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The landmark date of Aug. 17, 2024 , has come and gone, and the real estate industry is still plugging along, despite the business practice changes mandated by the National Association of Realtors’ (NAR) commission lawsuit settlement agreement now being implemented nationwide. In the Greater Boston area, Linda O’Koniewski , the broker-owner of Leading Edge Real Estate , described the first few days of the business practice changes as “uneventful.
Sales of existing homes rose 0.6% month over month in July but fell 2% year over year to a seasonally adjusted annual rate of 4,094,991. That’s the lowest July level in records dating back to 2012, according to a new report from Redfin. Meanwhile, pending sales – a more current gauge of demand that includes both existing and newly-constructed homes – fell to the lowest level of any month on record aside from April 2020, when the pandemic brought the housing market to a halt.
More than four in 10 distressed properties purchased at auction are in underserved neighborhoods with low incomes or high minority populations, neighborhoods that often have been overlooked and left behind. “Those areas that I’m now developing I grew up in. And I remember being in those areas without hot water. I remember what it’s like to have slumlords,” said Jermaine Morgan, a Columbus, Georgia-based local community developer who purchases distressed property at auction.
As housing prices continue to rise, the age-old question of whether it makes more financial sense to rent or buy has become more complex. However, recent analysis by First American Financial Corporation suggests that in 27 of the top 50 U.S. real estate markets, the financial scales have tipped in favor of homeownership, largely due to the wealth-building benefits of equity accumulation.
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.
Several real estate groups recently criticized the Consumer Federation of America’s support for uncoupled buyer and seller agent real estate commissions, writing in HousingWire that, “CFA has seemingly lost sight of its core purpose advocating for those most in need of consumer protection.” CFA has long maintained that coupled commissions (where sellers split commissions between the seller’s and the buyer’s broker) have allowed Realtors to set prices, overcharging a
According to a new Redfin study , nearly one in ten (8.5%) American houses are valued at $1 million or more, the largest percentage ever. This is more than twice the 4% proportion that existed prior to the epidemic and up from 7.6% a year earlier. The record high in home prices—the median sale price nationally increased by 4% in June—has led to a record high in the percentage of American homes valued at $1 million or more.
According to a new Redfin study , nearly one in ten (8.5%) American houses are valued at $1 million or more, the largest percentage ever. This is more than twice the 4% proportion that existed prior to the epidemic and up from 7.6% a year earlier. The record high in home prices—the median sale price nationally increased by 4% in June—has led to a record high in the percentage of American homes valued at $1 million or more.
The National Association of Realtors has made things a bit more official with Nykia Wright. In an email sent by President Kevin Sears to trade group members, obtained by HousingWire, NAR has decided to name Wright as its new CEO. Wright was named as NAR’s interim CEO in early November 2023 , after long-time CEO Bob Goldberg retired over a year earlier than planned.
The Move – CoStar battle is heating up as Move, the parent company of Realtor.com , filed an amended complaint on Friday in its suit against the Homes.com parent company and James Kaminsky, a former Realtor.com employee who is now an editor at Homes.com. In the suit, Move alleges that in January 2024, Kaminsky — who was laid off from Realtor.com, where he led the company’s “News & Insights” team for nearly a decade — stole trade secrets from his former employer to help fuel the rapid g
The transformative newspaper exec moves into the permanent CEO role at the National Association of Realtors — the U.S.’s largest trade association — this week.
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.
Compass is already one of the biggest brokerages in New York City — and it just got bigger. The Zweben Team , a high-producing group in Manhattan and Brooklyn, have left Douglas Elliman to join Compass at its headquarters in Manhattan. Led by Carolyn and Paul Zweben, the team has closed $800 million in sales volume over more than 20 years in the business. “We are grateful to Douglas Elliman for the incredible journey we’ve shared over the past 23 years,” the Zwebens said in a s
CoreLogic adds AI image search to consumer-agent collaboration portal; Lofty acquires Firepoint CRM; NextHome agents get access to CubiCasa's floor plan app.
