Housing Wire

OCTOBER 23, 2024

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.

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Sacramento Appraisal Blog

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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.

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Appraisal Buzz

OCTOBER 23, 2024

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

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Housing Wire

OCTOBER 23, 2024

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.

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Appraisal Buzz

OCTOBER 23, 2024

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.

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Real Estate News

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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.

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Real Estate News

OCTOBER 23, 2024

Lower mortgage rates and rising inventory failed to entice buyers, particularly first-timers, as prices continued their year-over-year climb.

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Housing Wire

OCTOBER 23, 2024

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.

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Real Estate News

OCTOBER 23, 2024

Longtime CEO Howard Lorber announced his retirement from the company as board member and entrepreneur Michael Liebowitz takes over the top spot.

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Housing Wire

OCTOBER 23, 2024

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.

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Appraisal Buzz

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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

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Appraisal Buzz

OCTOBER 23, 2024

PhoenixTeam , a provider of artificial intelligence (AI)-powered mortgage operations and technology services for the mortgage and financial services industries, has announced the launch of Phoenix Burst , a generative AI platform that transforms knowledge into ready-to-build software and change management artifacts, empowering teams to move from concept to creation faster than ever.

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Housing Wire

OCTOBER 23, 2024

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.

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Appraisal Buzz

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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

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Appraisal Buzz

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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.

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Appraisal Buzz

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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.

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Appraisal Buzz

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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.

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Inman

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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).

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Inman

OCTOBER 23, 2024

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.

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Housing Wire

OCTOBER 23, 2024

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.

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Inman

OCTOBER 23, 2024

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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Housing Wire

OCTOBER 23, 2024

Despite reaching a settlement agreement with the home seller plaintiffs in the Hooper (formerly Phillips ) commission lawsuit , eXp World Holdings’ legal woes are far from over. On Tuesday, Laura Criss, Don Gibson, John Meiners and Daniel Umpa, who are the proposed class representatives in the combined Gibson/Umpa suit , filed a motion to intervene and transfer the case to the U.S.

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Eyes on Housing

OCTOBER 23, 2024

While the lack of affordable housing dominates the headlines across the nation, congressional districts with higher shares of renter households are disproportionately affected by the current affordability crisis. Geographically, the districts with the largest housing cost burdens are heavily concentrated in California, Florida, and the coastal Northeast.

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Housing Wire

OCTOBER 23, 2024

According to ATTOM’s third quarter 2024 Home Equity and Underwater Report, 48.3% of mortgaged residential properties in the U.S. are considered equity rich. In the first quarter of 2024, homeowners across the U.S. saw a remarkable surge in their equity , gaining an impressive $28,000 on average. According to CoreLogic, total home equity skyrocketed to an astounding $33.8 trillion by May 2024—up from just $19.5 trillion in 2019, marking a staggering 73% increase.

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Mortgage Business Marketing 428

Inman

OCTOBER 23, 2024

Building lasting relationships and providing exceptional guidance, coach Darryl Davis writes, means communicating with transparency and empathy.

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Sellers Agents 170

Housing Wire

OCTOBER 23, 2024

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.

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