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What had previously been a surprisingly mild 2024 hurricane season closed with two devastating storms that hammered Florida and North Carolina. While assessing the full scale of the damage could still take months, the short-term effects on the two state’s housing markets were immediately visible — the markets came to a complete halt. In the days right before and after Hurricane Milton battered central Florida, two highly responsive metrics went into free fall.
Properties were selling in lightning speed a few years ago, but that’s not the vibe today. The truth is it could easily take twice as long to sell today, but the stats actually feel somewhat normal. I wonder if we’ve forgotten what the market used to feel like before 2020. Let’s talk about it. UPCOMING […] The post Stop expecting lightning speed in real estate first appeared on Sacramento Appraisal Blog.
Existing-home sales continued their downward trend in September. After falling 2.5% from July to August , sales again trended down last month, dropping 1% to a seasonally adjusted annual rate of 3.84 million, according to data released Wednesday by the National Association of Realtors (NAR) On a year-over-year basis, existing-home sales were down 3.5% in September.
According to proprietary data from Auction.com , early indications of waning demand for distressed properties sold at auction that appeared late in the second quarter persisted throughout the third quarter of 2024. Given that local community developers are projecting retail market conditions roughly six months into the future—the average time it takes to renovate distressed properties bought at auction and return them to the retail market as resales or rentals—waning demand from these developers
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
Even as artificial intelligence (AI) becomes more prominent in the mortgage industry, most millennial and Generation Z homebuyers are hesitant to rely solely on a fully automated application process to get a loan, according to a new study. A survey from mortgage technology firm Cloudvirga , conducted in September, gathered insights from more than 1,000 millennial and Gen Z respondents, the majority of whom were first-time buyers under the age of 40.
In this episode, Hal and Jim sit down with Joanna Conde, President of the Arizona Association of Real Estate Appraisers (AAREA). Joanna dives into the impact of Artificial Intelligence on real estate appraisals. Many appraisers are wary of AI, but Joanna has embraced it to transform her business. She shares how listeners can use ChatGPT to create, manage, and market their own niche businesses, offering valuable takeaways for those looking to stand out in their areas.
In this episode, Hal and Jim sit down with Joanna Conde, President of the Arizona Association of Real Estate Appraisers (AAREA). Joanna dives into the impact of Artificial Intelligence on real estate appraisals. Many appraisers are wary of AI, but Joanna has embraced it to transform her business. She shares how listeners can use ChatGPT to create, manage, and market their own niche businesses, offering valuable takeaways for those looking to stand out in their areas.
Stubbornly high rates have hindered mortgage demand , but at least it’s better than it was a year ago. Mortgage applications decreased 6.7% from one week earlier, according to data from the Mortgage Bankers Association ’s (MBA) weekly applications survey for the week ending Oct. 18. The Market Composite Index, a measure of mortgage loan application volume, decreased 7% on an unadjusted basis.
According to a recent analysis of the U.S. Census Bureau’s 2022 American Community Survey (ACS) by Zillow and its New York City brand StreetEasy, rent expenses affect nearly half of all renter households in the U.S., with Gen Z renters bearing the brunt of the strain. Some three out of five Gen Z renters (those between the ages of 18 and 25) nationwide spend more than 30% of their income on housing costs.
The latest data for September 2024 reveals a significant downturn in agent mobility, with the seasonally adjusted metric hitting its lowest point for September in eight years. This decline suggests that agents are increasingly hesitant to switch brokerages as we move deeper into the fall season. Key observations from September Seasonally Adjusted Metric at 8-Year Low: The AMI’s seasonally adjusted figure for September dropped to 84.2, the lowest since 2016, indicating a sharp decrease in agent m
Mortgage application volume fell for a fourth straight week, dropping 6.7% compared with the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. For the week ended October 18, applications for refinances decreased 8% compared with the previous week but were up 90% compared with the same week one year ago.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
The Mortgage Bankers Association (MBA) this week announced the hiring of veteran financial leader Astrid Vermeer as the trade group’s new senior vice president and chief financial officer. Vermeer brings more than 20 years of financial management experience to MBA’s leadership team. The organization spoke highly of Vermeer’s long track record of executive-level decision-making for key organizations.
Despite recent easing mortgage rates and improved inventory, existing home sales fell to a 14-year low in September as elevated home prices are causing potential buyers to hold out for lower rates, according to the National Association of Realtors (NAR). Sales remained sluggish as the lock-in effect kept home prices elevated. However, we expect increased.
The U.S. Department of the Treasury ’s Community Development Financial Institutions (CDFI) Fund announced on Wednesday that it has awarded 48 organizations a total of $246.4 million to develop affordable housing and community facilities. The funding is expected to result in some 26,400 new housing units, which will primarily serve low-income families and communities that “need additional investment,” the department said in its announcement.
Should the AI (Appraisal Institute) teach AI (Artificial Intelligence)? This is Part 2 on the Series of the Appraisal Institute and Artificial Intelligence. Read Part 1 here. AI tools, such as ChatGPT, depend on prior knowledge being published somewhere out there in the cloud. Somewhere. The AI (the education provider) continues to emphasize the supremacy […] The post Does the AI Need AI?
