Housing Wire
JULY 29, 2024
The rising supply of homes for sale has yet to put a serious dent in affordability concerns, but it might be starting to. That’s according to First American ’s monthly Real House Price Index, which shows a national price decline of 1.3% from May to June. The index measures nominal home prices and adjusts them to account for changes in household income and interest rates.
Appraisal Buzz
JULY 29, 2024
Renters across the United States are grappling with soaring rental prices, a trend that shows no signs of slowing. According to a recent analysis by Forbes , rental prices have reached unprecedented levels, leaving many renters in a difficult position. Current Market Trends The latest data indicates that the average rent for a one-bedroom apartment has increased by approximately 10% over the past year.
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Housing Wire
JULY 29, 2024
Any sales growth momentum in the real estate market we might have had early in the year is gone. New home sales contracts are coming in pretty consistently fewer than last year — 4.9% fewer in the most recent week. Our Immediate sales measure of homes that get listed, take offers and go into contract in a few days is also notably lower than last year.
Appraisal Buzz
JULY 29, 2024
Recent data from First American (First Am) Data & Analytics’ Real House Price Index (RHPI) reveals a significant shift in the housing market, with increased housing supply leading to improved affordability in some areas. First Am’s Chief Economist Mark Fleming emphasizes that as housing supply grows, affordability tends to improve, diminishing the dominance of a seller’s market.
Housing Wire
JULY 29, 2024
Officials in Montana continue to promote the specialized Reverse Annuity Mortgage (RAM) program for the state’s seniors, with one official saying that it could be a big difference-maker for those in Montana looking to age in place while gaining access to additional cash. The program was passed by the Montana Legislature in 1989 and offers a state-subsidized reverse mortgage that is limited to residents ages 68 and older.
Appraisal Buzz
JULY 29, 2024
The allure of Southern living is drawing America’s older population, with many retirees relocating to Southern cities due to affordable housing and lower tax rates. Adults aged 65 and older have increasingly moved to metropolitan areas, with a 9.4% increase from 2020 to 2023, according to the U.S. Census Bureau’s latest population estimates. Southern cities have seen the most significant growth in this age group, with Myrtle Beach, South Carolina, experiencing a 23.1% increase.
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Appraisal Buzz
JULY 29, 2024
As we approach the latter half of the year, the affordability crunch in the housing market shows no signs of easing. According to a recent report from First American , a combination of rising interest rates and escalating home prices is expected to maintain pressure on housing affordability through the end of 2024. Interest Rates on the Rise According to First American’s data analysis from Mark Fleming , Chief Economist for First American Financial Corporation, one of the primary drivers behind
Housing Wire
JULY 29, 2024
Home equity lending in 2023 grew by only 1.5% compared to the prior year, while outstanding debt increased by 8.3% in the same time period, according to a study released Monday by the Mortgage Bankers Association (MBA). The data includes total originations of open-ended home equity lines of credit (HELOCs) and closed-end home equity loans. Marina Walsh, MBA’s vice president of industry analytics, explained that the low-level increase was due to a slowdown between application and closing.
Appraisal Buzz
JULY 29, 2024
In spite of current market conditions, Gen Z and Millennials in the U.S. still hold the aspiration of homeownership in high regard and consider it to be a vital aspect of their lives In a new study, RE/MAX reveals the sentiments of Millennials and Gen Z toward homeownership in a consumer survey that was just released. Interest rates, home prices, and inventory levels have all fluctuated in the housing market during the last few years.
Housing Wire
JULY 29, 2024
Warmer summer weather has brought cooler housing market conditions to Montana. “The market right now just feels like it’s a bit lukewarm,” said Brian Huskey , a Billings, Montana-based ERA American Real Estate agent. “There is still moderated demand from buyers, but there are a lot of people just sitting on the sidelines right now because housing affordability and rates are playing a big role in people’s decisions.
Appraisal Buzz
JULY 29, 2024
According to a new CoreLogic study , a decrease in affordability has resulted from the simultaneous rise in mortgage rates and housing prices in the U.S. Some purchasers are looking into buydown points and adjustable-rate mortgages (ARMs) as alternatives to fixed-rate mortgages (FRMs) in order to lower their monthly payments, especially during the first term of the loan.
Housing Wire
JULY 29, 2024
Mortgage lenders loanDepot and Movement Mortgage have agreed to end a one-year dispute over the poaching of employees, according to a document filed Friday in a district court in Delaware. In June 2023 , California-based loanDepot accused its competitor of damaging its business by hiring more than 25 of its employees in a three-month period. According to loanDepot, Movement’s actions in late 2021 and early 2022 resulted in “effectively crippling” several “now-depleted” branches.
Real Estate News
JULY 29, 2024
South Florida’s Broward, Palm Beaches & St. Lucie Realtors is taking a two-pronged approach, using ads to educate consumers while helping members stay informed.
