Housing Wire
JUNE 27, 2024
After rising in March , pending home sales continued to slide in May, with the Pending Home Sales Index (PHSI) posting its second consecutive month of declines to reach a record low, according to data released Thursday by the National Association of Realtors (NAR). The PHSI fell 2.1% from April to a reading of 70.8 in May, which was down 6.6% on a yearly basis.
Appraisal Buzz
JUNE 27, 2024
May saw a 2.1% decline in pending home sales, according to the National Association of REALTORS. While the Northeast and West saw advances in transactions each month, the Midwest and South reported losses. Per the report, every U.S. region had decreases over the previous year. Indicator of prospective home sales based on contract signings, the Pending Home Sales Index (PHSI) dropped to 70.8 in May.
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Housing Wire
JUNE 27, 2024
In a statement released Wednesday night, REcolorado warned Denver-area Realtors that outside ownership of the local MLS could bring added uncertainty during an already uncertain time and suggested that their data could be compromised. The company’s statement says it supports the effort to decouple the local MLS from the two local Realtor associations that own it — Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA).
Appraisal Buzz
JUNE 27, 2024
According to a new Redfin study , the average U.S. home that sold in the four weeks ending June 23 went for 0.3% less than what was asked for. Since the start of the epidemic in 2020, when the housing market all but collapsed, this is the first year that the average home has sold for less than list price during this time of year. A year ago, the average home sold for exactly what was listed, and two years ago, it sold for about 2% more than what was listed.
Housing Wire
JUNE 27, 2024
The median monthly payment for purchase mortgage applicants decreased to $2,219 in May, down 1.6% from the prior month , according to data released Thursday by the Mortgage Bankers Association (MBA). ”Homebuyer affordability conditions improved in May as slightly lower mortgage rates and an uptick in housing inventory slightly eased the recent rise in application payment amounts,” Edward Seiler, MBA’s associate vice president of housing economics, said in a statement.
Appraisal Buzz
JUNE 27, 2024
Mortgage application volume increased 0.8% during the week ended June 21, as the average rate for a 30-year, fixed-rate mortgage fell to 7.04%, down from 7.12% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances were flat compared with the previous week and were up 26% compared with the same week one year ago.
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Appraisal Buzz
JUNE 27, 2024
The Federal Housing Finance Agency (FHFA) has announced the inaugural members of its Advisory Committee on Affordable, Equitable, and Sustainable Housing, a group that will provide non-binding advice to the FHFA on how its regulated entities (Fannie Mae, Freddie Mac, and the Federal Home Loan Banks) can best serve as a reliable and responsible source of liquidity and funding for housing finance and community investment, including both single-family and multifamily housing.
Housing Wire
JUNE 27, 2024
Tal and Oren Alexander have taken leaves of absence from Official Partners , the Side-brokered firm they co-founded, after the brothers were accused of sexual assault in separate lawsuits. The New York Times first reported Tal Alexander’s leave of absence from Official on Tuesday. This came two weeks after his younger brother, Oren, took his own leave of absence.
Appraisal Buzz
JUNE 27, 2024
According to credit bureau TransUnion’s Q2 2024 Consumer Pulse study, consumer concerns about inflation and interest rates reached their highest levels in two years despite the fact that 55% of Americans remain optimistic about their household finances over the next year. This number has stayed the same year-over-year from 2022 and 57% in 2023. This optimism seems largely driven by confidence in a stable employment situation and continued wage increases.
Housing Wire
JUNE 27, 2024
Dominion Financial Services , a Baltimore -based private lender with products tailored to real estate investors , has launched a third-party origination program for mortgage brokers, according to an announcement on Thursday. “This marks a significant milestone in the company’s commitment to expanding its reach and fostering partnerships within the real estate investment industry,“ the company said in its announcement.
Real Estate News
JUNE 27, 2024
While interest rates continue to edge down, sales have not picked up heading into summer: “This will take many years to work itself out.
Housing Wire
JUNE 27, 2024
In the constantly evolving real estate landscape, Multiple Listing Services (MLSs) today face a significant challenge: agent attrition. As interest rates have remained comparatively high and property prices have soared, the for-sale market has stalled, resulting in many agents now selling only a few properties a year. Nearly half (approximately 49 percent) of about 2,000 real estate agents surveyed by the Consumer Federation of America sold fewer than two homes last year.
Real Estate News
JUNE 27, 2024
A statement from REcolorado says its potential sale to a private equity firm is not the best way to separate MLSs from Realtor association ownership.
Housing Wire
JUNE 27, 2024
Global credit rating agency DBRS Morningstar this week assigned a “good” rating to Longbridge Financial , reconfirming the ranking the company first achieved in 2021. The rating is officially classified as “MOR RVO2” by Morningstar. The agency noted that in 2023, Longbridge acquired or originated more than 6,500 reverse mortgages for more than $1.1 billion in volume.
