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Inventory grew by almost 14,000 homes this week. That’s a pretty solid number, but actually fewer than our model had predicted for the week. Available inventory of unsold homes continues to grow but that growth in seems a bit less intense than it could be. The sales rate — the demand side — is slower than I expected. It looks like we’re heading back to those conditions of the second half of 2022 where inventory grew rapidly, but any real downside correction was mitigated with a withdrawal of sup
The typical U.S. renter household earns an estimated $54,712 per year, which is 17.3% less—roughly $11,408 in dollar terms—than the $66,120 required to pay monthly rent for the median-priced U.S. apartment ($1,653). This is according to new research from Redfin , which found that just 39% of American renters earn enough to purchase a median-priced apartment.
The forms the California Association of Realtors provides its members are the subject of a formal inquiry by the Department of Justice , according to an email the trade group sent to “industry leaders” on Thursday, obtained by HousingWire. In the email sent by Melanie Barker, the president of CAR and Sara Sutachan, the senior vice president and chief strategy officer at CAR, Barker and Sutachan noted that CAR issues new and updated standard forms every June.
Appraisers are an extraordinary and rare group of humans. As an appraiser, you are part of a select few. You belong to a group of licensed professionals that are extremely rare. How rare? Recent statistics indicate that there are about 70,000 licensed appraisers in the United States. Considering that there are over 340 million people living in the United States, being an appraiser qualifies you as a rarity.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
Mortgage rates continue to hover around 7%, as they have since the latter half of 2023 when the Federal Reserve stopped raising benchmark rates. While the conventional wisdom is that high rates are choking the housing market, a new survey suggests it’s not as all-encompassing as one might think. Bright MLS — one of the nation’s largest multiple listing services that covers six Mid-Atlantic states and the District of Columbia — recently polled buyer and seller agents on what their clients a
While home flipping decreased rapidly from the third quarter of 2022 to the fourth quarter of 2023, due to lack of inventory, it saw a slight rebound in the first quarter of this year, according to ATTOM’s U.S. Home Flipping Report. And those few who are still doing flips are seeing record profits per flip, according to the report: On average, home flippers typically earned a 30.2% gross profit nationwide before expenses on homes sold during the first quarter of this year, marking the third time
While home flipping decreased rapidly from the third quarter of 2022 to the fourth quarter of 2023, due to lack of inventory, it saw a slight rebound in the first quarter of this year, according to ATTOM’s U.S. Home Flipping Report. And those few who are still doing flips are seeing record profits per flip, according to the report: On average, home flippers typically earned a 30.2% gross profit nationwide before expenses on homes sold during the first quarter of this year, marking the third time
With the increase in interest rates , and longer days on market causing buyers to hesitate, it’s now critical to brush up your negotiations skills. Whether you’re a seasoned professional or just starting out, mastering the art of negotiation is crucial for success. Our job as a great salesperson is to help people overcome their fear and hesitation to achieve the goal they have set.
The associations that own the 16th-largest MLS surprised its leaders with a deal that “scared the absolute hell out of us,” REcolorado’s vice chair said.
In an era where businesses are increasingly expected to contribute to the well-being of their communities, finding the sweet spot between local engagement and national growth can feel like an impossible challenge. However, tailoring your business model to resonate with the communities you serve builds trust and unlocks benefits such as heightened brand visibility and sustained growth.
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.
United Wholesale Mortgage (UWM) is fighting back against a group of borrowers who filed a class-action lawsuit in April that accuses the lender of structuring a “corrupt” scheme with brokers to steer loans. On Friday, the top U.S. mortgage lender filed a motion to dismiss the case with prejudice in a district court in Michigan, stating that the suit “reflects an unprecedented and coordinated effort to smear” the defendants and “benefit market speculators.
Even during a period when home values are typically at their lowest, many prospective first-time buyers were unable to reach their long-term financial goal of becoming homeowners in Q1, according to the Q1 2024 First-Time Home Buyer Affordability Report from Nerdwallet. The last several years have seen a sharp increase in home prices, which has been partly caused by a dearth of available properties.
An executive refinance banker formerly employed by Rocket Mortgage is suing the company for treating her unfairly in the workplace. She alleges that the company refused a transfer request, cut her salary and demoted her when similarly situated white male employees were not given similar treatment, according to court documents reviewed by HousingWire.
The plaintiffs argue that the proceedings should move forward, but the DOJ wants to delay approval of the deal until after NAR’s Nov. 26 settlement hearing.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
It appears the commission lawsuits are not the only legal action in the real estate industry that’s currently of interest to the Department of Justice. On Thursday, the DOJ filed an amicus curiae brief with the Ninth Circuit Court of Appeals, which is overseeing REX Real Estate’s appeal of its antitrust suit against the National Association of Realtors and Zillow.
