Housing Wire
JULY 23, 2024
Mortgage rates continue to move lower this week even as higher borrowing costs have kept activity subdued across many areas of the housing market. According to data at HousingWire ’s Mortgage Rates Center , the average rate for 30-year conforming loans was at 7.01% on Tuesday, down 5 basis points from one week ago and 10 basis points lower than two weeks ago.
Appraisal Buzz
JULY 23, 2024
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Housing Wire
JULY 23, 2024
Sinking sales, rapidly rising inventory and prices at all-time highs — this is the state of the market for existing homes. That’s according to June’s existing-home sales data from the National Association of Realtors (NAR), which reflect the problems that have hampered housing markets since mortgage rates began to rise in 2022. Sales of existing homes in June fell 5.4% year over year and month over month to a seasonally adjusted rate of 3.89 million.
Appraisal Buzz
JULY 23, 2024
According to the National Association of REALTORS , existing-home sales decreased in June while the median sales price increased to the highest amount ever recorded for the second consecutive month. Sales decreased in all four of the major U.S. regions. Sales decreased in the Northeast, Midwest, and South compared to the previous year, but remained steady in the West.
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Housing Wire
JULY 23, 2024
Today’s existing home sales report shows that the existing home market is now almost balanced. That might sound strange, but like most things I do, I have a model for it. We are very close to getting this balance nationally and in some markets we’re already there. I have often discussed four months of supply and active inventory between 1.52 and 1.93 million as a balanced market, but this equation has a second variable tied to today’s housing economics: affordability.
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Housing Wire
JULY 23, 2024
Home price growth in the second quarter was stronger than previously anticipated, but economists at Fannie Mae believe it will likely moderate soon, closing 2024 and 2025 at annualized rates of 6.1% and 3%, respectively. Even with more listings of homes available for sale compared to a year ago, existing-home sales fell in June. Fannie Mae economists said that increased supply and affordability constrained demand should result in moderating prices.
Real Estate News
JULY 23, 2024
There’s “going to be a point at which it doesn't make sense to belong” to small, local MLSs, one broker-owner — and member of 7 MLSs — told Real Estate News.
Housing Wire
JULY 23, 2024
The second of two lawsuits dealing with pocket listings has been allowed to proceed after a U.S. District Court judge in California granted the plaintiff’s motion for reconsideration on Monday. Originally filed in 2020 by Top Agent Network (TAN), the suit takes aim at the National Association of Realtors ’ (NAR) ban on pocket listings via its Clear Cooperation Policy.
Real Estate News
JULY 23, 2024
At $426,900, the median sale price for existing homes set another record in June, but inventory also rose, suggesting a “slow shift” to a buyer’s market.
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Housing Wire
JULY 23, 2024
Record-high home prices and elevated mortgage rates are prompting buyers to back out of home purchase agreements at elevated levels. Redfin ’s newest housing market report shows that buyers backed out of 56,000 purchase agreements in June, which constitutes 14.9% of homes that went under contract. That’s the highest percentage of any June on record and the highest level of this year.
Real Estate News
JULY 23, 2024
CEO Andy Florance touted the growth of Homes.com and said its traffic data source was more reliable, comparing it to “election results” versus “polls.
Housing Wire
JULY 23, 2024
Keller Williams market centers have shared more than $2 billion in profits with affiliated agents though the firm’s profit-sharing program, according to an announcement on Monday. “We are thrilled to celebrate that over $2 billion in lifetime profit share has been distributed to our franchisee-affiliated agents, a milestone that underscores the profound impact of our vision,” Mark Willis , the CEO and president of KW, said in a statement.
Appraisal Buzz
JULY 23, 2024
Capital markets technology firm Optimal Blue has launched generative AI capabilities centered on helping mortgage lenders maximize profitability on every loan transaction. Through direct engagement with its thousands of clients, the company has begun delivering generative AI capabilities built for secondary-market-specific use cases and purposefully designed to solve the real-world challenges that mortgage lenders face.
Advertiser: Trellis
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Housing Wire
JULY 23, 2024
AARP , the interest group advocating for the wellbeing of older Americans, revealed in a policy paper this month its priorities for a national plan on aging that sufficiently recognizes the changing demographics of the U.S. population , and the trend that will see 20% of all Americans become at least the age of 65 by 2030. “While other countries are responding to these changes by developing and implementing national strategic plans to help them meet the challenges and maximize opportunities to i
Appraisal Buzz
JULY 23, 2024
The U.S. Department of Housing & Urban Development (HUD) has announced the appointment of five new members to serve on its Manufactured Housing Consensus Committee (MHCC) , a Federal Advisory Committee. The following members have been added to the MHCC: David Kruczek, Consumer; Tim Sheahan , National Manufactured Homeowners Association; Sean Roberts, Villa Homes ; Kaye Lawlis, Kentucky Housing Corporation; and Randy Sauders, RADCO.