Real Estate News
JUNE 27, 2024
The Consumer Federation of America blasted C.A.R.’s agreement but praised eXp’s contract. A CFA Fellow told Real Estate News he was “stunned” by the contrast.
Housing Wire
JUNE 27, 2024
Mortgage data provider Optimal Blue this week announced the launch of Competitive Data License, a product that is designed to help lenders price loans accurately and drive profitability. In its announcement, the Texas -based company described the product as “a collection of key national mortgage pricing data that enables lenders to price products competitively, operate more profitably, and react swiftly to changing market conditions.“ Competitive Data License draws upon data from the Optimal Blu
Appraisal Buzz
JUNE 27, 2024
Mortgage rates continued to edge down for a third week, with the average rate for a 30-year, fixed-rate mortgage falling to 6.86%, down from 6.87% last week, according to Freddie Mac. A year ago at this time, the average rate for a 30-year was 6.71%. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Inman
JUNE 27, 2024
The typical home sold for 0.3 percent less than the original asking price in the past month, according to a new report from Redfin.
Appraisal Buzz
JUNE 27, 2024
According to the Office of the Comptroller of the Currency (OCC) report on the performance of first-lien mortgages held by the federal banking system during the first quarter of 2024 found that 97.4% of mortgages included in the report were performing and current, an increase of 0.2% from the previous quarter but a decrease of 97.6% from a year ago.
Inman
JUNE 27, 2024
The complaints, filed by a San Diego resident, seek class-action status and accuse the real estate companies of violating state and federal privacy laws due to their use of third-party tracking pixels.
Eyes on Housing
JUNE 27, 2024
Total (new and existing) home inventory is an important measure for gauging and forecasting home prices and home construction impacts. The intuition is clear: more inventory yields weaker or declining home price growth and home building activity. Lean inventory levels lead to price growth and gains for home building. The metric “months’ supply” is a.
Inman
JUNE 27, 2024
"The U.S. housing market is stuck, and we are not convinced it will become unstuck anytime soon," economists at Bank of America Global Research say of ongoing affordability issues.
Eyes on Housing
JUNE 27, 2024
New single-family starts have trended higher since 2012, reaching a post-pandemic peak of 1,133,145 units in 2021. During 2022 and 2023, elevated housing prices and persistently high mortgage rates have dampened housing market activity. According to NAHB analysis of the 2023 Survey of Construction (SOC), new single-family starts decreased in 2023 for the second consecutive.
Inman
JUNE 27, 2024
Keeping Current Matters' David Childers and Jimmy Burgess crunch the numbers and lay out the reasons real estate agents and brokers could see a post-presidential election sales surge in 2025.
Mortgagebroker News
JUNE 27, 2024
Investigation uncovers altered bank statements and fake employment records
Inman
JUNE 27, 2024
Elevated mortgage rates continued to curb homebuyer activity in May, NAR reported. As inventory increases in upcoming months, slower home price growth will follow, and likely more buyers hitting the market.
Inman
JUNE 27, 2024
President of The Real Brokerage says agents are living in a "small hinges swing big doors" world and that Inman Connect Las Vegas can help them learn a little skill that can move the needle a lot.
Mortgagebroker News
JUNE 27, 2024
Program offers up to $2,000 monthly rent support
Inman
JUNE 27, 2024
The clock is ticking on implementation of the NAR commission lawsuit settlement. Team leader Carl Medford outlines what buyer agents need to know to be successful under the new rules of the road.
Empire Appraisal Group
JUNE 27, 2024
What Buyers, Sellers Want From Their Agents By Melissa Dittman Tracey Find out the traits that consumers say they’re looking for in real estate professionals to help them navigate a transaction, like a guide and a coach. NEW YORK –The majority of home buyers and sellers rely on real estate agents—nearly 90% of them—but they’re looking for certain types of help, and what they need could differ depending on their age and experience in the market, finds a new study from the National Association of
Inman
JUNE 27, 2024
Effective immediately, listing brokers and agents can submit for-sale listings to the MLS without offering any cooperating compensation to the buyer broker.
GoForrmz
JUNE 27, 2024
Enhancing workplace safety with digital tools this National Safety Month Slips, trips, and falls are significant safety concerns in any industry, but in food processing, the risks can be even higher due to the specific conditions present in these environments. Floors can be wet or greasy, obstacles may be present, and employees are often working with sharp instruments and heavy machinery.
Inman
JUNE 27, 2024
Most real estate professionals expect commission splits at their brokerage to remain unchanged for a while longer. As for the rest, many have conflicting opinions on what kind of change is coming.
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