Housing Wire
JUNE 14, 2024
Elevated mortgage rates, high home prices and a lack of for-sale listings continue to hamper U.S. home sales, with Redfin reporting Friday that sales in May 2024 dropped to one one of the lowest levels of the past decade. The annualized rate of home sales, adjusted for seasonality, fell below 408,000 last month. That was down 1.7% from the prior month and 2.9% below year-ago levels.
Appraisal Buzz
JUNE 14, 2024
Home sales dipped 1.7% month-over-month in May on a seasonally adjusted basis, and 2.9% year-over-year, according to a recent Redfin study. There have only been two months in the last decade with fewer home sales: October 2023, when mortgage rates reached a 23-year high, and May 2020, when the pandemic brought the housing market to a halt and home sales to an all-time low.
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Housing Wire
JUNE 14, 2024
The U.S. Department of Housing and Urban Development (HUD) on Friday announced a final rule designed to expand support for housing counseling services within Native American tribal communities. In a new final rule published in the Federal Register, HUD outlined requirements for housing counselor certification for sessions that are conducted in connection with the Indian Housing Block Grant (IHBG) and Indian Community Development Block Grant (ICDBG) programs.
Appraisal Buzz
JUNE 14, 2024
This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. In today’s low-volume market cycle, mortgage originators can build business by focusing on purpose-built loan products designed to overcome the specific challenges homebuyers face in the current market. In a landscape marked by limited turnkey housing inventory, significant affordability issues, and relentless competition from cash-rich investors, homebuyers need more than plain vanilla home loans.
Housing Wire
JUNE 14, 2024
The White House on Thursday nominated Christy Goldsmith Romero as chair of the Federal Deposit Insurance Corp. (FDIC), putting her on track to head the U.S. bank regulator following the scandal-induced resignation of Martin Gruenberg. Goldsmith Romero, who must still be confirmed by members of the U.S. Senate , has been a commissioner at the Commodity Futures Trading Commission (CFTC) since March 2022.
Appraisal Buzz
JUNE 14, 2024
The Mortgage Bankers Association (MBA) has released a new report built on their Builder Application Survey (BAS) covering May 2024 which provides a picture of mortgage applications submitted for new home purchases. The monthly report revealed that compared to a month earlier in April, mortgage applications for newly built homes increased by 1%—year-over-year, that number, that number is up by 13.8%.
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Real Estate News
JUNE 14, 2024
A recent survey from Clever found that 70% of agents are unhappy with the deal, but two-thirds of consumers think commissions practices should change.
Housing Wire
JUNE 14, 2024
Consumer and industry advocacy organizations — including the American Land Title Association (ALTA), National Consumer Law Center (NCLC), National Association of Realtors (NAR) and AARP — are sounding the alarm over a rising trend of elder real estate fraud and financial exploitation in a new jointly created issue brief released on Friday. The brief includes an overview of key actions that could be considered elder financial abuse, including but not limited to signature forging on legal or finan
Real Estate News
JUNE 14, 2024
The home search giant filed a lawsuit last December over the removal of its showing platform in the ARMLS and Metro MLS regions.
Housing Wire
JUNE 14, 2024
Record-high home prices and elevated interest rates have weighed down mortgage markets. The Federal Reserve signaled its intention to maintain higher-for-longer rates, confirming that a reprieve is not on the horizon for borrowers and originators alike. Recent stagnation in refinancing loans, coupled with supply and demand discrepancies in housing, means originators still find themselves in an increasingly competitive landscape despite having expectations of the worst being over.
Appraisal Buzz
JUNE 14, 2024
Seyfarth Shaw LLP Partner John Domby Seyfarth Shaw LLP has announced the arrival of Partner John Domby to the firm’s Real Estate Department in Charlotte, North Carolina. Domby joins Seyfarth from Katten Muchin Rosenman LLP , where he was a Partner in the firm’s Real Estate Finance and Lending Practice. “John is another key step in our strategic plans to grow our national real estate practice and Charlotte office,” said Paul Mattingly, National Chair of Seyfarth’s Real Estate Department.
Housing Wire
JUNE 14, 2024
Attorneys for the federal government have issued an extensive new filing in the ongoing litigation between Texas Capital Bank (TCB) and Ginnie Mae , including a raft of correspondence that took place immediately prior to the seizure of the Reverse Mortgage Funding servicing portfolio by Ginnie Mae. Separately, a magistrate judge has approved the government’s request to extend the timeline for discovery into July.
Appraisal Buzz
JUNE 14, 2024
On Thursday, June 20 at 11:00 a.m. Central, the Joint Center for Housing Studies of Harvard University will present its “ The State of the Nation’s Housing 2024 ” Report. As homeowners and renters nationwide continue to struggle with high housing costs, on the for-sale side, millions of potential homebuyers have been priced out of the market by high home prices and interest rates, while the number of renters with cost burdens has hit an all-time high.