Unsold inventory of homes for sale has been on the rise all year. It hasn’t turned the corner yet — inventory rose across the country this week — but at less than 1% rate. There are some signs that inventory growth is slowing with newly lower mortgage rates and the end of the summer. In the years before the pandemic, it would be totally normal for inventory to peak at the end of July or in August.
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.
The state of Montana has been more heavily promoting its state-based Reverse Annuity Mortgage (RAM) program for seniors. Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgages (HECMs) or proprietary product options.
This year’s edition of the Five Star Conference 2024 , set for September 24-26 at the OMNI Hotel in Dallas, is growing closer by the day, and the list of guest speakers and educational offerings continues to grow. A new addition to this year’s Five Star Conference, the NPL Forum will tackle topics ranging from non-performing loans (NPLs), foreclosures, bankruptcy, and the buying and selling of distressed assets.
A majority of Americans are seriously concerned that their retirement will be negatively impacted by the rising costs and uncertainty associated with sudden, unexpected and more frequent extreme weather events taking place across the country. This is according to the 2024 Annual Retirement Study from Allianz Life Insurance Company of North America. More than half of U.S. adults surveyed (56%) said they feel anxious about rising costs, financial losses and health-related impacts that extreme weat
Be prepared for a listing appointment at a moment’s notice. Have the tools at your fingertips, take notes, build connections, and stay focused on what’s best for the seller, Bernice Ross writes this week.
The Federal Home Loan Bank System (FHLBank System) has expressed strong support for efforts to streamline the Affordable Housing Program (AHP) application process, as outlined in a recent comment letter submitted in response to the Federal Housing Finance Agency’s (FHFA) Request for Input. However, the FHLBanks also argue that more comprehensive changes to the program’s regulatory framework are necessary to maximize its effectiveness.
The changes to how real estate commissions are advertised and sourced as a result of the National Association of Realtors’ proposed settlement has led to the creation of Shay, an application to help homebuyers avoid the traditional sales model.
Consolidated Analytics CEO Arvin Wijay Consolidated Analytics (CA) , a Santa Ana, California-based provider of comprehensive mortgage services and data analytics, has announced the acquisition of the assets of Investor Claim Solutions (ICS), a firm specializing in investor claims solutions and loss analysis recovery. CA is an end-to-end mortgage services platform that delivers value to clients in origination, servicing, and capital markets, from asset-level analysis to enterprise optimization.
Now that the "New Normal" has officially begun, it's time to answer the frequently asked questions agents and brokerages have about the newly implemented commission settlement rule changes.
Intercontinental Exchange Inc. (ICE) has released new enhancements to its Encompass digital mortgage lending platform designed to help lenders improve productivity and lower operational costs. The most recent Encompass update features expanded capabilities for mortgage originators to offer beneficial affordable lending solutions for their customers.
New rules stemming from the National Association of Realtors' landmark commission settlement went into effect Saturday. Inman is tracking the impacts of those rules in real time.
Competition for homes and price appreciation tapered off faster than normal in July as high housing costs continued to stymie shoppers, according to the most recent Zillow market report. However, recent drops in mortgage rates should spur more competition as we head into fall. “If this relief from mortgage rates continues, we should see more buyers restarting their hunt for a home,” says Zillow Chief Economist Skylar Olsen.
In a phone interview, lead plaintiffs' counsel Michael Ketchmark weighed in on the consequences of violating the NAR settlement, Zillow's business model, and the "monster case" that remains.
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates gains for custom home building after some recent slowing. Custom home building typically involves home buyers less sensitive to changes for interest rates. There were 52,000 total custom building starts during the second quarter of 2024. This marks an almost.
How low do rates need to go to reinvigorate the housing market? Buyer and seller responses vary in the latest Inman-Dig Insights consumer survey, suggesting its contours are still being shaped.
New “broker fee” reform could help tenants save thousands of dollars when finding their next apartment or home to rent, but it could come at a significant cost to landlords.
Steep fines can stack up and can swiftly put you in a sticky situation, but what's worse is when it's your competition turning you in. Trainer Rachael Hite tells you how to stay on the right side of the rules.
Wright has served as NAR’s interim CEO since November after she replaced Bob Goldberg. She was instantly thrust into leading an organization in turmoil.
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