Housing Wire
OCTOBER 30, 2024
Lower mortgage rates in September had a measurable impact on home sales. According to data released Wednesday by the National Association of Realtors (NAR), pending home sales in September jumped 7.4% compared to August and 2.6% year over year. NAR’s index reading of 75.8 is the highest number since March. An index reading of 100 equates to sales activity in 2001.
Appraisal Buzz
OCTOBER 30, 2024
The National Association of REALTORS (NAR) reports that pending home sales increased in September. Transactions increased month over month in all four major regions. While sales in the Midwest and South stayed stable, the Northeast and West saw gains year-over-year. September saw a 7.4% increase in the Pending Home Sales Index (PHSI), a measure of future home sales based on contract signings, to 75.8, the highest level since March (78.3).
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Housing Wire
OCTOBER 30, 2024
A 60 basis point increase in mortgage rates in October has strangled mortgage demand, particularly for refinancings , according to the latest survey data from the Mortgage Bankers Association. Mortgage applications overall decreased 0.1% from one week earlier, per the MBA ‘s weekly applications survey for the week ending Oct. 25. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.1% on a seasonally adjusted basis from one week earlier, but fell 1% on an
Appraisal Buzz
OCTOBER 30, 2024
It’s been a year of cautious growth for luxury real estate, so it’s the perfect time for PropertyShark to come up with a list of the 100 most expensive zip codes in America. And the winner is … Atherton, California (again). Located just north of Menlo Park in northern California, Atherton takes the crown for the most expensive zip code in the nation for the eighth consecutive year, with a 2024 median sale price of $7,900,000.
Housing Wire
OCTOBER 30, 2024
A California regulator has revoked the residential mortgage lending license of LoanSnap , the latest in a series of difficulties for the fintech lender. According to a filing from the California Department of Financial Protection and Innovation dated Oct. 18, LoanSnap had its license revoked after it failed to renew its surety bond. That policy, which is designed to protect consumers from lender fraud and financial risk, expired in early August.
Appraisal Buzz
OCTOBER 30, 2024
A new TransUnion survey has found that many consumers feel their existing mortgage and auto payments are putting a strain on their household finances, as the prospect of falling interest rates has them ready to consider refinancing those loans. TransUnion’s survey found that four in five recent home buyers say their mortgage payments are straining their finances, and are looking to refinance their mortgage payments in the next 12 months.
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Appraisal Buzz
OCTOBER 30, 2024
Mortgage application volume decreased 0.1% during the week ended October 25, as the average rate for a 30-year fixed-rate mortgage increased to 6.73%, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances decreased 6% compared with the previous week but were up 84% compared with the same week one year ago.
Housing Wire
OCTOBER 30, 2024
When asked whether loan buybacks were a more significant issue last year than now, Freddie Mac executive Sonu Mittal says emphatically, “It depends on who you ask.” Freddie Mac has seen a nearly 55% reduction in repurchase requests from its peak in the first quarter of 2023. But public filings analyzed by Inside Mortgage Finance revealed that seller repurchases rose to $430 million in the second quarter of 2024 — a 29% increase from the previous quarter.
Real Estate News
OCTOBER 30, 2024
With less than a month until the deals are finalized, objectors are making claims of insufficient damages, harm to minorities, lack of accountability and more.
Housing Wire
OCTOBER 30, 2024
CoStar has notched yet another procedural win in its legal battle with Move , the parent company of Realtor.com. In a ruling issued Tuesday, Judge George H. Wu of U.S. District Court in Los Angeles granted CoStar’s motion to dismiss two of Move’s claims in its first amended complaint. The claims alleged violations of the Computer Fraud and Abuse Act, as well as the Comprehensive Computer Data Access and Fraud Act, which were the plaintiffs’ two statutory federal and state trade secret claims.
Real Estate News
OCTOBER 30, 2024
A federal judge granted CoStar’s request to dismiss two claims from the Realtor.com trade secrets case, but Move plans to proceed with an amended complaint.
Housing Wire
OCTOBER 30, 2024
The nation’s two largest MLSs are teaming up yet again. On Wednesday, the California Regional MLS (CRMLS) and Mid-Atlantic-based Bright MLS announced that they will be offering subscribers reciprocal data access, or “guest access,” to reach other’s listings. CRMLS currently has more than 127,000 active listings and Bright MLS hosts more than 115,000 active listings.
Real Estate News
OCTOBER 30, 2024
The goal of The Helm, founded and advised by notable real estate leaders, is to help more women become coaches without sacrificing business success.
Housing Wire
OCTOBER 30, 2024
AgentCoach.AI , an AI-powered real estate coaching company, is launching a new training platform for real estate agents. The Austin-based tech company will use advanced training bots on the platform, according to a recent announcement. The new platform will leverage specialized training bots to help agents prepare for business. Users can access AI bots designed to assist agents with general real estate knowledge, sales, marketing , negotiation and motivation.
Real Estate News
OCTOBER 30, 2024
Revenue was also up, and CEO Robert Reffkin said top agents have been able to increase commissions “since they are now able to negotiate for themselves again.