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
American Identity Group , an information security company that monitors and fixes security breaches and primarily operates in the wholesale lending space, has also become well established in the title and home warranty industries. The company now aims to embed its services in forward and reverse mortgages. Representatives journeyed to San Diego last month to meet with lending professionals at the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo.
From agent pay to association changes, a new report identifies 20 ways the industry can improve itself — and help homebuyers and sellers in the process.
After two years of optimization efforts, Rate CEO Victor Ciardelli talks about the public launch of the Rate Intelligence AI-powered lending platform. Chicago-based Rate was the eighth-largest mortgage lender in the country during the first half of 2024, according to estimates from Inside Mortgage Finance. On Wednesday, the company implicitly announced its intentions to grow its market share by launching Rate Intelligence, an artificial intelligence -driven lending platform.
Mortgage data and workflow solutions provider FirstClose is launching a new feature for its automated home equity point-of-sale system. The Austin -based company has added the Digital Loan Product Wizard to the system, according to a recent announcement. The new feature will help customers to quickly consolidate high-interest mortgage debt. Borrowers can determine down payment amounts, monthly payment limits, and interest rates for home equity lines of credit ( HELOCs ) or home equity loans wit
Vetted by HousingWire | Our editors independently review the products we recommend. When you buy through our links, we may earn a commission. Successful listing agents know that the key to securing a listing is preparation. Proactive agents do the work ahead of time and know what to expect going into every listing appointment. Check out our comprehensive checklist, tips and scripts, plus ten key questions to ask.
As the landscape of real estate and finance continues to shift dramatically in 2024—with high interest rates, housing costs, a higher cost of living, and economic uncertainty ahead—an increase in bankruptcy filings may present significant new challenges ahead for mortgage servicers. We have seen Chapter 7 filings rise by 22% and Chapter 13 filings rise by 15% since 2023, and the Department of Justice forecasts a substantial upturn in filings over the next three years.
Ohio REALTORS, one of the largest and most influential real estate associations in the Midwest, has announced its partnership with HousingWire , the leading source for housing market news and information. This collaboration is set to provide over 3,000 broker members across Ohio with access to comprehensive data, analytics, and housing news, positioning them at the forefront of the real estate market.
Existing-home sales decreased 1.0% in September compared with August to a seasonally adjusted annual rate of 3.84 million, according to the National Association of Realtors (NAR). Year-over-year, existing-home sales were down 3.5% compared with September 2023. The median existing-home sales price in September was $404,500, up 3.0% from September 2023.
Mr. Cooper Group’s Jay Bray, left, and Mike Weinbach say that mortgage origination income that exceeded expectations in Q3 2024 isn’t likely to be the norm in the near future. When mortgage rates declined in the third quarter of 2024, Mr. Cooper Group doubled its gains in the origination business. But executives don’t expect to repeat this performance in the coming quarter.
U.S. Mortgage Corp. is now using LenderLogix LiteSpeed point-of sale system, which is designed to work with the Encompass loan origination system. The lender decided to replace its legacy point-of-sale system with LiteSpeed to automate its mortgage process and provide its borrowers a digital-first borrower experience. “Once we saw the functionality of LiteSpeed, we couldn’t look at our borrower journey the same.
Retirement benefits for recipients of the U.S. Social Security program must be scaled back by 2033 if there is to be any chance of sustaining full retirement benefit payouts, but a consistent lack of attention by both chambers of Congress could necessitate a benefit cut if inaction persists over the next nine years. This is according to a new report by CNBC , citing recent research from the American Enterprise Institute (AEI) and discussions with members of the Bipartisan Policy Center (BPC).
Robert Kramer listed his home for sale without using an agent three years ago. The price is $200,000 above some estimates. He raises it $3,600 every month and is still waiting for the right buyer.
Verification solutions company Xactus has appointed Sasha Stair its new chief marketing officer. Stair, a 2023 HousingWire Woman of Influence , has over two decades of experience in mortgage fintech and strategic growth. She’s had leadership roles at Snapdocs , Common Securitization Solutions and Black Knight Financial. “This is a pivotal moment for our organization,” Shelley Leonard, president of Xactus, said in a statement.
With a new level of omnipresence within an agent’s user experience indicated by a pulsing, always-on chat environment, the Siri-inspired Leo CoPilot is designed to be at the beck and call of Real dealmakers.
Click n’ Close has introduced a new down payment assistance option for its Shared Appreciation Mortgage (SAM) program, which offers a below-market interest rate for first-lien FHA and USDA loans and a repayable DPA second lien in exchange for up to 40% of the home’s appreciation during the first five years. Homebuyers can now access 3.5% and 5% down payment assistance along with a powerful tool to compare the benefits of homeownership versus renting, the firm says in a release.
MBA lender survey shows demand for purchase loans is still slightly stronger than it was a year ago, when rates were soaring toward post-pandemic highs.
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