debt that will come due beyond the original 2025 maturity date. This is according to an announcement and an 8-K filing with the Securities and Exchange Commission (SEC) that was reviewed by HousingWire ’s Reverse Mortgage Daily (RMD).

Finance 363

Finance Retail Design Mortgage 363

Real Estate News

JUNE 26, 2024

May sales were well below April numbers and down 16.5% year-over-year, a sign that builder incentives may not be enough to overcome high rates and prices.

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270

Housing Wire

JUNE 26, 2024

Judge Patti B. Saris, who is overseeing the Nosalek commission lawsuit, made the decision to stay the case, pending Judge Stephen R. Bough’s ruling on the nationwide commission lawsuit settlement agreement reached by the National Association of Realtors (NAR) in March. According to Saris’ order, the plaintiffs have 30 days after Bough’s ruling to file their supplemental preliminary approval of settlement.

Legal 363

Legal Realtors Brokerage Sellers 363

Inman

JUNE 26, 2024

Plaintiffs allege REBNY and dozens of real estate brokerages perpetrated a "wholly separate conspiracy" from the claims resolved by the NAR settlement, but defendants disagree.

Brokerage 163

Brokerage Real Estate Realtors 163

Housing Wire

JUNE 26, 2024

The Housing Policy Council (HPC) announced on Wednesday that it has appointed Michael Drayne as its new senior vice president of capital markets, effective July 1. Drayne has three decades of capital markets experience. He served from 2011 to 2023 in various roles at government-owned company Ginnie Mae , where he helped to manage different elements of the mortgage-backed securities (MBS) programs.

Finance 352

Finance Government Technology Development 352

Inman

JUNE 26, 2024

Denver Metro Association of Realtors and South Metro Denver Realtors Association say sale to private equity firm would offer protection during a time of intense litigation in the real estate industry.

Realtors 163

Realtors Real Estate Brokerage Agents 163

Housing Wire

JUNE 26, 2024

Former NEXA Mortgage President Mat Grella filed a motion to dismiss a lawsuit in which the company accuses him of causing the failure of a hangar-office property purchase and acting to defame his business partner Mike Kortas. According to the document, filed on Monday in a superior court in Maricopa, Arizona, the lawsuit is the “handiwork” of Kortas.

Contracts 349

Contracts Legal Brokerage Sellers 349

Inman

JUNE 26, 2024

Defendants in the case, which also includes Weichert Realtors and United Real Estate, say the claims lack standing, are untimely and an attempt to "parrot" arguments made in Batton 1.

Realtors 159

Realtors Real Estate Realty Brokerage 159

Housing Wire

JUNE 26, 2024

My wife and I have worked with the same real estate agent to buy and sell several homes, and we’ve referred her to help more than a dozen friends with their home transactions. This is a small example of a big truth about real estate: it’s a relationship business. In my career as an attorney, I’ve seen how legal disputes can sink relationships fast and forever.

Real Estate 269

Real Estate Legal Law Agents 269

Inman

JUNE 26, 2024

Official co-founder Nicole Oge said the decision for Tal to step away from the firm was a mutual one. Tal's lawyer, Deanna Paul, said he wouldn't let recent rape claims "be a further distraction" to the firm or clients.

Clients 159

Clients Brokerage Agents 159

Housing Wire

JUNE 26, 2024

Heather Lovier replaced Bill Emerson as chief operating officer of Rocket Companies following the appointment of the board of directors on June 20. Emerson will remain as Rocket’s president. An industry veteran, Lovier joined Rocket Mortgage , the company’s lending arm, in 2003. She has focused the past two decades on driving operational excellence and enhancing client experience, the company stated.

Lending 232

Lending Clients Technology Development 232

Inman

JUNE 26, 2024

Mortgage rates have been on the decline since late April, as closely watched data releases suggest the economy is cooling and that the Fed may start cutting rates as soon as September.

Mortgage 158

Mortgage Marketing 158

Eyes on Housing

JUNE 26, 2024

Consumer confidence weakened in June but remained within the range of the past two years, with optimism about current labor market conditions offsetting concerns about future economic outlook. However, higher interest rates and lingering inflation continue to discourage consumption. The Consumer Confidence Index, reported by the Conference Board, fell from 101.3 to 100.4 in June.

Marketing 108

Marketing 108

Inman

JUNE 26, 2024

Think about the time and effort you spend doing your own bookkeeping, Maeda Palius and Amy Chorew write, then contrast that with profit potential of using that time for income-generating activities.

Brokerage 157

Brokerage Agents 157

BiggerPockets

JUNE 26, 2024

When will housing prices drop? Will real estate prices go down, or are we stuck with ever-worsening affordability as home prices continue to rise?

Real Estate 73

Real Estate Marketing 73

Inman

JUNE 26, 2024

Clever CEO Luke Babich writes that partnering with well-qualified lenders helps you help your clients, build your brand and add value to every real estate transaction.

Clients 158

Clients Real Estate Lending Brokerage 158

BiggerPockets

JUNE 26, 2024

The three R's don't have to be too expensive, but it's important to run these calculations before you start.

Renovations 79

Renovations 79

Inman

JUNE 26, 2024

The Instagram video shows agents with "NAR" along the back of swat team jackets bursting into a home before tackling, tasing and hogtying a Realtor who failed to remove an offer from the MLS.

Realtors 144

Realtors Marketing Agents Brokerage 144

BiggerPockets

JUNE 26, 2024

Home sales hit their lowest point in May since the early months of the pandemic. What comes next?

Real Estate 79

Real Estate 79