Appraisal Buzz
NOVEMBER 27, 2024
Pending home sales rose in October, marking the third consecutive month of increases, according to new data from the National Association of Realtors (NAR). NAR’s Pending Home Sales Index (PHSI)–a forward-looking indicator of home sales based on contract signings–rose 2% to 77.4 in October. Year-over-year, pending transactions jumped 5.4%. An index of 100 is equal to the level of contract activity in 2001.
Housing Wire
NOVEMBER 27, 2024
Despite the recent rise in mortgage rates, early indicators suggest that the housing market is pointed in the right direction. The latest signal comes from the National Association of Realtors ‘ (NAR) Pending Home Sales Index (PHSI), which shows sales in October growing 5.4% year over year and 2% compared to September. The 77.4 reading for the PHSI is the highest mark since March and the third highest dating back to December 2023.
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Appraisal Buzz
NOVEMBER 27, 2024
With the national median payment requested by purchase applicants rising to $2,127 from $2,041 in September, homebuyer affordability decreased in October. This is in line with the Mortgage Bankers Association ‘s (MBA) Purchase Applications Payment Index (PAPI), which uses information from the MBA Weekly Applications Survey (WAS) to calculate how new monthly mortgage payments change over time in relation to income.
Housing Wire
NOVEMBER 27, 2024
Mortgage applications rose 6.3% on a seasonally adjusted basis during the week ending Nov. 22, driven by a 12% increase in demand for purchase loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). It is the third straight weekly increase for applications — a good sign for mortgage lenders heading into the typically slow Thanksgiving holiday.
Real Estate News
NOVEMBER 27, 2024
Kevin Brown, who will lead NAR in 2026, says he’s seen “the transformative power of homeownership” to move people out of poverty. “That’s why I do this.
Housing Wire
NOVEMBER 27, 2024
Top U.S. wholesale lender United Wholesale Mortgage (UWM) has taken another aggressive move related to its product set, underscoring its strong commitment to government-backed loans. On Wednesday, the company announced the removal of all loan-level pricing adjustments (LLPAs) on government loans, albeit with some limitations. The program applies to Federal Housing Administration (FHA), U.S.
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Housing Wire
NOVEMBER 27, 2024
When I began working on this piece, I was told that the mortgage community as a whole—and loss mitigation professionals in particular—would be resistant to the message. But I don’t think that’s true. Because not only are we an industry that values the bottom line, we serve the spirit behind the American Dream of homeownership. If there is any segment of our economy that understands aspiration, it’s us.
Real Estate News
NOVEMBER 27, 2024
Buyers found a bit of relief last month, leading to more sales activity — but rising inflation is lurking heading into the holidays.
Appraisal Buzz
NOVEMBER 27, 2024
The U.S. District Court for the Western District of Missouri has granted final approval of the National Association of Realtors (NAR) proposed settlement agreement to resolve class action claims related to broker commissions. The Court heard from all parties, as well as objectors and the Department of Justice (DOJ). Once arguments concluded, the Court ruled to grant final approval.
Real Estate News
NOVEMBER 27, 2024
While class members “may not recover every dollar they paid to real estate agents, that is the nature of settlements,” Judge Bough wrote in his Nov. 27 order.
Appraisal Buzz
NOVEMBER 27, 2024
In this episode, we’re thrilled to welcome Mark Johnson, President of Ascribe and a familiar face to the valuation industry. Mark shares his journey from rocking the stage with his band at the Valuation Expo’s “Appraisers Got Talent” contest to leading transformative efforts in the industry. We dive into his work with LRES, Stoic Lane, and Ascribe, and explore how automation is redefining the valuation landscape.
Inman
NOVEMBER 27, 2024
Progress in taming inflation slowed in October, but futures market investors think the latest numbers up the odds of another Federal Reserve rate cut next month.
Appraisal Buzz
NOVEMBER 27, 2024
Homebuyer affordability declined in October, as the national median mortgage payment applied for by purchase applicants increased to $2,127, up from $2,041 in September, according to he Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI). The index measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey.
Inman
NOVEMBER 27, 2024
Applications for purchase loans jumped 12 percent week over week and 52 percent from a year ago, according to a weekly survey of lenders by the Mortgage Bankers Association.