Housing Wire
JUNE 14, 2024
Incenter Lender Services, a Philadelphia -based family of companies that works with nonbank and depository lenders across the country, announced this week that it has promoted Shelley Duffy to the role of executive vice president of national sales. Duffy first joined Incenter in February 2022 as its senior vice president of national sales. She will now oversee all aspects of the company’s enterprise development team, which is expanding as Incenter seeks to create new solutions and bolster compet
Appraisal Buzz
JUNE 14, 2024
Incenter COO Sara Parrish Incenter has promoted Sara Parrish to the role of COO, as she will also remain President of Incenter company CampusDoor, where her focus on operational excellence, creativity, and team empowerment has propelled new growth since she took the reins in 2022. “I am thrilled to be working closely with Sara at this key point in Incenter’s lifecycle,” said Incenter President Bruno Pasceri.
Real Estate News
JUNE 14, 2024
“This was more than simply a social media post,” said the LGBTQ+ Real Estate Alliance president, calling for “proactive actions” and ethics code enforcement.
Inman
JUNE 14, 2024
Fair housing goes beyond knowing the protected classes. Dr. Lee Davenport offers a primer on 4 levels of fairness involved in fair housing and how to communicate the facts to buyers and sellers.
Appraisal Buzz
JUNE 14, 2024
Citing that jobs gains have remained strong, the unemployment rate has remained low and inflation remains high, the Federal Open Market Committee voted Wednesday to hold the federal funds rate at 5.25% to 5.5%. Still, the committee noted that in recent months, there has been modest further progress toward its 2% inflation objective. Compared to its May statement, the current statement upgraded “lack of progress” to “modest further progress” with respect to achieving the central bank’s 2% inflati
Inman
JUNE 14, 2024
Why make your brokerage decision based on their office location? Create your own office and establish yourself as a mainstay of the community.
Appraisal Buzz
JUNE 14, 2024
Mortgage Capital Trading (MCT) and Lender Price have partnered to provide mortgage lenders using the Lender Price product and pricing engine (PPE) with loan-level MCT MSR values. MCT’s mortgage servicing rights (MSR) grids allow Lender Price PPE clients to be more granular, profitable, and efficient when generating their front-end borrower pricing and managing their MSR portfolio.
Inman
JUNE 14, 2024
The seller of the home once owned by Lee Radziwill is Ann Tenenbaum, venture capital-investor and widow of late private-equity pioneer Thomas H. Lee. The couple rebuilt the property twice.
Eyes on Housing
JUNE 14, 2024
Up to this point in 2024, the median builder has sold 22% of its homes to buyers who used all cash to pay for them (i.e., did not take out a mortgage), according to a recent NAHB survey. The survey took the form of a special question appended to the instrument used to collect data.
Inman
JUNE 14, 2024
Agents with My State MLS membership will be able to receive cash offer estimates on properties that qualify within minutes.
Appraisal Buzz
JUNE 14, 2024
Owen Lee, CEO at Success Mortgage Partners , Inc., (SMP) has been nominated to serve as the Mortgage Bankers Association’s (MBA) vice chairman for the 2025 membership year. “It is my honor to welcome Owen Lee, an exemplary leader and prominent voice in the real estate finance industry, to MBA’s leadership ladder,” says Mark Jones, current chairman of the MBA and president of Union Home Mortgage, in a release.
Inman
JUNE 14, 2024
Looking for a quick catch-up on the buzziest stories of the week? Here’s Inman Top 5, the most essential stories, according to Inman readers.
Appraiserblogs
JUNE 14, 2024
Exposing the inner workings of these predatory AMCs and their corrosive influence on the housing market. Cindy Chance’s recent comments about the concerning practices of some appraisal management companies (AMCs) have struck a chord with many in the real estate valuation industry. Chance is shedding light on the troubling ways in which certain AMCs have come to wield significant power and influence over the appraisal process, often to the detriment of both appraisers and the public.
Inman
JUNE 14, 2024
The penthouse is situated at the top of the 48-floor 77 Hudson in Jersey City and spans more than 3,800 square feet with 180-degree views.
BiggerPockets
JUNE 14, 2024
When New York City banned short-term rentals (under 30 days) under Local Law 18 in September 2023, 15,000 landlords suddenly found themselves without income, many struggling to pay their mortgages.
Inman
JUNE 14, 2024
As key milestones approach, the DOJ's upcoming opinion on the commission lawsuit settlement is already drawing both attention and criticism.
BiggerPockets
JUNE 14, 2024
We all know the basics for market analysis, but these less conventional signals can be game changers.
Inman
JUNE 14, 2024
Zillow, Arizona Regional Multiple Listing Service, Metro MLS and MLS Aligned have reached a preliminary settlement in their antitrust case. Zillow claimed ARMLS and Metro MLS conspired to create a "monopoly" when they removed their deep integration with ShowingTime in favor of MLS Aligned's listing platform.
BiggerPockets
JUNE 14, 2024
When you know how to show a rental property, you'd better position yourself to find a tenant in short order. Here are the six steps you must take to show a rental property to prospective tenants.
Inman
JUNE 14, 2024
Friar served as CFO at Square, sits on the board of Walmart and worked at McKinsey, Salesforce and Goldman Sachs. She was tapped alongside Kevin Weil, who will serve as chief product officer.
BiggerPockets
JUNE 14, 2024
Purchasing a property in just any market won't guarantee financial freedom. Here's why market analysis is so important to achieve your goals.
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