Housing Wire
AUGUST 26, 2024
Although the industry is barely than a week into the “ new normal ,” some real estate agents and brokers are already seeing smaller buy-side commissions. “It kind of started before the [ National Association of Realtors ] settlement went into effect, but commission compression is a real thing,” Brian Huskey, the broker-owner of Montana-based ERA American Real Estate , said.
Appraisal Buzz
AUGUST 26, 2024
In July, pending sales of starter homes increased 10.2% year-over-year to the highest level since October 2022, per a new report from Redfin. This indicates that in the lower end of an otherwise “stagnant market”, there might be hope for first-time homebuyers. Middle-class homes (those with sales prices in the 35th–65th percentile of the market) saw a 6.5% decline in pending sales in July over the same month last year, while upper-class homes (those in the 65th–95th percentile) saw an even great
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Housing Wire
AUGUST 26, 2024
The National Association of Realtors (NAR) is facing yet another lawsuit. The latest complaint, which is seeking class-action status, was filed on Friday by eight real estate agents in Los Angeles County Superior Court. The suit claims that NAR, along with Move Inc., Move Sales , OpCity Acquisitions , OpCity Inc. and REA Group Ltd. — which, according to the complaints, are all wholly owned subsidiaries of Move and News Corp , who is also a defendant — defrauded agents by selling them fake lead
Appraisal Buzz
AUGUST 26, 2024
In 2024, the ongoing surge in inflation is exacerbating the financial pressures on lower-income renters across the United States. As the cost of essential goods and services rises, these renters are increasingly forced into difficult decisions about how to allocate their limited resources, leading to severe hardships. According to data from the Joint Center for Housing Studies of Harvard University , a staggering 25% of lower-income renters are reporting that they do not have enough food to eat,
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Housing Wire
AUGUST 26, 2024
Detroit-headquartered Rocket Mortgage on Monday rolled out a lender-paid 2-1 temporary buydown program for lower-income households. The program, dubbed “Welcome Home RateBreak,” is available to buyers purchasing a single-family home and earning 80% or less of their area median income (AMI). Rocket estimates the size of this segment at more than 90 million people.
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Housing Wire
AUGUST 26, 2024
Affordable homes have long been in short supply for lower-income households, but data released Monday by Redfin showed positive signs for the starter-home segment. According to Redfin, pending sales of starter homes grew 10.2% year over year in July to reach their highest level since October 2022. This was in stark contrast to three other market segments that posted declines in the number of pending sales compared to July 2023.
Real Estate News
AUGUST 26, 2024
Agents from six states allege that the parent company of Realtor.com sold dubious leads, and said NAR — also a defendant — was “complicit” in the scheme.
Housing Wire
AUGUST 26, 2024
As the housing market continues to be marked by high mortgage rates and record-breaking home prices across many U.S. regions, renting continues to play a pivotal role for millions of people. Currently, more than 44 million U.S. households rent their homes, a figure that is expected to continue to rise as economic conditions make homeownership less and less attainable.
Real Estate News
AUGUST 26, 2024
Brokerages need to define their purpose in this new era, says Keller Williams CEO Mark Willis, and training, tech will be key to KW’s identity.
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Housing Wire
AUGUST 26, 2024
By maintaining a consistent posture that is informed by the dynamics of the traditional forward mortgage business, Rate ’s reverse mortgage division has seen notable growth in the year after the appointment of new leadership. Ryan Ogata, Rate’s executive vice president of reverse mortgage lending, previously described how his experience in the forward lending business helped to inform the way he approaches reverse.
Real Estate News
AUGUST 26, 2024
Pending sales for all other tiers were down compared to last year, but entry-level homes attracted significant buyer interest in July.
Housing Wire
AUGUST 26, 2024
Unsold inventory in the two biggest housing markets in the country, Texas and Florida, declined this week. There are fewer homes for sale now than a week ago. Inventory seems to have peaked for the season and is slowly inching down. There appears to be two reasons we’re seeing a seasonal peak in unsold inventory now, when last year inventory in these states didn’t peak until the end of November.
Appraisal Buzz
AUGUST 26, 2024
As we near the Five Star Conference 2024 , set for September 24-26 at the OMNI Hotel in Dallas, the list of guest speakers and educational offerings continues to grow. Real estate agents continue to face various levels of adversity throughout their careers, and if you are looking for ways to increase revenue, the Real Estate Solutions Session is for you.
Housing Wire
AUGUST 26, 2024
Mike Roberts is about to make his first early payoff (EPO) penalty in two years after finding out that one of his clients refinanced a $355,000 loan with a 7.25% rate that Roberts closed in April. “The amount that we received in yield spread was 1.72%, which equates to $6,106,” said Roberts, co-founder and president of City Creek Mortgage. “He didn’t refi with us, so we are not making back money.
Appraisal Buzz
AUGUST 26, 2024
Voxtur Analytics Corporation CEO Ryan Marshall Voxtur Analytics Corporation , a technology company creating a more transparent and accessible real estate lending ecosystem, has named Ryan Marshall to the role of CEO. As CEO of Voxtur, he brings to the table a deep understanding of the company’s operations, market dynamics, and growth potential, as well as a firm commitment to driving the company’s strategic vision forward.