Nominations for the 2024 HousingWire Insiders award are open throughout the month of June. This prestigious award recognizes the operational leaders who are driving the growth and success of their organizations behind the scenes. Over the years, Insiders have shared how this recognition has positively impacted their careers and professional growth. Here’s what some of the previous honorees had to say about the recognition: “ Receiving the HousingWire Insiders award has profoundly impacted
The national delinquency rate has fallen to near-record low levels, falling 6 basis points to 3.04% during the month of May, the second lowest level since the record low of 2.92% which occurred in March 2023, according to the latest iteration of a monthly report from Intercontinental Exchange, Inc (ICE). This marks the fifth consecutive monthly improvement in serious delinquencies.
The Seattle area is a hot housing market. According to Zillow , the average home price in the Emerald City is currently $884,828 , up 4.3% year over year. As home values have risen sharply, this has made the conundrum facing the area’s seniors more difficult to navigate: If they need to downsize, they may not be able to move into a home in their price range, much less be able to obtain a mortgage at a rate that can be easily absorbed on a fixed income.
As of May 31, the share of mortgage loans in forbearance has decreased to 0.21%, a slight decrease compared with April, according to the Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey. Only about 105,000 homeowners nationwide are in forbearance plans, the MBA says. Mortgage servicers have provided forbearance to approximately 8.2 million borrowers since March 2020.
Hilton Head, South Carolina-based “borderless” MLS REsides is joining firms like MLS Property Information Network and Northwest MLS by not opting into the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement. The non-Realtor-owned MLS announced its decision to opt out on Monday. MLSs had until June 18 to opt in to the settlement through a pathway negotiated by NAR as part of its agreement.
Embrace Home Loans Director of Builder Services Greg Dalgarno Embrace Home Loans has announced that Greg Dalgarno has been promoted from Sales Manager to Director of Builder Services. Based in Timonium, Maryland, Dalgarno will focus on growing Embrace’s new construction home lending business throughout the East Coast by forming partnerships with homebuilders and recruiting loan officers who specialize in new home construction.
The Independent Community Bankers of America (ICBA) issued a statement on Monday that opposes the conditional approval of Freddie Mac ’s plan to buy closed-end second mortgages. The plan was approved on Friday by Freddie Mac’s regulator, the Federal Housing Finance Agency (FHFA), which said that it reached the decision to begin the pilot program following a public comment period and “thoughtful engagement from public stakeholders.“ “The limited pilot will allow FHFA to explore whether this close
Fannie Mae on Friday slashed its 2024 forecast as a result of weak spring home sales, but listings are returning to the market and mortgage rates look poised to drop, according to new projections.
Top 10 reverse mortgage industry lender South River Mortgage is aiming to focus on its strengths. In addition to offering a proprietary reverse mortgage product option and transitioning last year from a broker to a direct lender , the company is focusing on its core business while staying engaged with the broader industry dynamics. South River president Tyler Plack recently discussed the elements of business in the current market environment with HousingWire ’s Reverse Mortgage Daily (RMD).
The Federal Housing Finance Agency (FHFA) has granted conditional approval for Freddie Mac to purchase certain single-family closed-end second mortgages as a pilot program. This is the first time Freddie is exploring the purchase of second mortgages as a new product. Freddie’s pilot program is being launched following a public review period that was mandated under the FHFA’s new Prior Approval for Enterprise Products regulation – a more transparent review process launched by the agency last Apri
The vast majority of more than 600 multiple listing services nationwide have chosen to opt in to the National Association of Realtors' commission settlement, according to a new Inman analysis.
The U.S. mortgage delinquency rate continued to fall in May to 3.04% – a decrease of 1.55% compared with April and a decrease of 1.94% compared with May 2023, according to ICE Mortgage Technology’s First Look report. As of the end of the month, there were roughly 1.634 million properties 30 days or more past due but not in foreclosure, a decrease of about 24,000 compared with the previous month and down about 5,000 from a year earlier.
Every productive real estate professional follows a unique path to success. For some, it’s in the company of like-minded go-getters who share the same passion for achieving goals. That’s where real estate teams come into play.
The Census Bureau’s quarterly summary of State & Local Tax Revenue shows a 1.7% increase in property taxes paid, rising from a revised estimate of $754.1 to $766.7 billion in the seasonally adjusted four quarters ending in the first quarter of 2024. The rate of quarterly increases ticked up slightly, up from 1.5% in the.
Want some fast, simple ideas for powering your marketing through a summer slowdown and pumping up the volume on your pipeline? Agent Johnathon Pressman has you covered.
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