Housing Wire
JUNE 10, 2024
The average cost of homeownership has increased by 26% over the past four years to more than $18,000 annually, according to Bankrate ’s newly released Hidden Costs of Homeownership study. The increase reflects rising home prices, which went up 40% since the beginning of the COVID-19 pandemic , mainly due to a lack of inventory, according to the study.
Appraisal Buzz
JUNE 10, 2024
There seems to be continued debate among appraisers, reviewers, and underwriters regarding seller concessions. A particular point of contention in this debate is whether or not it is appropriate to adjust seller concessions on a dollar-for-dollar basis. I must admit, that point of contention is somewhat understandable, as the ‘Sales or Financing Concessions’ portion of the Fannie Mae Selling Guide has always appeared to be a little contradictory (see B4-1.3-09, Adjustments to Comparable Sales
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Housing Wire
JUNE 10, 2024
As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory and high costs are keeping these buyers on the sidelines of the mortgage market.
Appraisal Buzz
JUNE 10, 2024
For many, homeownership is a pillar of the American Dream and an essential way for many people to accumulate wealth, but ongoing costs go much beyond the initial purchase price—according to Bankrate’s latest Hidden Costs of Homeownership Study. Median home prices have risen above $400,000 nationwide, and the average annual cost of owning and maintaining a single-family home in the U.S. is now 26% higher than it was four years ago.
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Housing Wire
JUNE 10, 2024
The path forward for the settlement agreements reached by Anywhere , RE/MAX and Keller Williams with the home seller plaintiffs in the commission lawsuits has become a bit murkier. Last week, two parties filed appeals with the Eighth Circuit Court of Appeals that seek to overturn Judge Stephen R. Bough’s May 9 decision to grant final approval of the three settlement agreements.
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Housing Wire
JUNE 10, 2024
Mortgage rate lock-in happens because even small changes in mortgage rates can make a big difference in costs. For example, for a home priced at $390,000 — the median price for a single-family home in the U.S. in April 2024 — with a 10% down payment, a typical mortgage would be approximately $350,000. For every 50 basis point change in mortgage rates, the monthly payment for this house would change by $112.In the 24 months beginning March 2022, the U.S. housing market saw dramatic changes in aff
Appraisal Buzz
JUNE 10, 2024
Consumers continued to have a mostly negative view of the housing market in May, with only 14% saying it’s a good time to buy a home, down from 20% in April, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI). What’s more, the percentage of survey respondents who say it is a good time to sell a home decreased to 64%, down from from 67% in April, while the percentage who say it is a bad time to sell increased to 35%, up from from 32% the previous month.
Housing Wire
JUNE 10, 2024
Mortgage veteran Joe Tyrrell will succeed Scott Smith as CEO of Optimal Blue , the company announced Monday. Tyrrell has more than 25 years of experience in mortgage, finance and technology, serving as president of ICE Mortgage Technology for three years after ICE bought Ellie Mae in 2020. For the past 18 months he has served as the CEO of Medallia , a customer and employee experience company.
Appraisal Buzz
JUNE 10, 2024
According to a new survey from Forbes Advisor, renting, not buying, is now cheaper in America’s 50 largest metro areas. But with home prices across the country now up 6.1% as of April 2024 compared to the same time last year based on reports from 2,000 renters. Even more surprising, 34% of these surveyed renters have no plans to buy a home in the future.
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Housing Wire
JUNE 10, 2024
Oren Alexander, a top real estate broker and co-founder of the Side-brokered firm Official Partners , along with his twin brother, Alon Alexander, have been accused of raping at least two women in New York. The two lawsuits were filed in March 2024 and were first reported by The Real Deal. The lawsuits filed by Rebecca Mandel and Kate Whiteman claim that the brothers assaulted, battered and raped them in separate incidents in 2010 and 2012, respectively.
Real Estate News
JUNE 10, 2024
At a town hall event, Keller Williams leadership addressed agents’ concerns, acknowledged that “change is not comfortable.
Housing Wire
JUNE 10, 2024
The parent company of top 10 reverse mortgage lender Liberty Reverse Mortgage has completed its shareholder-approved rebranding initiative, transforming the former Ocwen Financial Corp. into The Onity Group. The initiative has also transitioned the company’s New York Stock Exchange (NYSE) ticker symbol to “ONIT” as of the market opening on Monday. “Today marks the start of a new era for our company and signifies our transformation, growth and expansion into a balanced and diversified business,”
Real Estate News
JUNE 10, 2024
Attorneys argue that if the federal agency wants to make policy changes, it should do so through the legislature, not an antitrust settlement.
