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More than 556,000 single-family homes were available for sale nationwide as of last Friday, according to the latest data from HousingWire sister company Altos Research. That puts the national inventory up 31.9% year-over-year, extending a 24-week streak of year-over-year increases. So are agents and brokers flush with home listings? Likely not, as listings are still a fraction of their pre-Covid levels despite the strong year-over-year growth.
In this week’s episode, host Hal Humphreys talks with Kevin Hecht, Appraisal Training and Development Manager and Real Estate Economist for McKissock. It seems like the market is starting to pick up for the spring across the nation, but we haven’t seen any significant interest rate changes. What can appraisers expect from the market in the near future?
Less than a week after HomeServices of America settled the home seller commission lawsuits for $250 million , the firm again finds itself in the crosshairs of antitrust litigation. On Monday, homebuyer James Lutz filed a class-action antitrust lawsuit in a U.S. district court in Florida, accusing HomeServices and its subsidiaries, BHH Affiliates and HSF Affiliates , of conspiring to artificially inflate real estate agent commissions.
During an earnings call, Glenn Sanford said he wants to help agents “in the middle,” while noting that revenue was up and touching on the commissions lawsuits.
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.
In light of the jury verdict in the Sitzer/Burnett suit and the terms of the National Association of Realtor’s nationwide settlement agreement of the commission lawsuits , several prominent industry analysts believe Zillow will struggle with its financial performance. On Wednesday evening, during the firm’s Q1 2024 earnings call with investor and analysts, CEO Rich Barton took a contrary view: Zillow is just beginning to unlock its revenue generating potential.
As more housing and mortgage authorities seek to expand the scope of homeownership to those who have never purchased a home before, the government-sponsored enterprises (GSEs) and the Federal Housing Finance Agency (FHFA) are taking a step to more narrowly define the term “first-generation homebuyer mortgage,” according to a bulletin released on Wednesday by Freddie Mac.
The filing comes just days after the company settled similar cases brought by sellers. The firm maintains its practices were “lawful and procompetitive.
As existing home sales dropped to the lowest level it has seen in nearly three decades in 2023 , title insurance premium volume also took a hit. In 2023, the title insurance industry generated $15.1 billion in title insurance premiums, a 31% annual drop, according to the American Land Title Association’s Market Share Analysis , released Tuesday. In 2022 , the title industry generated $21 billion in premiums.
The company reported better-than-expected revenue of $529 million in Q1 — a 13% improvement from a year ago — and hinted at further monetizing its audience.
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.
We lament over ever-changing rates , changing fees and guidelines. We change companies, processors, assistance and our workspace. Every area and facet of our industry , it seems, moves, and changes with the wind. It likely is part of what you like about your career. Each day has its own opportunity to be unique and come with its own interesting set of circumstances.
Will there be a need for traditional “appraisal” in 5 years? We think not. Some 25 years ago, I was education chair for my Appraisal Institute Chapter. Our ‘custom’ seminar considered the topic of technology replacing appraisers. The conclusion was, especially for residential appraisal, that AVMs would take a great market share. Worse yet, because […] The post No Need for Appraisers?
Corcoran expanded its talent pool this week and welcomed three new faces — two in Nashville and one in New Jersey. Former National Football League stars Andy Levitre and Marc Mariani have joined Corcoran Reverie , an affiliate of The Corcoran Group, in Nashville. The duo will be part of the Your Nashville Agent team under the leadership of Aaron Joyce.
The class of 45 honorees represents the real estate industry's brightest achievers under the age of 40. Future Leaders is the latest addition to Inman’s growing industry-leading awards program.
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.
Longtime reverse mortgage industry professional, advocate and leader Scott Norman has been appointed as the new CEO of the Texas Mortgage Bankers Association (TMBA). Norman is currently serving his fifth consecutive term as co-chair of the National Reverse Mortgage Lenders Association (NRMLA). He also works as vice president of field retail and director of government relations at Finance of America Reverse (FAR).