Appraisal Buzz
NOVEMBER 27, 2024
Pending home sales increased for a third straight month in October, rising 2% compared with September and 5.4% year-over-year, according to the National Association of Realtors (NAR). “Home buying momentum is building after nearly two years of suppressed home sales,” says Lawrence Yun, chief economist for NAR, in a statement. “Even with mortgage rates modestly rising despite the Federal Reserve’s decision to cut the short-term interbank lending rate in September, continuous job additions and mor
Inman
NOVEMBER 27, 2024
Twenty-two homebuyers across 19 states were added to the list of plaintiffs in the Batton case Tuesday while eXp continued to push for a delay in a separate commission case known as Gibson.
Appraisal Buzz
NOVEMBER 27, 2024
Mortgage application volume increased 6.3% during the week ended November 22, driven mainly by a surge in purchase applications, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances decreased 3% compared with the previous week but were up 119% compared with the same week one year ago. Applications for purchases jumped 12% compared with the previous week and were up 52% compared with a year ago.
Inman
NOVEMBER 27, 2024
Not even a last-minute twist could stop this train, writes University at Buffalo law professor Tanya Monestier, who envisions a long road before the courts truly wash their hands of commissions.
Appraisal Buzz
NOVEMBER 27, 2024
Mortgage rates decreased slightly this week, as the average rate for a 30-year fixed-rate mortgage fell to 6.81%, down from 6.84% 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 7.22%. “The 30-year fixed-rate mortgage moved down this week, but not by much,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Inman
NOVEMBER 27, 2024
Designed to help agents unearth buyer leads from renter databases, RentSpree's new tool will now be available to the 6,000 members of Central Florida’s Space Coast Association of Realtors.
Eyes on Housing
NOVEMBER 27, 2024
The percentage of new apartment units that were absorbed within three months of completion rose from 50% to 55% in the second quarter of 2024, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). The survey covers new units in multifamily residential buildings with five or.
Inman
NOVEMBER 27, 2024
Driven by an improved housing inventory, pending home sales rose modestly in October, marking its third-consecutive monthly increase, according to data released on Wednesday by NAR.
Eyes on Housing
NOVEMBER 27, 2024
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts declined during the third quarter of 2024. For the quarter, 94,000 multifamily residences started construction. Of this total, 88,000 were built-for-rent. This was almost 14% lower than the third quarter of 2023. The market share of rental units of multifamily.
Inman
NOVEMBER 27, 2024
Value is not in the object itself, it’s in the perception, author and coach Darryl Davis writes. Your worth as an agent is defined by how you position yourself and your services (and it’s priceless).
Mortgagebroker News
NOVEMBER 27, 2024
Experts predict a seller's market in nearly half the nation’s housing regions
Inman
NOVEMBER 27, 2024
Find out how this California broker-owner went from corporate executive to real estate pro and what he learned along the journey.
Mortgagebroker News
NOVEMBER 27, 2024
Mortgage holders benefit, but first-time credit users continue to struggle
Inman
NOVEMBER 27, 2024
In this exclusive series on Inman, Windermere economist Jeff Tucker illuminates the latest stats, reports and numbers to know this week.
Empire Appraisal Group
NOVEMBER 27, 2024
Source: [link] The cost breakdown of constructing a single-family home, as told by one pie chart NAHB provided ResiClub with the national averages for itemized costs in each stage of construction for a new single-family home. Meghan Malas To better understand single-family construction costs, ResiClub reached out to the National Association of Home Builders (NAHB) for the trade group’s latest cost breakdown.
Inman
NOVEMBER 27, 2024
A team in Tuscon will now become a franchise known as RE/MAX Horizon, while an ERA franchise in Indiana is rebranding to RE/MAX First Integrity.
Mortgagebroker News
NOVEMBER 27, 2024
Changes signal a new phase for the company
Inman
NOVEMBER 27, 2024
In the interest of keeping it light this Thanksgiving, trainer Rachael Hite came up with these six talkable topics for Turkey Day and three you might want to avoid. Womp! Womp!
BiggerPockets
NOVEMBER 27, 2024
Most people get turnkey real estate investing all wrong. They either think it’s a completely hands-off investment like stocks or that all turnkey real estate companies offer the same product.
Inman
NOVEMBER 27, 2024
Real estate is always changing, sometimes for the better and other times for the worse. What trends are you glad to see in the rearview mirror?
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