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While there is no doubt that the Florida housing market has slowed since the height of the post-pandemic homebuying boom, the state’s condominium market has been especially hard hit, according to local agents. “It has definitely slowed,” said Cyndee Haydon , a Seminole-based agent for Future Home Realty. “Inventory has gone from a three-month supply a year ago to at least six months, so really we are into a buyers’ market now.
Nearly two-thirds (64.7%) of homes on the market in June had been listed for at least 30 days without going under contract, according to a new report from Redfin, a technology-powered real estate brokerage. This marks an increase from 59.6% year-over-year, the largest annual rise in a year and the highest share for any June since 2020. June marked the fourth consecutive month in which the proportion of homes lingering on the market for at least a month increased year-over-year.
Will the Federal Reserve pivot in time to save construction workers? We have discussed this topic for some time now because, for the first time in a while, single-family permits are falling and 5-unit permits are already in recession. This is key because, traditionally, residential construction workers are the first to lose their jobs before every recession since higher mortgage rates hit housing first.
One of the few good things to come from the 2020 COVID-19 pandemic was ultra-low mortgage rates that hovered around 3%, in part due to the Federal Reserve slashing interest rates to 0% in order to keep the economy afloat. But those low rates, considered a great deal at the time, has caused unintended and unexpected consequences. The main consequence of these low rates is something called the “lock-in effect” caused by homeowners with those pandemic-era 3% interest rates making the choice to sta
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.
If you’ve heard it once, you’ve heard it a thousand times: older Americans overwhelmingly support aging in place in their own homes, with some recent survey data indicating at or over 90% of seniors supporting retirement living in their own homes. But sometimes the cost of renovations can exceed the amount of cash that a retiree has access to, particularly for the majority of older Americans living on fixed incomes and relying on benefit programs like Social Security.
Matic has published its mid-year premium trends study , which examines trends in homeownership from 2024’s first half. The report highlights significant challenges faced by homeowners, mortgage entities, and the housing market as a whole due to record premium increases, ongoing new business restrictions, and carrier exits. It draws from a dataset of 36 million quote requests, 10 million properties, and external quoting engines.
Matic has published its mid-year premium trends study , which examines trends in homeownership from 2024’s first half. The report highlights significant challenges faced by homeowners, mortgage entities, and the housing market as a whole due to record premium increases, ongoing new business restrictions, and carrier exits. It draws from a dataset of 36 million quote requests, 10 million properties, and external quoting engines.
The real estate market has witnessed significant fluctuations over the years, and the accompanying challenges for real estate agents can offer valuable insights and opportunities. The lofty home prices we’ve seen in recent months have some comparing aspects of today with those foreshadowing the housing bubble that preceded the 2008 market crash and, ultimately, what has come to be known as the Great Recession.
Upward of 56,000 home purchase contracts — nearly 15% of all such contracts from June — were canceled, a new report found, largely due to affordability issues.
Real estate companies are using artificial intelligence (AI) to improve agent productivity, which they believe will be even more necessary due to changes to their commission structure — mainly on the buyer’s side. But despite these tech advancements, they don’t see a scenario in which “robots” will soon take buyers and sellers through the homeownership journey.
A sequel to the industry-challenging assessment is expected in early 2025 and will focus on the future. “The time is now for the industry to transform itself.
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.
RealReports , a proptech firm that offers an artificial intelligence-based platform for property data , announced a new partnership this week with the San Francisco Association of Realtors (SFAR) to provide access to its tool to an estimated 5,000 members in the Bay Area. RealReports said that its tool has the functionality to offer “extensive property data from over 40 top providers for every home in the U.S.,” and that the artificial intelligence (AI)-powered “copilot” that it calls “Aiden” ca
The Real Brokerage has poached a high-performing Realtor team in Cleveland. Kaim Team is bringing its 25-members to the company, becoming the largest team operating in Ohio that’s affiliated with Real. Real hopes the team can provide more juice to a market that’s part of a trend of booming cities in the midwest. “We’re thrilled to welcome Michael, Tina and their team to Real,” Real President Sharran Srivatsaa said in a statement.
Troy Palmquist will oversee a product team, commercial real estate and more for eXp; Tim Hudak is stepping down as Ontario association CEO effective August 2.
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.
A freshly minted tech startup based in Palo Alto, California, and Seattle believes it has a solution for homeowners looking for insurance. Finaya is adding a marketplace for assessing and comparing home insurance offerings. The company will deliver a network of insurance providers for homeowners looking to insure a new home or sign a new policy to address shifting needs at different points in owning a home.
Fannie Mae has been named a Best Place to Work for Disability Inclusion by Disability:IN , receiving a top score of 100 on the 2024 Disability Equality Index (DEI) for its efforts to foster an inclusive workplace. “We are honored to be recognized as a ‘Best Place to Work for Disability Inclusion’ by the 2024 Disability Equality Index for the fifth year in a row,” said Sharifa A.
