Housing Wire
MAY 3, 2024
Friday’s jobs report came in as a miss of estimates and wage growth came in lower than expected. The labor market isn’t tight anymore and that will eventually be good news for mortgage rates. After last month’s jobs report, I talked about the path the Federal Reserve could take to land the plane based on wage growth data slowing down and getting closer to the Fed’s model.
Real Estate News
MAY 3, 2024
The organization has revised its MLS handbook and beefed up its FAQ to help explain what’s changing, while giving NAR members until Aug. 17 to comply.
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Housing Wire
MAY 3, 2024
The U.S. economy added 175,000 jobs in April, less than in March and below what economists had expected. April’s rate also fell below the average monthly gain of 242,000 over the prior 12 months. Meanwhile, the change in total nonfarm payroll employment for March was revised up by 12,000, from 303,000 to 315,000, according to data released by the B ureau of Labor Statistics on Friday.
Inman
MAY 3, 2024
The massive trade organization promised in March to make various policy changes as part of a landmark settlement. The rules will now roll out slightly later than expected.
Advertiser: Trellis
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Housing Wire
MAY 3, 2024
The business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement ,will go into effect on Aug. 17, 2024, according to a letter sent to members on Friday by NAR chief legal officer Katie Johnson. Originally, the trade group had said the practice changes would go into effect in mid-July.
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Housing Wire
MAY 3, 2024
The tri-state area of New York , New Jersey and Connecticut may face a housing gap of 920,000 units by 2035, a new report published by the Regional Plan Association (RPA) found. The analysis, conducted by McKinsey & Co. , highlights a current shortage of 540,000 housing units in the region. To address this looming crisis, the pace of construction will need to increase significantly, the report states.
Appraisal Buzz
MAY 3, 2024
Patelco Credit Union is now using the Empower LOS from Dark Matter Technologies to streamline and bolster home loan and home-equity origination. Patelco is California’s fourth-largest credit union mortgage lender by number of loans closed annually. The credit union’s 214 loan officers will use the Empower LOS to originate retail home loans, home-equity loans and home-equity lines of credit (HELOCs).
Housing Wire
MAY 3, 2024
A bill that will permanently allow for remote reverse mortgage counseling via telephone or video conferencing services in the state of Massachusetts has been signed into law by Gov. Maura Healey (D), doing away with a strict face-to-face requirement that has stretched the state’s counseling resources and, at times, halted reverse mortgage business within the state.
Appraisal Buzz
MAY 3, 2024
Freddie Mac recently announced the sale of 20 deeply delinquent non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio to GITSIT Solutions. The loans, with a balance of approximately $5.7 million, are currently serviced by Specialized Loan Servicing and NewRez, d/b/a Shellpoint Mortgage Servicing. The sale is part of Freddie Mac’s Extended Timeline Pool Offering (EXPO) and the transaction is expected to settle in June.
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
MAY 3, 2024
Proptech company RealReports is partnering with New England-based PrimeMLS , the companies announced on Thursday. As a result, PrimeMLS’s 12,000 member agents will have access to RealReports’s wealth of property data. RealReports is a real estate platform that gathers property data — including permits, climate risk, rental rates, flood insurance costs, internet providers and speeds, crime statistics, solar potential, liens, zoning details, remodel potential and valuation — in one place.
Appraisal Buzz
MAY 3, 2024
The U.S. economy added 175,000 jobs in April – lower than expectations – while the unemployment rate increased to 3.9%, according to the U.S. Bureau of Labor Statistics. Job gains occurred in health care, in social assistance, and in transportation and warehousing – but it appears the labor market is losing velocity. The number of unemployed people was basically flat at 6.5 million.
Housing Wire
MAY 3, 2024
Thanks to high mortgage rates , mortgage refinance rates, and even higher home prices , the vibe among homebuyers has been fairly bleak these past couple months. In Fannie Mae ‘s most recent National Housing Survey, only 17% of consumers said they think it’s a good time to buy a home. To that I say, timing is everything in real estate. And right now, prospective homebuyers find themselves in a unique window of opportunity.
Inman
MAY 3, 2024
Caballero sold 7,012 homes totaling $3.638 billion in volume at an average of more than 19 individual homes every day of the year.
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Housing Wire
MAY 3, 2024
In real estate , short-term rentals (STRs) have carved a niche that extends far beyond the heyday of basic room rentals. This market has transformed in recent years, offering travelers a range of unique experiences while providing property owners with an appealing stream of income. While it may seem like short-term rentals are a recent phenomenon, their roots trace back to the 1950s.