Housing Wire
JULY 29, 2024
There are plenty of challenges for renters and homebuyers this year, especially when it comes to affordability. But technology — particularly leveraging generative AI — can help solve these challenges in new ways. At least, that was the premise of the FHFA’s 2024 TechSprint last week, which focused on innovative housing use cases for gen AI. The sprint culminated with a demo day on Thursday where 12 teams presented their solutions to a panel of technology, regulation and housing experts.
Real Estate News
JULY 29, 2024
Since the beginning of the year, fewer investors appear to be jumping into the market, and many report dissatisfaction with managing tenants and properties.
Appraisal Buzz
JULY 29, 2024
Home affordability improved from May to June but remained down 4% compared with June 2023, as per First American’s latest Real House Price Index. “Nationally, affordability improved modestly on a monthly basis in June, driven by slightly lower mortgage rates and positive income growth,” says Mark Fleming, chief economist for First American, in a statement.
Real Estate News
JULY 29, 2024
Affordability has remained a problem in much of the country, even as supply has increased. But a few areas, led by Tampa, are becoming more accessible.
Appraisal Buzz
JULY 29, 2024
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Inman
JULY 29, 2024
A surprising share of homebuyers are seeking to "move up" in home. And the next wave of clients may have different priorities in mind, according to the Inman-Dig Insights consumer survey.
Appraisal Buzz
JULY 29, 2024
HELOC and home equity loan origination volume increased 1.5% in 2023 compared with 2022, while debt outstandings increased 8.3%, according to the Mortgage Bankers Association’s (MBA) 2024 Home Equity Lending Study. Total originations of HELOCs and closed-end home equity loans increased to $2.13 billion per company in 2023, from $2.10 billion in 2022, according to the report.
Inman
JULY 29, 2024
EXp's Russ Laggan offers tips for identifying your personal and professional style and putting it to work for you as a memorable differentiator with clients and colleagues.
Appraisal Buzz
JULY 29, 2024
The typical U.S. luxury home sold for a record $1,180,000 in the second quarter, up 8.8% from a year earlier—the biggest increase in nearly two years, according to Redfin. Meanwhile, non-luxury home prices grew at less than half that pace, rising 3.8% to a record high median of $342,500. “The luxury market has withstood the havoc wreaked by high mortgage rates this year, thanks to an abundance of all-cash buyers,” says Sheharyar Bokhari, senior economist for Redfin, in a recent report.
Inman
JULY 29, 2024
There's plenty that's still not clear as the Aug. 17 implementation deadline approaches, broker Cara Ameer writes. Here's how to make sure your seatbelts are fastened low and tight as you brace for potential impact.
Appraisal Buzz
JULY 29, 2024
Join us for a free webinar, The next-generation of appraisal software is here: To build, buy or partner? , tomorrow at 11:30AM Central / 12:30PM Eastern. Appraisal technology has advanced rapidly over the last decade – making software a must-have for appraisal teams when it comes to their ability to serve clients, run a business, and retain talent. Thanks to these advances, today’s appraisal teams have choices that were never on the table before – both in terms of power and price-point.
Inman
JULY 29, 2024
The multi-talented "Married to Real Estate" star teased the fourth season of her wildly popular HGTV reality show ahead of her appearance TODAY at Inman Luxury Connect in Las Vegas.
JMV Lending
JULY 29, 2024
The total number of appraisers is dwindling so fast that Fannie and Freddie are desperately looking for solutions – and appraisal waivers are just one of them. The post Appraisal Waivers Galore – But NOT for CA; Key Reminder For Borrowers Making Multiple Offers appeared first on JVM Lending.
Inman
JULY 29, 2024
Find out how this third-generation Realtor puts his background and love of the land to work for clients ranging from farmers to hunters to developers of therapy and religious retreats.
BiggerPockets
JULY 29, 2024
Home insurance rates are set to climb another 6% this year, and that's after a 20% gain over the past two years.
Inman
JULY 29, 2024
Luxury homebuyers are used to paying big bucks for quality service. That's partly why several Luxury Connect panelists in Las Vegas think the NAR settlement won't make a huge splash in the higher price points.
BiggerPockets
JULY 29, 2024
I finally got my feet wet with a syndication deal, and it didn't go so well.
Inman
JULY 29, 2024
The 17,500-square-foot triplex that once asked $250 million was heavily featured in Serhant's new Netflix series, "Owning Manhattan." It is unclear who will now rep the listing.
Eyes on Housing
JULY 29, 2024
Private fixed investment in student dormitories declined 5% to a seasonally adjusted annual rate (SAAR) of $3.7 billion in the second quarter of 2024, after a 2.8% decrease in the prior quarter. Private fixed investment in dorms was 0.4% lower than a year ago, as the elevated interest rates place a damper on student housing.
Inman
JULY 29, 2024
Release of historical credit scores on tens of millions of loans will help lenders prepare for transition to VantageScore 4.0 next year. Release of FICO Score 10 T data next on deck.
Mortgagebroker News
JULY 29, 2024
Surge in listings offers more choice
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