Housing Wire
AUGUST 26, 2024
The baby boomer generation is “slipping through the cracks” of the U.S. retirement system due to the rising prices of home insurance across the country, according to an analysis from online insurance marketplace Insurify. “A new source of financial strain on retiree budgets is homeowners insurance premiums, which have skyrocketed by 20% between 2021 and 2023,” the report stated, citing data compiled by the company.
Inman
AUGUST 26, 2024
The Florida-based brokerage's buyer-focused marketing and educational resources are made for agents in need of assistance as they pitch buyer representation services, executives told Inman.
Housing Wire
AUGUST 26, 2024
Proptech HomeLight has raised $20 million to expand the offering of its Buy Before You Sell product to mortgage lenders and real estate agents across 40 new states, the company announced on Monday. Zeev Ventures , an early-stage venture fund, led the Series D extension, and was joined by Stereo Capital and Menlo Ventures. According to Crunchbase estimates, HomeLight has raised $762.5 million in 15 funding rounds with 25 investors since its inception in 2012.
Inman
AUGUST 26, 2024
Eight Realtors are seeking class action status in their lawsuit against Realtor.com for allegedly selling unvetted and fraudulent buyer and seller leads. This is the third lawsuit against Realtor.com and parent company Move over its lead gen business.
Housing Wire
AUGUST 26, 2024
When interest rates began skyrocketing more than two years ago, mortgage companies faced a pivotal decision regarding a crucial part of their business: the servicing portfolio. This period was a windfall for servicers. Rising rates typically slow down borrower prepayments, increase the fair value of mortgage servicing rights (MSRs), and enable companies to earn more interest on funds held in escrow accounts.
Inman
AUGUST 26, 2024
The launch comes as the Baby Boomers race into their elder years, creating what some observers have referred to as a "silver tsunami.
Housing Wire
AUGUST 26, 2024
Compass is making progress on its goal of establishing a 30% market share in 30 of country’s top metro areas. The brokerage has expanded its roster in Houston with the addition of Natasha Simon, who brings $892 million in career sales across 1,200 transactions to the company. She was previously with LPT Realty, a Keller Williams affiliate. “It’s an exciting time to join Compass,” Simon said in a statement.
Appraisal Buzz
AUGUST 26, 2024
MIAC Analytics is managing the sale of a $1.09 billion Fannie Mae and Freddie Mac mortgage servicing rights (MSR) portfolio. The portfolio is being offered by a mortgage company that originates loans with a concentration in California. The average loan size is $313,457. Roughly 84% of the portfolio is Fannie Mae while roughly 16% is Freddie Mac loans.
Inman
AUGUST 26, 2024
Pending sales of starter homes surged 10.2 percent in July, reaching their highest point since October 2022 as mortgage rates began to decline, according to data released Monday by Redfin.
Appraisal Buzz
AUGUST 26, 2024
Valuations firm Veros Real Estate Solutions has introduced iVALUATION , a new platform that provides housing finance professionals with the quick insights they need to be confident in the accuracy of a property valuation. With its powerful combination of an advanced automated valuation model and comprehensive nationwide property data, iVALUATION is positioned to transform the way the industry assesses property value, Veros says in a press release.
Inman
AUGUST 26, 2024
Consider these three tips for showcasing experience, skills and trust to prospective customers.
Appraisal Buzz
AUGUST 26, 2024
There were about 30,000 foreclosure starts in July, an increase of 32% compared with June and up 14% compared with July 2023, according to ICE Mortgage Technology’s First Look report. However, the increase is partially a byproduct of starts hitting a multi-year low the month prior, rather than a sign of underlying stress in the market, the firm says.
Inman
AUGUST 26, 2024
HomeLight is partnered with more than 10,000 loan officers and 28,000 real estate agents to offer Buy Before You Sell in 46 states and Washington, D.C. -- everywhere but Alaska, Massachusetts, New York and Rhode Island.
Appraisal Buzz
AUGUST 26, 2024
Home affordability improved slightly in July – but not enough to improve homebuyer sentiment, according to the latest Real House Price Index report from First American. On an annual basis, affordability remains nearly 2% lower than one year ago, the firm says. Helping to drive the month-over-month improvement in affordability was lower mortgage rates and positive income growth.
Inman
AUGUST 26, 2024
A lawsuit filed in New York this month alleges that Copperfield abandoned his penthouse in a state of disrepair, leaving the Galleria's other residents to deal with flooding apartments and common areas below the unit.
Eyes on Housing
AUGUST 26, 2024
Every year since 2008, the NAHB has conducted a member census in order to better understand the composition and characteristics of the people who belong to its organization. Similar to a previous post about builder members, NAHB conducted a related analysis of its associate members. In 2023, 65% of NAHB’s members were associate members—those involved.
Inman
AUGUST 26, 2024
A week after being named CEO, Wacksman shared what it's like to take the baton from Zillow co-founder Rich Barton, the power of technology and the role portals play in a post-settlement world.
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