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Housing Wire
JUNE 10, 2024
Coldwell Banker Realty is adding another top-producing agent to its roster. The firm announced Monday that it has welcomed Vicky Yu to its Redwood City-San Carlos office in Northern California. Yu was most recently affiliated with Compass , operating out of its Burlingame office. ”Vicky is a highly regarded agent in the Bay Area and we are thrilled that she has chosen to affiliate with the Redwood City-San Carlos office,” Jennifer Lind, the Western regional president of Coldwell Banker Realty, s
Real Estate News
JUNE 10, 2024
Don’t get lost in a sea of tech products. Leveraging AI can solve multiple problems, boost efficiency and improve client experiences, experts say.
Housing Wire
JUNE 10, 2024
San Francisco -based Pacaso , a tech-centric real estate marketplace, released a report Monday unveiling the top U.S. metro areas that are embracing new development and “creating a more diverse and plentiful supply of homes.“ The report delves into the “Yes in My Backyard“ (YIMBY) movement , which involves numerous strategies to improve housing supply and lower the cost of living for homeowners and renters alike.
Appraisal Buzz
JUNE 10, 2024
According to the latest data from Ginnie Mae , its mortgage-backed securities (MBS) portfolio outstanding grew to $2.59 trillion in May 2024, including $36.9 billion of total MBS issuance, resulting in $14.3 billion in net growth. May’s new MBS issuance supports the financing of more than 116,000 households, including more than 58,000 first-time homebuyers.
Housing Wire
JUNE 10, 2024
Los Angeles -based Dunmor , a technology -enabled lender that specializes in loans for residential real estate investors , has added a pair of experienced executives in the business-purpose lending space. The company announced Monday that it hired Tuam Pham as chief marketing officer and Steve Huff as senior vice president of asset management and servicing.
Appraisal Buzz
JUNE 10, 2024
This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. Joseph M. Marshall, a Native American historian and author, once observed, “Life is a circle. The end of one journey is the beginning of the next.” Every homeowner can identify with this idea, as buying or refinancing their home signifies a new chapter in life.
Inman
JUNE 10, 2024
As compliance becomes even more top of mind for the industry, Realtracs CEO Stuart White writes, MLSs have an enhanced role as a reliable resource to support professionals in following developing processes and procedures.
Appraisal Buzz
JUNE 10, 2024
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Inman
JUNE 10, 2024
A portion of Teton Pass connecting workers who live in Idaho with the tony tourist town of Jackson, Wyoming, collapsed over the weekend.
Appraisal Buzz
JUNE 10, 2024
Roughly 1.28 million mortgages secured by residential property (1 to 4 units) were issued during the first quarter, a 6.8% decrease compared with the fourth quarter and down 4.8% compared with a year earlier, according to ATTOM’s U.S. Residential Property Mortgage Origination Report. As of the end of the first quarter, mortgage origination volume had fallen in 11 of the previous 12 quarters, to the lowest level since 2000.
Inman
JUNE 10, 2024
Find out how "consummate student" and San Francisco agent Chris Jurach keeps challenging himself to "learn new things, read and listen to books, and gather fresh ideas.
Appraisal Buzz
JUNE 10, 2024
The U.S. mortgage industry is nothing if not competitive. The 2022 HMDA data shows 4,460 active lenders—most of which are characteristically persistent (or optimistic), refusing to exit the business despite historically brutal conditions (not exactly a “soft landing”). The result has been an imperative for true “competitive advantage,” which can take many forms: innovation, quality, development of proprietary methods, even a relentless, “won’t lose” culture.
Inman
JUNE 10, 2024
Agents who rely on NAR primarily to protect their public image are less certain the trade group — which still enjoys broad approval — is a net positive for the industry, according to Intel poll results.
Appraisal Buzz
JUNE 10, 2024
Joe Tyrrell is the new CEO for Optimal Blue , a provider of secondary marketing software. Tyrrell succeeds interim CEO Scott Smith of Optimal Blue’s parent company, Constellation Software Inc. Tyrrell has more than 25 years of experience in the mortgage, finance, and technology industries. This includes serving as president of ICE Mortgage Technology, as well as in various leadership roles at Ellie Mae, including chief operating officer, prior to its acquisition in 2020.
Inman
JUNE 10, 2024
Feeling uncertain about buyer agency agreements? It’s natural. Here’s what to expect when presenting one to a new client.
Eyes on Housing
JUNE 10, 2024
In 2022, around 1.29 million women worked in construction in the United States, accounting for 10.97% of the industry, according to the 2022 American Community Survey. Within the construction industry, women are more likely to be found in such occupations as office and administrative support, management, business, and financial operations. Only 2.8% of women in.
Inman
JUNE 10, 2024
Even in a down market, companies can uncover key insights to grow market share, Mike DelPrete writes, as long as they have the cash to invest.
BiggerPockets
JUNE 10, 2024
Hurricane season has started, and forecasts are not looking good. According to analytics company CoreLogic, more than 32.
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