Housing Wire

JUNE 26, 2024

The White House and the U.S. Department of Housing and Urban Development (HUD) on Wednesday announced a new series of grants designed to boost homeownership by addressing issues of supply and affordability. Announced by Vice President Kamala Harris and HUD acting secretary Adrianne Todman on a call with reporters, Harris announced the Pathways to Removing Obstacles to Housing (PRO Housing) program.

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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.

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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.

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Appraisal Buzz

JUNE 26, 2024

In a new study by BadCredit.org , researchers put a price tag on the formidable obstacles that minimum wage workers faced in order to afford a home across the U.S. The study found that if they started saving 10% of their paycheck at the age of 18, minimum wage workers could afford an 8% down payment in roughly 23.1 years at the age of 41 (equating to 4,809 hours of work).

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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.

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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.

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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.

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Housing Wire

JUNE 26, 2024

The upfront cost of homeownership can be a difficult prospect even for households with higher income levels. A study released Wednesday by personal finance website BadCredit.org illustrates that, in some states, it’s next to impossible for minimum-wage workers. To calculate the amount of time it takes minimum-wage workers to save for a down payment, the company analyzed Zillow ‘s median values for single-family homes and condominiums from May 2023 through April 2024.

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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?

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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.

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Appraisal Buzz

JUNE 26, 2024

U.S. Vice President Kamala Harris and U.S. Department of Housing & Urban Development (HUD) Acting Secretary Adrianne Todman have announced that the Biden Administration is awarding $85 million in grant funding for the Pathways to Removing Obstacles to Housing (PRO Housing) program , which aims to identify and remove barriers to affordable housing production and preservation, and lower housing costs.

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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.

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Appraisal Buzz

JUNE 26, 2024

New home sales in May were at a seasonally adjusted annual rate of 619,000, a decrease of 11.3% compared with April and down 16.5% compared with May 2023, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The median sales price of a new home sold in May was $417,400. The average sales price was $520,000.

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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.

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Appraisal Buzz

JUNE 26, 2024

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Housing Wire

JUNE 26, 2024

Pricing is one of the most important skills you need to be a successful and effective real estate professional. With more inventory and fewer motivated buyers in the market, mis-pricing a home can cause your listing to expire, or cause your buyer to miss out. Whether you’re pricing a listing or advising a buyer what to offer on their dream home, it’s time to sharpen those skills.

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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.

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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.

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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.

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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).

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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.

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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.

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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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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.

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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.

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Housing Wire

JUNE 26, 2024

While eXp Realty has been unable to escape the Roberts sexual assault lawsuit allegations , the top-ranked brokerage in the country by transaction sides now has one fewer sexual harassment suit to worry about. On Tuesday, plaintiff Misty Carter, filed a stipulation to dismiss her suit along with the three defendants in the suit — eXp Realty, Chris Nevada and Nevada’s team, the Nevada Real Estate Group.

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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.

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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.

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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.

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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.

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Contracts Legal Brokerage Sellers 275

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.

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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.

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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.

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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.

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