Housing Wire
MARCH 21, 2024
Today’s existing home sales report was a massive beat , similar to what happened last year in this month. Will this mark the high point for sales this year like it did in 2023? Unless mortgage rates go lower, that’s what we should expect, because that’s what happened last year. When mortgage rates headed lower at the end of 2022 into 2023, we had 12 weeks of positive weekly purchase application data.
Appraisal Buzz
MARCH 21, 2024
Existing-home sales were at a seasonally adjusted annual rate of 4.38 million in February, an increase of 9.5% compared with January but down 3.3% compared with February 2023, according to the National Association of Realtors (NAR). It was the largest monthly increase since February 2023. Helping to boost existing-home sales in February was that inventory increased 1.07 million by the end of the month – up 5.9% compared with January and up 10.3% compared with February 2023.
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Housing Wire
MARCH 21, 2024
Equifax’s Work Number product is too expensive for consumers and the Federal Housing Administration ( FHA ) and Federal Housing Finance Agency ( FHFA ) should potentially do something about it, an influential mortgage trade group argued this week. In a letter submitted to FHA commissioner Julia Gordon and FHFA director Sandra Thompson on Thursday, the Community Home Lenders of America ( CHLA ) expressed concern that the cost of employment verifications charged by Equifax is “excessive” as
Real Estate News
MARCH 21, 2024
While home sales still aren’t as strong as they were in 2023, the near-10% jump in February “is a good sign” — but the momentum may not last.
Speaker: Timothy Allsopp
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Housing Wire
MARCH 21, 2024
U.S. Sen. Josh Hawley (R-Mo.) has sent a letter to the U.S. Department of Justice ‘s Antitrust Division, urging an investigation of Fair Isaac Corp. (FICO), the company that retains the rights to the mortgage market’s adopted methodology to measure consumer credit risk. The letter , dated March 12 and addressed to assistant attorney general Jonathan Kanter, states that FICO “appears to be using its monopolistic power over the credit scoring market to increase costs for mortgage
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Housing Wire
MARCH 21, 2024
Redfin is expanding an agent compensation plan it launched last year by adding seven new markets starting in May, the national real estate brokerage announced Thursday. Initially launched in October 2023 as Redfin Max, the compensation plan was rebranded soon after as Redfin Next and grew to include agents in the California markets of Los Angeles, San Francisco, San Diego and Orange County.
Real Estate News
MARCH 21, 2024
A new Realtor.com report concludes that the best time to list in 2024 is right around the corner.
Housing Wire
MARCH 21, 2024
While the news of the National Association of Realtors’ settlement agreement in the commission lawsuits may have created panic at some brokerages , local Realtor associations and Multiple Listing Services (MLSs) said they were not only anticipating the news but were prepared for it. “We’ve been scenario planning for quite some time, and it was not a scenario we have not already planned for,” said Art Carter, CEO of the California Regional MLS (CRMLS).
Real Estate News
MARCH 21, 2024
Homebuyers may have more choices, but financing continues to be challenging.
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Housing Wire
MARCH 21, 2024
More people seem to be aware of the potential utility that a reverse mortgage could provide for older homeowners, including as a tool to age in place and to provide greater cash flow in retirement. This is according to survey results published this week by WSFS Mortgage , a division of WSFS Bank. “[M]ost homeowners with knowledge of reverse mortgages agree they can allow you to stay in your home longer (79%) and provide needed cash flow (76%) in retirement,” the results explained.
Appraisal Buzz
MARCH 21, 2024
Join us for today’s episode of the Appraisal Buzzcast, as host Hal Humphreys interviews Malinda Griffin, incoming President of the NAA. Malinda talks about her experience with the NAA, what’s to come in the future, and why she believes appraiser conferences and networking are so crucial for both appraisers and trainees. The ACTS conference is only a month away!
Housing Wire
MARCH 21, 2024
While reverse mortgage volume in 2024 got off to a rocky start, new data that breaks out retail Home Equity Conversion Mortgage (HECM) endorsements versus wholesale production showed that it was the former that took the bigger hit in the first month of the year, based on new data compiled by Reverse Market Insight (RMI). According to RMI’s newest HECM Originators report , wholesale endorsements gained 2% from December to January, while retail/direct endorsements fell by 3.7%, dragging the total
Appraisal Buzz
MARCH 21, 2024
After decreasing the previous two weeks, mortgage rates went back on the rise this week, with the average rate for a 30-year, fixed-rate mortgage increasing to 6.87%, up from 6.74% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 6.42%. “After decreasing for a couple of weeks, mortgage rates are once again on the upswing,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Housing Wire
MARCH 21, 2024
Planet Home Lending hired Matt Kingsborough as regional sales manager, the Connecticut-based lender, servicer and asset manager announced Thursday. Kingsborough has more than 20 years of experience in mortgage lending and will be responsible for driving the company’s expansion plans in the western U.S. “Stepping into Planet Home Lending marks a pivotal chapter in my career,” Kingsborough said in a statement.
