Appraisal Buzz
AUGUST 15, 2024
The U.S. foreclosure market experienced a notable uptick in July 2024, with foreclosure filings increasing by 15% from the previous month, according to the latest report from ATTOM Data, a land, property, and real estate data firm. A total of 31,929 properties across the nation faced foreclosure actions, which include default notices, scheduled auctions, or bank repossessions.
Housing Wire
AUGUST 15, 2024
The new rules mandated by the National Association of Realtors ‘ (NAR) settlement of class-action lawsuits related to buyer agent commissions take effect in just two days, and brokerages and MLSs are scrambling to find the best ways to implement them. The Real Brokerage is going all out to prepare its agents as it has created a “ playbook ” for navigating the new industry realities.
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Appraisal Buzz
AUGUST 15, 2024
At their best, Loan Officers (LOs) should act as financial guides to their customers, helping them see and help surface opportunities that they did not know existed. To serve this role, LOs need to have a deep understanding of various products in the market, as well as the state of market conditions themselves. Essentially, the idea is to proactively connect the customer to the right opportunity at the right time on their financial journey.
Housing Wire
AUGUST 15, 2024
As home prices rise and high interest rates persist, many Americans are delaying purchasing a home, believing they cannot afford it or that now is a bad time to buy. However, waiting is not an option for homebuyers in pivotal chapters of their lives—whether starting a family or setting the stage for long-term financial stability. Why many would forego homeownership during a challenging mortgage market is easy to understand.
Speaker: Timothy Allsopp
Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.
Appraisal Buzz
AUGUST 15, 2024
As weekly average mortgage rates decline to their lowest point in more than a year, the median housing payment for American homebuyers has reached its lowest point since February. During the four weeks ending August 11, the average home payment for a buyer was $2,588. This is an increase of just 1% year-over-year and is roughly $250 below the all-time high of April, the lowest gain in five years, according to a new Redfin study.
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Appraisal Buzz
AUGUST 15, 2024
According to the latest Realtor.com Rental Report , all 50 major U.S. metro areas prefer renting to buying a starting home as rents continue to decline in July. Rising mortgage rates, rising housing prices, and declining rents all contribute to the over $1,000 savings when renting as opposed to buying, which is a pattern that was observed in February.
Housing Wire
AUGUST 15, 2024
Swiss bank UBS Group AG has decided to sell Credit Suisse ’s mortgage servicing company, Select Portfolio Servicing (SPS), to a group of investors led by Sixth Street , HousingWire has learned. Investment firm Davidson Kempner Capital Management is a co-investor. Representatives at Credit Suisse, Davidson Kempner and Sixth Street declined to comment.
Real Estate News
AUGUST 15, 2024
On the Real Estate Insiders Unfiltered podcast, Nykia Wright pleaded with real estate pros to keep complaints in the family while pledging to earn their trust.
Housing Wire
AUGUST 15, 2024
Sky-high home prices and elevated mortgage rates are putting increasing strain on homeowners. That’s the takeaway from two reports released this week showing that foreclosure activity and mortgage delinquencies are rising. According to the Mortgage Bankers Association (MBA), the second-quarter 2024 delinquency rate for mortgages on one- to four-unit residential properties increased to 3.97% on a seasonally adjusted basis.
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Real Estate News
AUGUST 15, 2024
In a webinar for agents, Real’s president discussed rule changes and best practices, noting that more than a third of agents don’t even know about the lawsuits.
Housing Wire
AUGUST 15, 2024
While it might seem incredibly complicated to guide both owned brokerages and franchisees through the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement , Anywhere Real Estate views having both models under its umbrella as a blessing. “The beauty of a franchise network is it is not just us looking out across our business that we feel compelled to run and make all the decisions — we have this back and forth, where franchisees also inform us, and I thin
Real Estate News
AUGUST 15, 2024
Mortgage rates were relatively flat this week, remaining just under 6.5%, but buyers appear to be biding their time and waiting to see if rates fall further.
Housing Wire
AUGUST 15, 2024
For seniors who live alone and may not have easy access to public transportation, relatively simple tasks such as grocery shopping or medical appointments become much more difficult to complete. Volunteer and nonprofit groups can often step in to fill the void in these situations. Two examples are happening in the Pittsburgh metro area, where seniors are granted access to free, non-medical care to assist with a variety of daily needs.
Real Estate News
AUGUST 15, 2024
CEO Glenn Kelman laid out what changes consumers could expect when working with the company’s agents, but his message was light on fee details.
Housing Wire
AUGUST 15, 2024
Attorneys for the U.S. government, working on behalf of Ginnie Mae and the U.S. Department of Housing and Urban Development (HUD), last week filed a slew of new documents in their court case against Texas Capital Bank (TCB). These were primarily in response to the bank’s prior motion for a partial summary judgment and offer reasons why the motion should be denied.
Appraisal Buzz
AUGUST 15, 2024
Zillow Group CEO Jeremy Wacksman Zillow Group Inc. has announced that longtime executive and COO Jeremy Wacksman has been promoted to CEO and appointed to the company’s Board of Directors. Wacksman succeeds Co-Founder Rich Barton , who remains on the Zillow Group Board of Directors and becomes Co-Executive Chair alongside Zillow Co-Founder and current Executive Chair Lloyd Frink.