Housing Wire
JULY 23, 2024
Pennymac Financial Services earned a profit of $98.3 million in second-quarter 2024, more than double the $39.3 million it raked in during the prior quarter. And the company is getting its ducks in a row to seize on opportunities when interest rates fall, relying on its scale and servicing portfolio to outmuscle competitors. The California -based lender generated production revenue of $202.6 million from April through June, up 10% from the prior quarter and 19% higher than in second-quarter 2023
Appraisal Buzz
JULY 23, 2024
Candor Technology CTO Eric Rawlings Candor Technology , a platform that uses artificial intelligence (AI) technology to automate loan underwriting and quality control (QC) for mortgage lenders, has appointed Eric Rawlings as its new CTO. Rawlings brings a wealth of experience and a proven track record of driving technological excellence across diverse industries.
Housing Wire
JULY 23, 2024
Mortgage and real estate executives attending HousingWire ‘s Artificial Intelligence (AI) Summit in Dallas on Tuesday have already begun to collect some lessons learned from Friday’s global tech outage as the world is still dealing with its consequences. Different companies were impacted to different degrees by the problem, but executives said it validates their decision to invest in in-house technology, develop virtual workspaces for employees and signals the need to adopt AI to pre
Inman
JULY 23, 2024
Rising home prices and mortgage rates, and sticker shock from surprise housing costs, pushed buyers to cancel 56,000 home-purchase agreements in June, according to Redfin.
Housing Wire
JULY 23, 2024
Blueprint Solutions , a mortgage technology company that offers income verification tools for the industry, announced this week that it is implementing Fannie Mae ’s Income Calculator into its two primary software offerings. This will help the company’s clients to more efficiently access the Fannie Mae tool, the company said. Blueprint offers two variations of mortgage income analysis software, “IncomeXpert” and “IncomeXpert PLUS.
Appraisal Buzz
JULY 23, 2024
Dan Jones, a seasoned data and artificial intelligence (AI) strategist, has joined Mobility Market Intelligence (MMI), which offers data intelligence and market insight tools for the mortgage and real estate industries, as chief data officer. Jones joins MMI after a 17-year tenure at Rocket Companies, where he rose from business intelligence (BI) engineer to senior vice president and head of data intelligence at Rocket Mortgage and Rocket Central.
Housing Wire
JULY 23, 2024
In today’s rapidly evolving digital landscape, it is crucial to understand and effectively manage cybersecurity risks in order to safeguard your title insurance or real estate business. As cyber threats become more sophisticated, the need for robust cybersecurity measures has never been more critical. This fifth installment of the Reducing Risk series delves into the critical cyber risks that can impact your operations and offers comprehensive strategies for proactive identification and ma
Appraisal Buzz
JULY 23, 2024
Existing-home sales decreased 5.4% in June compared with May to a seasonally adjusted annual rate of 3.89 million, according to the National Association of Realtors (NAR). Year-over-year, existing-home sales were down 5.4%. The median existing-home sales price increased 4.1% in June compared with June 2023 to $426,900. It was the second straight month the median home price reached an all-time high and the 12th consecutive month of year-over-year price gains, NAR says.
Housing Wire
JULY 23, 2024
Real estate lending shop Dunmor has promoted two employees to senior leadership positions. Andy Thienkosol, a veteran in business-purpose lending (BPL), has been named chief operating officer of the California -based lender. Melissa Perez, a former director of operations at First Republic Bank , has joined Dunmor as senior vice president of operations.
Inman
JULY 23, 2024
CFO Pat Theodora taking over as CEO after Iannitti, a pioneer of numerous paperless processes, dies unexpectedly of complications from pneumonia.
Housing Wire
JULY 23, 2024
Texas Capital Bank , after being granted an extension to respond to the federal government’s request to change the venue of the trial between the bank and Ginnie Mae , has filed an objection to the request saying that a “forum selection clause” cited by government attorneys is not enforceable. “Having lost its attempt to dismiss [TCB]’s claims, the government asks this court to transfer this case to another courthouse,” attorneys for TCB said in a court filing obtained by HousingWire ’s Reverse
Inman
JULY 23, 2024
NextHome CEO James Dwiggins shares his thoughts on agents who use websites designed to advertise offers of compensation from listings after the NAR settlement takes effect next month.
Eyes on Housing
JULY 23, 2024
Existing home sales fell for the fourth straight month in June due to lingering high mortgage rates and record-high prices, according to the National Association of Realtors (NAR). Although low resale inventory continued to push prices to another record high, the months’ supply of inventory continued to increase and reached its highest level since May.
Inman
JULY 23, 2024
CoStar Group's revenue grew 12 percent year over year to $678 million, according to Q2 earnings Tuesday. Traffic for the Homes.com Network of websites increased 73 percent year over year to 148 million monthly average unique visitors.
Mortgagebroker News
JULY 23, 2024
Despite a quiet period, conditions are right for certain buyer cohorts
Inman
JULY 23, 2024
The median existing-home price jumped by 4.1 percent year-over-year to $426,900 for all housing types, marking the second month of record highs.
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