Inman
MAY 3, 2024
Rising population rates and a shrinking racial wealth gap have led to a rise in new mortgage applications among homebuyers of color, according to Redfin's latest report.
Housing Wire
MAY 3, 2024
eXp Realty has acquired Broker’s LLC , a 500-agent independent brokerage based in South Florida and founded by Claudia Serna, eXp announced on Thursday. “Claudia’s impressive track record and the entrepreneurial spirit of Broker’s LLC align perfectly with our values and vision,” Leo Pareja , CEO of eXp Realty, said in a statement. “Claudia personifies determination, having immigrated from Colombia with less than $500 and a dream to start her own business so that she could lead with her values of
Inman
MAY 3, 2024
Nearly two months after beta testing, Seattle-based brokerage Redfin has launched its artificial intelligence-powered home search assistant, Ask Redfin, nationwide. Homebuyers using Redfin's Apple iOS app will automatically see Ask Redfin on a home's listing page after completing a quick update.
Housing Wire
MAY 3, 2024
The dismal 2024 mortgage market has one very silver lining: $32 trillion in home equity. Jim Deitch, co-founder and CEO at Teraverde , sees a golden opportunity for lenders who are prepared to serve homeowners with innovative options. “The biggest year of mortgage production , from 2021-2022, generated $4.5 trillion. Compare that with $30 trillion in financeable equity — it dwarfs it.
Inman
MAY 3, 2024
This week we got our first glimpse into some of the practical, procedural changes that we'll see in the aftermath of NAR's commission lawsuit settlement.
Housing Wire
MAY 3, 2024
RE/MAX executives were not shy about acknowledging the uncertainty that is currently plaguing the real estate industry during the firm’s first-quarter 2024 earnings call with analysts and investors Friday morning. But despite the uncertainty and the soon-to-beimplemented business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , RE/MAX leaders are confident in the brokerage’s ability to succeed in this changing environment.
Inman
MAY 3, 2024
Supra One is “all-new” and fully integrated with the company’s home showing system, a product that allows for simple online home tour scheduling, access details, collaboration features, ongoing showing insights, agent name and concise calendar management.
Housing Wire
MAY 3, 2024
The Federal Housing Administration (FHA) on Friday published Mortgagee Letter 2024-08 , which extends a foreclosure moratorium on the Hawaiian island of Maui through Aug. 4, 2024, for FHA-insured forward mortgages and Home Equity Conversion Mortgages (HECMs). The moratorium, initially scheduled to expire on May 6 after a previous extension, has been pushed out 90 days in recognition of the continued recovery efforts taking place after wildfires on the island in the summer of 2023.
Inman
MAY 3, 2024
Nominations for luxury's most prestigious award close on May 17. But there are plenty of ways to ensure your name is synonymous with quality and unmatched expertise. Submit nominees today.
Housing Wire
MAY 3, 2024
No matter where you are in the Tar Heel State, real estate professionals across North Carolina are frustrated by the lack of housing inventory. “The challenge remains lack of inventory — that’s definitely the big one,” said Alison Alston , the broker-owner of Charlotte-based Lodestone Real Estate and Investments. “We have just not had any luck getting a lot of inventory increase here in Charlotte.
Inman
MAY 3, 2024
As we move forward together, eXp's Kendall Bonner writes, demonstrating a higher level of knowledge and expertise is essential for conveying your worth to potential clients.
Housing Wire
MAY 3, 2024
Earlier this week, Zillow launched a new “touring agreement,” a nonexclusive contract for buyers and agents to use for home tours. The real estate giant was prompted to do this by the terms of National Association of Realtors’ (NAR) commission lawsuit settlement agreement which requires agents to have a written agreement with a client in order to work with them as a buyer broker.
Inman
MAY 3, 2024
Now more than ever, real estate needs innovators like you. Nominations for the 27th annual Inman Innovator Awards close May 17. Don't let the industry's next great idea fall through the cracks.
Appraisal Buzz
MAY 3, 2024
CubiCasa , which offers interior property data mapping through smartphone scanning, has launched new features that extend the company’s products beyond floor plans. From the same five-minute scan that CubiCasa’s worldwide user base is already familiar with, users can now generate detailed property data via The Home Report, and helpful imagery for property documentation purposes via Snapshots.
Inman
MAY 3, 2024
Join Maris Messervey as she reveals expert strategies for showcasing authentic value and growing your business on social media.
Appraiserblogs
MAY 3, 2024
The implication that if the VALUE is too low, then there must be “material deficiencies” present, is deeply troubling! Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. Now there is, per the attached PDF HUD/FHA mortgage letter. The GSE’s have similar policies.
Inman
MAY 3, 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.
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