Housing Wire
AUGUST 6, 2024
The downward movement in mortgage rates over the past few months accelerated last week as a cooler-than-expected jobs report and indications of a Federal Reserve rate cut led to a steep drop in loan pricing. At HousingWire ‘s Mortgage Rates Center on Tuesday, the 30-year conventional loan rate averaged 6.8% — a new low point for 2024 that was just below the 6.83% figure to start the year.
Appraisal Buzz
AUGUST 6, 2024
For many American families, moving from renting to home ownership has become considerably more difficult as a result of the housing affordability issue, according to new Creditnews data. In reality, the monthly cost difference between owning a home and renting, given current mortgage rates and home prices, can reach $10,000 in some major cities. But in what way?
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Housing Wire
AUGUST 6, 2024
Redfin CEO Glenn Kelman said Tuesday on the company’s second-quarter 2024 earnings call that he expects business to improve when the housing market speeds up after mortgage rates come down. But what is the alternative if rates don’t come down? “Great question — Plan B is drink our own urine or our competitors’ blood,” Kelman said in response to an analyst’s question during the call.
Appraisal Buzz
AUGUST 6, 2024
Commercial Chapter 11 bankruptcy filings surged by 40% in July 2024, reaching 510 filings compared to 364 filings in July 2023, according to data from Epiq AACER. Overall commercial filings also saw a significant rise, increasing by 17% to 2,335 filings in July 2024 from 2,004 in the same month last year. The total number of U.S. bankruptcy filings in July 2024 was 44,427, a 24% increase from the July 2023 total of 35,727.
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Housing Wire
AUGUST 6, 2024
Mortgage rates are dropping fast. Will potential homebuyers jump at newly cheaper payments? Or, will they wait to see if rates drop further before taking action? Mortgage rates are now the lowest they’ve been in over a year. Last year at this time, mortgage rates were rising, eventually peaking at 8% in October 2023. That late year rise in costs really slowed the housing market.
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Housing Wire
AUGUST 6, 2024
Home prices continue to rise even as low inventory and high mortgage rates are keeping first-time and repeat homebuyers out of the market, but the pace of appreciation is starting to cool. That’s according to CoreLogic ’s Home Price Index report, released Tuesday, which shows that annualized home-price growth in June slipped below 5% for the second consecutive month.
Appraisal Buzz
AUGUST 6, 2024
In June, U.S. home prices registered a 4.7% year-over-year increase, continuing the trend of decelerating growth, according to the CoreLogic Home Price Index (HPI) and HPI Forecast released covering the month of June. This marks the second consecutive month where annual growth has stayed below 5%, a significant drop from the pre-pandemic norms. CoreLogic, a global property information, analytics, and data-enabled solutions provider, indicated that the current cooling trend in the housing market
Housing Wire
AUGUST 6, 2024
UWM Holdings Corp. , the parent of United Wholesale Mortgage , has adopted a strategy that differs from its peers to take advantage of a business landscape that is expected to include lower mortgage rates and more refinance activity. The Pontiac, Michigan-based company has opportunistically sold mortgage servicing rights (MSRs) with higher coupons to deleverage its balance sheet and invest in the origination business — for example, by offering incentives on some refi loans.
Real Estate News
AUGUST 6, 2024
The Consumer Federation of America has rolled out new guidance and is discouraging the practice of paying agents based on a percentage of a home’s sale price.
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Housing Wire
AUGUST 6, 2024
The Consumer Federation of America (CFA) and its former CEO, Steve Brobeck, have a long history of advocating for policies that protect consumers. However, in recent efforts to curb real estate professionals, the CFA has seemingly lost sight of its core purpose: advocating for those most in need of consumer protection. Ending broker cooperative compensation unfairly favors wealthier sellers and buyers.
Real Estate News
AUGUST 6, 2024
CEO Glenn Kelman says the company's lower-fee model will attract consumers who are now more aware of commissions: "We can use price as a weapon to gain share.
Housing Wire
AUGUST 6, 2024
Older Americans who seek out younger roommates to stay on top of high housing costs is not a new concept, but there is evidence to suggest that the trend is growing more popular. This is according to a recent podcast episode hosted by Boston-based NPR affiliate WBUR. Jennifer Molinsky, director of the Housing an Aging Society Program at Harvard University ‘s Joint Center for Housing Studies (JCHS), described how the idea of baby boomers seeking out roommates could be gaining favor among an
Real Estate News
AUGUST 6, 2024
A court filing indicates that Chicago-based At World Properties is nearing a deal in a lawsuit brought by an Illinois homebuyer.
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Housing Wire
AUGUST 6, 2024
Attorneys for Ginnie Mae have responded to Texas Capital Bank (TBC) over the government’s motion to move the case to a different venue. They say that the bank’s own filing on the matter avoids the key issues that the government sought to raise regarding the original clause that specifies where any related legal actions should take place. Separately, the government has been granted additional time in court to respond to the bank’s motion for a partial summary judgment in favor of TCB , according
Appraisal Buzz
AUGUST 6, 2024
The U.S. homeownership rate was 65.6% in the second quarter, flat compared with the first quarter and down slightly compared with the second quarter of 2023, according to the U.S. Census Bureau. However, the homeownership rate for the head of households under the age of 35 decreased to 37.4% – a 1.1 percentage point decrease from 38.5% in the first quarter.
