Housing Wire
JULY 31, 2024
Although Americans have complained about high housing costs for decades, their concerns have taken on a fevered pitch recently. At first glance, these concerns seem reasonable: home prices have increased by more than 50% since the end of 2019. This is an annual growth rate of almost 14%—far higher than the long run average rate of 4%. We’ve recently lived through an unusually rapid run-up in home prices.
Appraisal Buzz
JULY 31, 2024
In a new report, an estimated 4.8% increase was reported in June pending home sales by the National Association of REALTORS (NAR). There were gains in transactions each month in all four U.S. regions. The West had an increase year-over-year, while the Northeast, Midwest, and South saw decreases. “The rise in housing inventory is beginning to lead to more contract signings,” said Lawrence Yun, NAR Chief Economist.
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Housing Wire
JULY 31, 2024
After plummeting to an all-time low in May , pending home sales bounced back a bit in June, with the Pending Home Sales Index rising 4.8%, according to data released Wednesday by the National Association of Realtors (NAR). The index rose from a reading of 70.8 in May to 74.3 in June, although the latter reading was down 2.6% on an annual basis. A reading of 100 is equal to the level of contract activity in 2001.
Appraisal Buzz
JULY 31, 2024
In today’s episode of the Appraisal Buzzcast, we welcome back Lyle Radke, Principal of Collateral Policy at Fannie Mae. Recently, Fannie Mae released an appraiser update with significant policy changes, and Lyle is here to break down the key points for us. We dive into the details of the update, including the potential impact on ROV processes.
Advertiser: Trellis
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Housing Wire
JULY 31, 2024
Following a $600,000 research grant to the city of Nome, Alaska , that was issued last year, senior officials at the U.S. Department of Housing and Urban Development (HUD) visited the University of Alaska at Fairbanks to tout the possibilities that 3D printing technology could bring to the construction of affordable housing in the U.S. The grant went to a project team consisting of partners at Penn State University and a nonprofit research firm, the Xtreme Habitats Institute (XHI).
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Housing Wire
JULY 31, 2024
In the ever-evolving world of mortgage servicing, delivering an exceptional customer experience at every stage of the customer’s journey is a crucial differentiator. Having spent my career focused on transforming and maintaining an outstanding customer experience specific to our industry, I’ve learned that creating a customer-focused team isn’t achieved through policy, technology, or even training.
Real Estate News
JULY 31, 2024
While still sluggish, it’s a sign that demand is lurking, and sales “would have been even higher” if buyers weren’t waiting for mortgage rates to drop.
Housing Wire
JULY 31, 2024
More than three-quarters of U.S. adults believe that the Social Security program — which provides monthly benefit payments to Americans starting as early as age 62 — needs an “overhaul,” as it continues to face challenges to its solvency with no sign of political will or compromise to address it. This is according to the 11th edition of the Nationwide Retirement Institute ’s annual Social Security survey that was released this month.
Real Estate News
JULY 31, 2024
The association has shared a series of fact sheets and presentations to help real estate professionals and their clients understand what to expect come Aug. 17.
Speaker: Dylan Secrest
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.
Housing Wire
JULY 31, 2024
If antitrust lawsuits are impacting agent commissions, it’s not happening at Compass. The brokerage claimed on its second-quarter 2024 earnings call that it’s experiencing virtually no changes in commissions despite the $418 million settlement agreed to by the National Association of Realtors (NAR) following a string of lawsuits related to buyer commission rules.
Real Estate News
JULY 31, 2024
The brokerage also reported double-digit growth in transactions and agent count, in part due to significant acquisitions this spring.
Housing Wire
JULY 31, 2024
With company executives predicting that things will get messy in the U.S. real estate landscape over the next several months due to the business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , eXp World Holdings — the parent company of eXp Realty — is focused on improving the firm’s agent value proposition.
Real Estate News
JULY 31, 2024
The Consumer Federation of America has shared criteria to “assist regulators … and the industry itself in evaluating the fairness of new seller contracts.
Advertiser: Trellis
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Housing Wire
JULY 31, 2024
Roughly one month ago, Ginnie Mae released a term sheet for a highly anticipated new development for the reverse mortgage industry: a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product referred to as HMBS 2.0. The new term sheet detailed several differences from the existing HMBS program, including a reduction in the HMBS pool size to 95% of the loan’s total unpaid principal balance (UPB).
Appraisal Buzz
JULY 31, 2024
Both government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac , have reported their second quarter financials, as both continue to provide liquidity to the housing market, assisting the nation with the purchase, refinance, and rental of homes. Fannie Mae reported $4.5 billion in net income for the second quarter of 2024, with its net worth reaching $86.5 billion as of June 30, 2024.