Housing Wire
OCTOBER 30, 2024
New York-based asset manager Rithm Capital , the owner of multichannel lender Newrez , reported a 58% increase in refinances to $3 billion in the third quarter of 2024 after mortgage rates dropped due to the Federal Reserve ’s 50 basis-point rate cut. But executives expect things to calm down moving forward. “I think we’re going to get ourselves more to what I’ll say is the market on a normalized basis,” Newrez President Baron Silverstein told analysts in an earnings call on Tuesday
Appraisal Buzz
OCTOBER 30, 2024
BDF Law Group , a provider of legal services to the financial services industry, has announced its expansion into four new states: Alabama, Mississippi, Oklahoma, and Wyoming. The firm is now offering foreclosure, litigation, bankruptcy, evictions, and collections services across these states, along with Texas, Colorado, Georgia, California, Arizona, and Nevada.
Housing Wire
OCTOBER 30, 2024
Compass ’s plan for future success? Become a hub for real estate listings. Brokerage founder and CEO Robert Reffkin laid his firm’s plans for the future bare during its third-quarter 2024 earnings call with investors and analysts on Wednesday. “Listing inventory remains the lifeblood of the residential real estate marketplace,” Reffkin said. “At Compass, we already have a depth of inventory in many of our local markets that is unmatched.
Inman
OCTOBER 30, 2024
Tanya Monestier says the settlement "reinforces the existing system of seller-paid inflated compensation while pretending to eliminate it" as attorneys walk away with $333 million in cash.
Appraisal Buzz
OCTOBER 30, 2024
About 48% of mortgaged residential properties in the U.S. were considered “equity-rich” in the third quarter, down from a recent peak of 49.2% hit in the second quarter but up from 47.4% a year earlier, according to ATTOM’s most recent U.S. Home Equity & Underwater Report. By “equity rich” ATTOM means the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values.
Inman
OCTOBER 30, 2024
Rory Golod, Compass' president of growth and communications, spoke to Inman about Clear Cooperation, commission settlements, franchising and much more.
Appraisal Buzz
OCTOBER 30, 2024
BLOG VIEW: The mortgage industry is expected to see a significant uptick in refinancing activity, driven by recent interest rate cuts. This surge presents both opportunities and challenges for mortgage lenders, who must navigate the complexities of managing escrow payments, processing refinanced mortgages, and maintaining cost-effective operations. As homeowners seek to capitalize on lower interest rates in the coming months, lenders face increasing pressure to remain competitive while ensuring
Inman
OCTOBER 30, 2024
The Orlando Regional Realtor Association alleges the lockbox company used its confidential member list to entice members to join rival trade groups, but the company denies the allegations.
George Dell
OCTOBER 30, 2024
Recently, Keith Wolf (representing Freddie Mac), coined a new term for claims about adjustments, calling it the “adjustment fallacy.” Adjustments to comparables first arrived on the scene as a way of explaining differences between the subject property and a compared comp. (A way to ‘support’ an opinion comparison.) In theory, an adjustment is supposed to […] The post The Adjustment Fallacy?
Inman
OCTOBER 30, 2024
Former Compass Regional President Danielle Wilkie and long-time coach Heather Frick have launched The Helm coaching platform to elevate women in real estate.
Boston Appraisal
OCTOBER 30, 2024
The cost of Commercial Appraisals Commercial appraisals are more expensive due to their complexity, involving diverse property types and in-depth analysis of income potential and zoning laws. Unlike residential appraisals, which rely on comparable sales, commercial ones use multiple methods like income and cost approaches, increasing time and effort.
Inman
OCTOBER 30, 2024
A California judge on Monday dismissed a pair of Move's computer fraud claims against CoStar Group and a former Realtor.com editor accused of stealing trade secrets.
BiggerPockets
OCTOBER 30, 2024
Recently, we shared “8 Reasons Why REITs Are More Rewarding Than Rentals.” In short, studies show that REITs earn 2% to 4% higher annual returns than private real estate.
Inman
OCTOBER 30, 2024
Trainer Bernice Ross looks at temporary touring agreements, such as Zillow's, and how they can undermine the interests of clients, agents and brokerages.
Empire Appraisal Group
OCTOBER 30, 2024
News & Media iLLiePhotography, Getty Images Source: [link] Best Florida Cities to Retire By Jennifer Torres Wallethub ranked four Florida cities – Miami, Orlando, Fort Lauderdale and Tampa – as the best for retirement due to lower taxes and high-quality healthcare. MIAMI – With such celebrity residents as Oprah Winfrey, Jennifer Lopez and Jeff Bezos, the Sunshine is already a major magnet for the rich and famous.
Inman
OCTOBER 30, 2024
Relief would be good news for would-be homebuyers, although purchase loan applications are still up 10 percent from a year ago as mortgage rates hit highest levels since July.
BiggerPockets
OCTOBER 30, 2024
The possibility of a recession has been mulled over ad nauseam by seemingly every economist and finance expert over the past couple of years.
Inman
OCTOBER 30, 2024
Kick off 2025 with Inman Connect New York, the must-attend event for real estate pros looking to overcome market challenges. Discover new strategies, connect with industry leaders, and position yourself for growth in the year ahead.
Eyes on Housing
OCTOBER 30, 2024
Housing’s share of the economy fell 0.1 percentage points to 16.2% in the third quarter of 2024 according to the advance estimate of GDP produced by the Bureau of Economic Analysis. The share was revised upwards for both the first and second quarter of 2024 to 16.3%. The more cyclical home building and remodeling component.
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