Housing Wire
AUGUST 15, 2024
Toronto-based Bank of Nova Scotia , which operates as Scotiabank , has hired a group of JPMorgan Chase Bank executives to lead a new mortgage capital markets business that expects to launch this fall. Industry veteran Thanh Roettele , who spent more than 28 years at JPMorgan and was the managing director of its mortgage warehouse finance business, is transitioning to Scotiabank.
Appraisal Buzz
AUGUST 15, 2024
Ryan Marshall is the new CEO for Voxtur Analytics , which offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Marshall formerly served as Voxtur’s chief operating officer and chief product officer. Prior to that, he was CEO of Benutech, a real estate data and technology provider that was acquired by Voxtur in 2021.
Housing Wire
AUGUST 15, 2024
Real estate technology company Voxtur Analytics Corp. announced this week that Ryan Marshall was promoted to the role of CEO. He previously served as the company’s chief operating officer and chief product officer. “I am honored to take on the role of CEO at Voxtur,” Marshall said in a statement. “With the overwhelming support of our shareholders, employees, and clients, we are poised to build on our successes and address the challenges from the past.
Appraisal Buzz
AUGUST 15, 2024
The mortgage delinquency rate increased to a seasonally-adjusted 3.97% as of the end of then second quarter according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. That’s up 3 basis points from the first quarter and up 60 basis points from the second quarter of 2023. The percentage of loans on which foreclosure actions were started in the second quarter fell by 1 basis point to 0.13%.
Housing Wire
AUGUST 15, 2024
Editor in Chief Sarah Wheeler sat down with Lofty CTO Henry Li to talk about the boundaries of artificial intelligence and how it’s reshaping his company’s roadmap. Sarah Wheeler: What differentiates Lofty’s technology? Henry Li: Lofty is a platform product — that’s been our vision from day one. We want to be the operating system for our users and their essential operating staff — for agents, Realtors, and brokers, no matter how big they are.
Appraisal Buzz
AUGUST 15, 2024
Mortgage rates held steady this week, with the average rate for a 30-year, fixed-rate mortgage at 6.49%, up slightly from 6.47% 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 7.09%. “While rates increased slightly this week, they remain more than half a percent lower than the same time last year,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Miller Samuel
AUGUST 15, 2024
With the recent financial market drama in Japan over the Yen carry trade, I was tapped to do interviews on the impact on the residential housing market and the change in thinking towards Fed rate cuts in the fall. Business of Home Podcast – Rate Cuts In Sight Bloomberg Radio – Fed Rate Cuts Could Trigger Housing Demand, Rent Drop The post August Digital Media Interview Wrap-up On Rate Cuts first appeared on Miller Samuel Real Estate Appraisers & Consultants.
Appraisal Buzz
AUGUST 15, 2024
Multifamily lenders provided a total of $246.2 billion in new mortgages for apartment buildings with five or more units in 2023 – a decrease of 49% compared with 2022, according to the Mortgage Bankers Association (MBA). Fifty-one percent of the 2,520 different lenders providing data made five or fewer multifamily loans over the course of the year. “Multifamily lending fell by roughly half in 2023 as sales transactions declined and far fewer property owners sought to refinance their loans,” says
Inman
AUGUST 15, 2024
Olympic gold medalist Simone Biles isn't sitting back and relaxing after a successful run at the 2024 Paris Olympic Games. Now that the gymnast is back in Texas, she is returning to the ongoing construction of her dream mansion.
Appraisal Buzz
AUGUST 15, 2024
NFM Lending EVP and Chief Legal Officer LaTasha Waddy NFM Lending and its family of lenders has announced the promotion of LaTasha Waddy to EVP and Chief Legal Officer. Waddy has been integral to the NFM Lending team since 2012, previously serving as General Counsel and Chief Compliance Officer. In her tenure at NFM Lending, Waddy’s expertise and commitment have made her a critical member of the executive team, where she has played a pivotal role in guiding the company through complex legal and
Inman
AUGUST 15, 2024
The association aims to offer an alternative to NAR and is launching its membership program when there is a "lot of dissatisfaction with the status quo," according to one co-founder.
Appraisal Buzz
AUGUST 15, 2024
Mortgage Machine Services , offering digital origination technology to residential mortgage lenders, has launched Auto Split, an enhancement to the Click n’ File document management system embedded into the Mortgage Machine loan origination system (LOS). Specifically designed to extract and store loan documents, Auto Split enables lending staff to improve loan processing efficiency, enabling mortgage lenders to optimize speed to close.
Inman
AUGUST 15, 2024
In an interview with NextHome CEO James Dwiggins, NAR interim CEO Nykia Wright urged members to lean back into engaging the 1.
Eyes on Housing
AUGUST 15, 2024
A lack of affordability and buyer hesitation stemming from elevated interest rates and high home prices contributed to a decline in builder sentiment in August. Builder confidence in the market for newly built single-family homes was 39 in August, down two points from a downwardly revised reading of 41 in July, according to the National.
Inman
AUGUST 15, 2024
Even if the settlement brings down commissions overall, buyers grow warier the more they learn about what the policy means for them, according to the latest Inman-Dig Insights consumer poll.
BiggerPockets
AUGUST 15, 2024
We’re currently in a home insurance crisis. Everyone (except for Henry, apparently) is feeling the sting of home insurance prices rising significantly year after year.
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