Housing Wire
JULY 31, 2024
Like its peers, New York-based asset manager Rithm Capital, the owner of multichannel lender Newrez , has invested in building an extensive servicing portfolio over the past few years. This has occurred both organically and through acquisitions as Rithm aims to retain customers when mortgage rates decline from current levels. But Michael Nierenberg, the company’s chairman, CEO and president, said he’s not in a rush to achieve the nation’s largest mortgage servicing rights (MSR
Appraisal Buzz
JULY 31, 2024
The Federal Open Market Committee today voted to keep the Fed Funds rate flat for now at 5.25% to 5.5%. but hinted that a rate cut could come in September. Citing that “economic activity has continued to expand at a solid pace” and that “job gains have moderated,” the committee noted “further progress” toward its 2% inflation objective. In a statement , Fed Chairman Jerome Powell says the committee remains “squarely focused on achieving our dual mandate goals of maximum employment and stable pri
Housing Wire
JULY 31, 2024
Technology and outsourcing solutions company a360inc announced on Wednesday that it has acquired ProVest , a Tampa-based process and litigation information services provider for creditors. Some of a360inc’s key constituencies include mortgage lenders, servicers and investors, as well as title agencies. The deal includes an investment in a360inc by the funds managed by Morgan Stanley Investment Management (MSIM), Knox Capital and Nonantum Capital Partners, which will help to “enhance&
Appraisal Buzz
JULY 31, 2024
Mortgage application volume dropped 3.9% during the week ended July 26, while rates remained relatively flat compared with the previous week, according to he Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances fell 7% compared with the previous week but were up 32% compared with the same week a year ago. Applications for purchases decreased 2% compared with the previous week and were down 14% compared with the same week one year ago.
George Dell
JULY 31, 2024
We compared what you know with who you know in part 1 – in the context of diversity (or lack thereof) in the appraisal profession. In the past many appraisers entered the profession because they were born into it or married into it. A third path was to become an admin assistant (or secretary), learn […] The post What Do You Know? pt 2 appeared first on George Dell, SRA, MAI, ASA, CRE.
Appraisal Buzz
JULY 31, 2024
Pending home sales increased 4.8% in June compared with May but were down 2.6% compared with June 2023, according to the National Association of Realtors (NAR). Month-over-month, contract signings increased in all four U.S. regions. Year-over-year, pending home sales declined in the Northeast, Midwest and South, but were up in the West. “The rise in housing inventory is beginning to lead to more contract signings,” says Lawrence Yun, chief economist for NAR, in a statement.
Inman
JULY 31, 2024
Robert Reffkin on Wednesday said clear cooperation attaches "negative insights" to listings, and predicted the polarizing anti-pocket listing rule is ultimately doomed.
Appraisal Buzz
JULY 31, 2024
Mortgage industry veteran Brad Cardwell has joined Down Payment Resource as vice president of sales and business development. Cardwell brings extensive industry experience in steering dynamic product strategies for driving revenue growth and enhancing sales effectiveness to his new role. Cardwell started his mortgage career as a loan officer and team leader at Embrace Home Loans, where he worked for 19 years, most recently as vice president of innovation for revenue and sales enablement.
Inman
JULY 31, 2024
A new draft seller contract that eXp Realty is distributing to its brokers and agents is largely consistent with a newly issued set of criteria from the Consumer Federation of America, the watchdog group said this week.
Appraisal Buzz
JULY 31, 2024
a360inc , a technology solutions provider to law firms, title agencies, mortgage lenders and investors, has acquired ProVest , a market-leading service of process and litigation information services provider to the creditors’ rights legal industry. The purchase price was not divulged, but as part of the transaction, investment funds managed by Morgan Stanley Investment Management (MSIM), Knox Capital, and Nonantum Capital Partners made a strategic investment in a360inc. a360inc says it will use
Inman
JULY 31, 2024
Executives at Redfin and Zillow made the case at Inman Broker Connect that consumers would benefit from more universal standards of data sharing by MLSs. But the path to such a future is rocky, they said.
Eyes on Housing
JULY 31, 2024
The U.S. homeownership rate was 65.6% in the second quarter of 2024, unchanged from the first quarter of 2024, according to the Census’s Housing Vacancies and Homeownership Survey (HVS). However, this marks the lowest rate in the last two years. The homeownership rate is below the 25-year average rate of 66.4%, due to a multidecade.
Inman
JULY 31, 2024
Three-year-old indie brokerage Delhougne Realty Group has joined eXp. The brokerage's 65 agents closed $353.33 million in sales in 2023.
Eyes on Housing
JULY 31, 2024
Nationwide, the share of non-conventional financing for new home sales accounted for 32.4% of the market per NAHB analysis of the 2023 Census Bureau Survey of Construction (SOC) data. This is a significant 4.3 percentage point increase from the 2022 share of 28.1%. As in previous years, conventional financing dominated the market at 67.6% of.
Inman
JULY 31, 2024
Communication and relatability expert Rachel DeAlto took the ICLV stage on Wednesday and declared that she believes in the power of relatability more than anything
Appraiserblogs
JULY 31, 2024
By keeping the borrower in the dark about the true cost of the appraisal, the AMCs are able to charge exorbitant prices and pocket the difference (as shown in Figures 1 through 10), exploiting the consumer’s lack of knowledge. Thank you for the opportunity to comment on the Consumer Financial Protection Bureau’s Request for Information on Fees Imposed in Residential Mortgage Transactions.
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