Mon.Aug 19, 2024

article thumbnail

The renovation ripple effect in underserved neighborhoods

Housing Wire

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.

article thumbnail

Pending Home Sales Fall to Lowest Level Since April 2020

Appraisal Buzz

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.

Buyers 397
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

No ’horror stories’ from agents on the first weekend of NAR settlement changes

Housing Wire

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.

Agents 462
article thumbnail

Flipping the Rent-vs.-Own Dynamic in U.S. Markets

Appraisal Buzz

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.

Marketing 397
article thumbnail

Nykia Wright named NAR’s permanent CEO

Housing Wire

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.

article thumbnail

Record Share of Million-Dollar Homes Makes Buying More Challenging

Appraisal Buzz

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.

More Trending

article thumbnail

It’s official: Nykia Wright named NAR CEO

Real Estate News

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.

Realtors 290
article thumbnail

Move files amended complaint in suit against CoStar

Housing Wire

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

article thumbnail

Real estate stocks jump as new rules go into effect

Real Estate News

Redfin and iBuyer companies had the biggest gains in a rally following the Aug. 17 deadline for practice changes.

article thumbnail

Compass adds high-profile team to New York City roster

Housing Wire

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

Brokerage 370
article thumbnail

Tech Bytes: News from CoreLogic, Lofty, CubiCasa

Real Estate News

CoreLogic adds AI image search to consumer-agent collaboration portal; Lofty acquires Firepoint CRM; NextHome agents get access to CubiCasa's floor plan app.

Agents 231
article thumbnail

Why Montana is more heavily promoting its state-run reverse mortgage program

Housing Wire

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.

Mortgage 341
article thumbnail

Dissecting the Distressed Assets Marketplace

Appraisal Buzz

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.

article thumbnail

Is housing inventory growth finally slowing?

Housing Wire

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.

Inventory 324
article thumbnail

Upstart association ready to collect dues, lays out road map

Real Estate News

“We have to act as an industry. We have to do something,” Jason Haber, co-founder of the American Real Estate Association, told Real Estate News.

article thumbnail

Americans are worried that climate events will negatively impact their retirement

Housing Wire

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

Insurance 315
article thumbnail

FHLBanks Advocate for Streamlined Affordable Housing Regulations

Appraisal Buzz

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.

article thumbnail

Michael Ketchmark: Every move you make, we’ll be watching you

Inman

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.

Business 187
article thumbnail

Consolidated Analytics Acquires Investor Claims Solutions

Appraisal Buzz

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.

Investors 195
article thumbnail

The commission change mega-FAQ you need to start the historic week

Inman

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.

Brokerage 181
article thumbnail

ICE Rolls Out Improvements to Encompass Mortgage Lending Platform

Appraisal Buzz

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.

Lending 195
article thumbnail

NAR settlement rules: Live updates as the real estate changes roll out

Inman

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.

article thumbnail

Might More Buyers Soon Be ‘Restarting Their Hunt’ for a Home?

Appraisal Buzz

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.

Buyers 195
article thumbnail

A 9-step ‘listening’ consultation to help you talk to sellers post-Aug. 17

Inman

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.

Sellers 175
article thumbnail

Best Quarter for Custom Home Building in Almost Two Years

Eyes on Housing

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.

Design 167
article thumbnail

In historic first, Nykia Wright named first female CEO of NAR

Inman

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.

Realtors 166
article thumbnail

Tenants in Big Cities Could Save Thousands if “Broker Fee” Reform Passes

BiggerPockets

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.

Tenants 90
article thumbnail

Shay unveils ‘self-representation platform for homebuyers’

Inman

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.

article thumbnail

50+ Rentals After Starting in Her 50s and How “Late Starters” Can Get Ahead

BiggerPockets

With her retirement dreams on the line, Jill Forsythe had a few choices: return to work, start a business, or get into real estate investing.

article thumbnail

Pandemic redux? Buyers, sellers disagree on the ‘golden rate’: Intel

Inman

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.

Sellers 161
article thumbnail

"Automation is coming" and brokerages will feel the impact

Mortgagebroker News

Founder and president on technological impacts

article thumbnail

Watch out for these 3 pitfalls to avoid pricey fines in your future

Inman

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.

Realtors 150
article thumbnail

A Simple Guide to Understanding Different Types of Commercial Appraisals

Boston Appraisal

If you’re involved in the commercial real estate world—whether as a buyer, seller, lender, or agent—you’ve likely heard the term “commercial appraisal.” But what does it really mean? And did you know that there are different types of appraisals tailored to different property types and situations? This guide will break it all down in a straightforward way.

article thumbnail

[Video] Customer Story: Nationwide Solar

GoForrmz

“ We just did a pitch to one of the largest builders in the UK and a key part of that pitch is that we have GoFormz… ” — Clive Houlston, Managing Director, Nationwide Solar About Nationwide Solar Headquartered in Peterborough, England, Nationwide Solar is an MCS-registered contractor specializing in new build and commercial construction.

Design 78