Housing Wire
AUGUST 6, 2024
Mortgage industry executives are on alert amid the global stock-market meltdown caused by fears that the Federal Reserve may have kept the federal funds rate too high for too long, which could bring the U.S. economy into recession. Tensions in the bond markets have provoked a decline in mortgage rates, which is good news for originators since they could have more demand for loans.
Appraisal Buzz
AUGUST 6, 2024
Fewer than 325,000 homeowners are underwater on their mortgages nationwide, putting just 0.60% of active loans in a negative equity position, with another 4.2% holding less than 10% equity in their homes, according to the latest Mortgage Monitor report from ICE Mortgage Technology. However, negative equity rates are increasing in certain markets – in Texas, Florida and Louisiana, in particular – where there has been a surge of new inventory combined with reduced demand due to prospective homebuy
Housing Wire
AUGUST 6, 2024
At the start of 2024, CEO Leo Pareja did not think eXp Realty would find itself in the real estate forms business, but eight months into this year, things look a little different. In March 2024, the National Association of Realtors (NAR) settled the nationwide commission lawsuits and agreed to several business practice changes, including a mandate that buyers sign a broker representation agreement prior to going on a home tour with their agent.
Appraisal Buzz
AUGUST 6, 2024
U.S. home prices continued to rise in June but at a much slower pace compared with the first half of this year, according to CoreLogic’s home price index. Month-over-month, home prices increased 0.3% compared with May, and were up only 4.7% year-over-year. That’s down from 4.9% in May. CoreLogic is currently forecasting that by summer 2025, prices will slow to an annual rate of 2.3%.
Housing Wire
AUGUST 6, 2024
California-based mortgage lender loanDepot reduced its financial loss in the second quarter of 2024 while still feeling the impacts of a January cyberattack. During the three-month period, the company increased its volumes and margins while implementing an efficiency program and selling mortgage servicing rights (MSRs). On Tuesday, loanDepot reported a non-GAAP adjusted net loss of $16 million from April to June, compared to a $39.5 million loss in the previous quarter and a $36 million loss in
Inman
AUGUST 6, 2024
The Consumer Federation of America also tells consumers not to agree to pay an agent just to see a home, but to sign a touring agreement with no financial obligation instead.
Housing Wire
AUGUST 6, 2024
Lower continues to make moves designed to support its expansion efforts, hiring former Waterstone Mortgage executive Dustin Owen as its new divisional sales leader and senior vice president of growth. Owen, who is based in the Orlando area, spent the past 16 years at Waterstone, most recently as its vice president of Eastern division sales. In joining Lower, he will report to chief production officer Randell Gillespie to execute plans for “transforming the modern mortgage experience for consumer
Inman
AUGUST 6, 2024
RentSpree’s latest reporting product is designed to help property management providers more accurately verify the income of lease applicants.
Housing Wire
AUGUST 6, 2024
Compass CEO Robert Reffkin promised on the company’s most recent earnings call to expand market share in its top 30 markets — and the brokerage made a big move in that direction. Faisal Halum Group , a small team in Dallas, has joined Compass and adds a high-performing team to a metro area that has been very active since the start of the COVID-19 pandemic.
Inman
AUGUST 6, 2024
Last week, the brightest minds in real estate converged at Inman Connect to set agents, brokers and MLS members straight on the finer points of the new rules taking effect in less than two weeks.
Housing Wire
AUGUST 6, 2024
A policy designed for lenders to review and respond to borrower-initiated reconsideration of value (ROV) requests for appraisals — originally scheduled to be implemented between Aug. 29 and Sept. 2 — has been pushed back to Oct. 31, 2024. That’s according to announcements from Fannie Mae , Freddie Mac and a new Mortgagee Letter (ML) published by the Federal Housing Administration (FHA).
Inman
AUGUST 6, 2024
Thinking about student housing as a multifamily strategy? MZ Capital Partners’ Michael H. Zaransky, who wrote a book on investing in student housing, shares the pros and cons to consider.
Eyes on Housing
AUGUST 6, 2024
The total share of workers teleworking or working from home for pay has increased from 2023, according to the latest Telework or Work at Home for Pay Survey from the Bureau of Labor Statistics. In June 2023, 19% of the labor force teleworked on a non-seasonally adjusted basis. This share rose to 22.3% in June.
Inman
AUGUST 6, 2024
The company saw revenue climb 7 percent to $295.2 million between April and June, but it also lost $27.9 million — just a hair above its Q2 2023 loss.
Eyes on Housing
AUGUST 6, 2024
Almost all new single-family homes that started construction in 2023 used either an air/ground source heat pump or a forced air system (without heat pump) for the primary heating system (98% in 2023), according to the Census’s Survey of Construction. While this survey data does not separate the air source heat pump systems and ground.
Inman
AUGUST 6, 2024
Here's how team leader Carl Medford is being proactive and prepared as his team gears up for the changes that will follow the implementation of the National Association of Realtors' settlement agreement.
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