The Atlanta-based Village Premier Collection, led by Cheri Benjamin, has joined Real under its Private Label program. The company has roughly 500 agents and closed $665 million in sales in 2023.
When HomeServices of America reached a nationwide settlement agreement last week in the commission lawsuits filed by home sellers, it became the final defendant in the two original commission cases, Sitzer/Burnett and Moehrl, to do so. Just six months ago, when a Missouri jury found HomeServices of America, Keller Williams and the National Association of Realtors (NAR) liable for colluding to artificially inflate real estate agent commissions , the industry’s path forward was very murky.
Mortgage application volume decreased 2.3% during the week ended April 26, as the average rate for a 30-year, fixed-rate mortgage increased to 7.29%, up from 7.24% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances decreased 3% compared with the previous week and were down 1% compared with the same week one year ago.
Federal Reserve policymakers say they'll slow the pace of "quantitative tightening" to $40 billion a month, less than half the pace envisioned 2 years ago.
Truv , a provider of automated employment and income verification technology for mortgage lenders, banks, and credit unions, is now an authorized report supplier for Fannie Mae’s Desktop Underwriter (DU) validation service. Fannie Mae’s DU validation service uses third-party data vendors to independently validate borrower income, employment, and asset data, providing lenders with Day 1 Certainty on validated loan components.
In an email, the 1.5 million member trade group specified when agents would have to have signed written agreements with buyers, but stressed NAR would not dictate the agreements' terms.
A survey conducted for FirstClose reveals that homeowners lack awareness regarding how home equity can be used to pay down higher interest credit card debt. In March, FirstClose commissioned a third-party online survey of 1,000 homeowners who have lived in their homes for at least two years and who have at least two credit cards with outstanding balances.
Stronger lead generation systems and commission structures are driving more agents to consider switching their brokerage affiliations in the coming year, according to Coldwell Banker Real Estate's annual Agent Priorities Report published on Wednesday. In the survey of 1,500 agents, 39 percent said they plan to switch brokerages. That's a 56 percent increase from 2023 when 25 percent of agents said the same thing.
In the ever-evolving landscape of mortgage finance, the year 2024 presents both challenges and opportunities that demand astute navigation. Following a period of rising interest rates in 2023, the Federal Reserve’s recent signals hint at a potential shift towards a more accommodative monetary policy later in 2024. This could translate to lower interest rates, impacting borrower affordability and overall loan demand.
The Federal Reserve’s monetary policy committee held constant the federal funds rate constant at a top target of 5.5% at the conclusion of its April-May meeting. In its statement, the Federal Open Market Committee (FOMC) noted: Recent indicators suggest that economic activity has continued to expand at a solid pace.
No longer is finding the dream home the only consideration when looking for real estate. You must find a community fit for your buyers too, new Inman contributor Charles Banfield writes.
Non-QM lender American Heritage Lending (AHL) is now using the OptifiNow TPO CRM system to improve its sales and marketing capabilities. The move to the new system comes as demand for non-QM loans is growing, enabling AHL to capture a growing share of the market. AHL chose OptifiNow because the system integrates seamlessly with its technology stack, providing the lender with a single platform to handle all aspects of their sales and marketing.
Due to tightened monetary policy, the count of total job openings for the entire economy has trended lower over the last year. This is consistent with a somewhat cooler economy that is a positive sign for future inflation readings. However, the number of open jobs for the aggregate economy was relatively unchanged in March per.
The local intelligence company's latest tool automatically surfaces locations for homebuyers based on the homes they're already scrolled, offering an alternative to traditional search tactics.
NAHB analysis of Census data shows that private residential construction spending was down 0.7% in March, after increasing 0.7% in February. It stood at a seasonally adjusted annual pace of $884.3 billion. Spending on single-family construction dropped 0.2% in March. This is the first monthly decline after ten straight months of gains, as elevated mortgage.
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