Appraisal Buzz
MARCH 21, 2024
Multistate mortgage lender Click n’ Close is now a preferred partner with The Mortgage Collaborative (TMC), a consortium dedicated to providing mortgage lenders with access to technology and mortgage banking resources. As a result, TMC’s members will have access to SmartBuy, a proprietary suite of down payment assistance (DPA) loan programs offered by Click n’ Close designed to give homebuyers an advantage in today’s heightened mortgage interest rate environment.
Housing Wire
MARCH 21, 2024
Mike Fratantoni , the chief economist and senior vice president of research and industry technology at the Mortgage Bankers Association (MBA), addressed three major challenges in the housing market during testimony before the U.S. House of Representatives ‘ Financial Services Subcommittee on Housing and Insurance. The biggest challenge in today’s housing market is the lack of inventory , Fratantoni said in his written statement on Wednesday.
Appraisal Buzz
MARCH 21, 2024
Jason Cave, former chief fintech officer and deputy director for the FHFA, has joined the board of advisors at Argyle , a provider of automated income and employment verifications for mortgage lenders. The 30-year government veteran is an internationally recognized leader in bank supervision and an outspoken advocate for housing finance innovation, Argyle says in a release.
Inman
MARCH 21, 2024
Kaplan’s new Buyer Agency Professional course aims to help buyer agents negotiate the ways they are compensated.
Eyes on Housing
MARCH 21, 2024
Despite the rising mortgage rates witnessed in February, existing home sales continued to improve and climbed to a 12-month high, according to the National Association of Realtors (NAR). However, low resale inventory and strong demand continued to drive up existing home prices, marking the eighth consecutive month of year-over-year median sales price increases.
Inman
MARCH 21, 2024
The strategic promotions will help "drive the next era of Realty One Group's unprecedented global growth," as the franchiser continues its quest to grow to 30,000 agents.
BiggerPockets
MARCH 21, 2024
A bombshell NAR settlement could bring wide-sweeping changes to the housing market.
Inman
MARCH 21, 2024
They asked the court for more time to analyze the impact on their proposed settlement of NAR's proposed rule change banning the MLS display of commissions offered to buyer brokers.
BiggerPockets
MARCH 21, 2024
With inflation hovering slightly north of 3%, the Federal Reserve’s meeting this week and its decision to leave interest rates where they are were seen by many as inevitable.
Inman
MARCH 21, 2024
Find out how this broker-owner left his role as a marketer for brands like Patron Tequila, the Dallas Mavericks and SMU Athletics to lead — and grow — a real estate company.
BiggerPockets
MARCH 21, 2024
Please be advised: this podcast episode contains discussions about sensitive topics, including suicide, which may be distressing for some listeners.
Inman
MARCH 21, 2024
Seattle-based brokerage Redfin has expanded its commission-based payment model, Redfin Next, to agents in Chicago, Connecticut, Dallas, Miami, New York, Palm Beach and Washington, D.C. Redfin execs said Redfin Next will help them navigate market "ups and downs," including the NAR settlement.
BiggerPockets
MARCH 21, 2024
A bombshell NAR settlement could bring wide-sweeping changes to the housing market.
Inman
MARCH 21, 2024
A Sydney listing agent accidentally burned down her client's $3 million home. Five years after the accident, her broker has been ordered to pay $850K in damages.
Empire Appraisal Group
MARCH 21, 2024
Florida is now home to the most expensive for sale listing in the US The most expensive home for sale in the U.S. goes up in Naples The most expensive home for sale in the U.S. hit the market this week for $295 million. Gordon Pointe, as it’s called, is a roughly 9-acre compound in Naples, Florida, on the Gulf Coast, in an affluent enclave called Port Royal.
Inman
MARCH 21, 2024
ChatGPT answered questions about the value a real estate agent has and about how real estate commissions work. Do you agree with its answers?
GoForrmz
MARCH 21, 2024
Technology may be a key player in sustainable agriculture practices As we continue to celebrate AgWeek 2024, a common theme arises surrounding soil health, sustainability, and embracing regenerative agriculture as a viable, long-term solution. Farmers, growers, and ranchers alike are all faced with the ongoing pressures of cultivating more food, sustainably, with fewer inputs and less viable land available.
Inman
MARCH 21, 2024
ERA Real Estate vice president, and new Inman contributor, Lee Ann Roughton shares practical ways to help all women in real estate rise together.
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