Attorneys general in 14 states have joined together to send a letter to Federal Housing Finance Agency (FHFA) director Sandra Thompson that urges the termination of the agency’s title waiver pilot program. The letter, which was sent on Monday, was spearheaded by Tennessee Attorney General Jonathan Skrmetti and co-signed by attorneys general in Alabama, Arkansas, Georgia, Indiana, Kansas, Louisiana, Mississippi, New Hampshire, Oklahoma, South Carolina, South Dakota, Texas and Virginia.
Homebuilders are still getting squeezed by high mortgage rates. That’s according to the U.S. Census Bureau ’s new-home sales report for June, which shows the level of transactions falling to a seasonally adjusted annual rate of 617,000. That represents a decline of 7.4% year over year and 0.6% month over month, and it’s the second month in a row that the pace of home sales has fallen.
In practically every significant U.S. metro region, average rents have reached all-time highs within the last five years. If rent increases continue at the current rate, the majority of major U.S. metro areas may become unaffordable for the average renter in ten years, according to new data from Spareroom. When SpareRoom analyzed the average monthly rent for roommates in major metro areas over the previous five years (Q1 2024 and Q1 2019), it found that rentals had gone up by at least 25% in 18
Reverse mortgage industry veteran George Morales has been appointed as the new chairperson of the dedicated reverse mortgage development workgroup (DWG) inside the Mortgage Industry Standards Maintenance Organization. MISMO is a subsidiary of the Mortgage Bankers Association (MBA), which signaled its intent for more reverse mortgage involvement late last year.
Verification solutions provider Informative Research has expanded its integration with Equifax’ The Work Number income and employment information. With this enhancement, Informative Research provides its customers with extensive options for receiving the specific records from The Work Number that help meet their needs at each step of the mortgage process.
Century 21 is welcoming new affiliates on both coasts On Tuesday, the company announced it was welcoming Staten Island, New York -based Herman & Co. Real Estate to the brand. The firm is now doing business as Century 21 Standard Real Estate. The brokerage was founded in 2004 by broker-owner Herman Herrera, a retired U.S. Marine and former school teacher.
Nearly two-thirds (64.7%) of homes that were on the market in June had been listed for at least 30 days without going under contract, according to a report from Redfin. That’s up from 59.6% a year earlier, marking the biggest annual increase in a year, and the highest share of any June since 2020. The report shows that demand for single-family homes is currently weak, resulting in more homes sitting on the market for at least one month.
Prospective buyers from out of state often come to Indiana for its growing job market, low taxes and relatively affordable housing. Indianapolis-area Realtor Annie Caruso, a founding member of Circle Real Estate, had a buyer coming from the Chicago area for just these reasons. But their price point was under $300,000, and they were consistently outbid despite giving their best offer.
Neighborhood Credit Union is using FirstClose to streamline its home equity lending operations. Headquartered in Dallas, Neighborhood Credit Union has 14 branches throughout Texas serving more than 50,000 members. Last year, the credit union launched its home equity lending department and in just 12 months has originated over $1.3 million in home equity transactions.
CoStar Group , the parent company of Homes.com and Apartments.com , among other sites, continued its revenue growth streak in second-quarter 2024. The company reported revenue of $678 million from April through June, up 12% compared to the same period a year ago. The firm said this marks its 53rd consecutive quarter of double-digit revenue growth. CoStar’s residential sector was at least partially responsible for the revenue growth as it rose from $12.7 million in Q2 2023 to $26.2 million in Q2
Despite a slight dip in rates, mortgage application volume fell 2.2% during the week ended July 19, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances increased 0.3% compared with the previous week and was up 38% compared with the same week one year ago. Applications for purchases decreased 4% compared with then previous week and were down 15% compared with the same week one year ago.
In a pair of court filings last week, eXp Realty, former CEO Glenn Sanford and agent Brent Gove renewed denials of their alleged roles in sexual assaults perpetrated by two former eXp agents. Responding to an amended complaint filed by plaintiff Anya Roberts in June, each party denied the charge of participating in a human trafficking enterprise that resulted in the alleged drugging and rape of Roberts by Michael Bjorkman and David Golden, who at the time were star agents at eXp. eXp and Sanford
The word bias brings up personal feelings in almost everyone. Even anger. Even a desire to strike back. Grrrr. This makes sense. Bias, and concepts of bias are personal. It’s about me. Or about THEM! Those people! They should just see things my way. The more writing I do, the more I […] The post Is Bias Personal? appeared first on George Dell, SRA, MAI, ASA, CRE.
Things are changing in the Nashville real estate scene. Coldwell Banker Southern Realty , which has offices in the Tennessee markets of Lawrenceburg, Shelbyville and Columbia, is marking its entrance into Nashville through its acquisition of Coldwell Banker Barnes. In an announcement on Wednesday, Coldwell Banker Southern Realty broker-owner Rich Cosner said the combined firms would operate under the Coldwell Banker Southern Realty name.
In this episode, we sit down with Blair Dingeman, a distinguished member of the NAA board of directors and the chairman of the fundraising committee. Blair sheds light on the Appraiser Relief Fund, as well as the George Harrison Scholarship Fund, how these funds came into existence, and their transformative effects on individuals entering the appraisal industry.
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