Housing Wire

JUNE 12, 2024

Should we be concerned about the number of homeowners who are underwater on their homes? Recent data from Attom showed that 1 out of every 37 homes were severely underwater, something I talked about on CNBC recently , but CoreLogic data provides a reality check on this topic. Let’s dig in. One of the most alarming aspects of the housing bubble crash was the staggering number of Americans who were underwater on their homes.

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Appraisal Buzz

JUNE 12, 2024

Home sellers are returning to the market, but buyers are hesitant, according to a recent Zillow market report. In May, new property listings exceeded sales, allowing buyer competition and price rise to slow—and more price relief is expected. “Rate lock’s hold seems to be loosening—homeowners who may have put off listing their homes are done waiting.

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Housing Wire

JUNE 12, 2024

Today’s double event of the CPI inflation report and the Fed meeting gave us something that I have been waiting for: a hint from Fed Chairman Jay Powell that the labor market has softened. Today he acknowledged what I have been talking about for months: the Fed’s key data lines are at pre-COVID-19 levels today. Before the Fed held its press conference, we got a softer-than-anticipated CPI report, which sent the 10-year yield (and mortgage rates ) lower at first.

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Appraisal Buzz

JUNE 12, 2024

ATTOM’s May 2024 Foreclosure Market Report found that there were a total of 32,621 U.S. properties with foreclosure filings during the month—default notices, scheduled auctions, or bank repossessions—up 3% from April 2024, but down 7% from a year ago. “May’s foreclosure activity highlights nuanced shifts in the housing market,” said Rob Barber, CEO at ATTOM.

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Housing Wire

JUNE 12, 2024

Fast-growing real estate firm The Real Brokerage announced the launch of its Real Partners program on Wednesday. Real Partners is a group of preferred vendors, tools and services for Real agents to utilize. “Our mission at Real is to provide our agents and teams with a platform of possibilities from which to reach their full potential,” Real President Sharran Srivatsaa said in a statement.

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Appraisal Buzz

JUNE 12, 2024

The median asking rent in the U.S. rose 0.8% year-over-year in May to $1,653, representing the highest level since October 2022, according to a new Redfin survey. This is the second straight increase—rents rose 0.9% year-over-year (YoY) in April—after 11 months of declines, while rents rose 0.5% month-over-month (MoM). Per the report, apartment prices are closely related to unit supply.

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Appraisal Buzz

JUNE 12, 2024

There are a lot of changes coming up that will be effecting appraisers with the new UAD from the GSEs. How can we prepare for these changes? Why is it so important to start practicing NOW? Today, host Hal Humphreys speaks with Joel Baker, Senior Professional of Product Solutions at A la mode. Joel is one of the biggest voices in the industry through his podcasts and instructing with A la mode.

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Housing Wire

JUNE 12, 2024

The Federal Reserve has some positive news about inflation as it heads into its June meeting on Wednesday afternoon. The Consumer Price Index cooled slightly in May, with the all items index posting a 3.3% annual increase before seasonal adjustment, according to data released Wednesday by the Bureau of Labor Statistics (BLS). This is down from a 3.4% annual increase in April.

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Sacramento Appraisal Blog

JUNE 12, 2024

Dear Sellers, if you’re overpriced, I have some thoughts for you today. This is coming from a good place, and I want you to have success in selling your home if that’s what you really want to do. Scroll by topic and let me know if you have any questions or thoughts. I hope this […] The post An open letter to overpriced sellers first appeared on Sacramento Appraisal Blog.

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Housing Wire

JUNE 12, 2024

Persistent economic trends that include inflation, a strong labor market and real gross domestic product (GDP) growth will continue to “dampen” mortgage origination activity through at least the end of 2026, according to the newest U.S. mortgage originations outlook from financial services forecasting and advisory company iEmergent. Based on 2023 Home Mortgage Disclosure Act (HMDA) data, the iEmergent analysis predicts that purchase mortgage volume will rise by roughly 9% in 2024 compared to las

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Appraisal Buzz

JUNE 12, 2024

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Housing Wire

JUNE 12, 2024

Mortgage applications shot up 15.6% from one week earlier , according to data from the Mortgage Bankers Association ’s (MBA) weekly application survey for the week ending June 7. On an unadjusted basis, the market composite index increased 26% compared with the previous week. The refinance index increased 28% from the previous week and was also 28% higher than the same week one year ago.

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Appraisal Buzz

JUNE 12, 2024

Mortgage application volume took one of the largest jumps in over a year last week, increasing an impressive 15.6% on an adjusted basis compared with the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Without seasonal adjustment, volume for the week ended June 7 was up 26%. Applications for refinances increased 28% compared with the previous week and were up 28% compared with the same week one year ago.

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Housing Wire

JUNE 12, 2024

The Mortgage Bankers Association (MBA) on Wednesday announced that Owen Lee, CEO at Success Mortgage Partners (SMP), has been nominated to serve as the association’s vice chairman for the forthcoming 2025 membership year. Lee’s nomination was announced by Mark Jones, the 2024 MBA chairman and president of Union Home Mortgage , who describing Lee as “an exemplary leader and prominent voice in the real estate finance industry.

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Real Estate News

JUNE 12, 2024

Compass, eXp, Redfin, Weichert, United Real Estate and Hanna among remaining defendants in Batton 2 case; a smaller case moves closer to a settlement.

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Housing Wire

JUNE 12, 2024

An analysis released Wednesday by Columbia, Missouri -based lender Veterans United Home Loans revealed that the home loan program through the U.S. Department of Veterans Affairs (VA) has contributed $3.9 trillion to the national economy since its inception near the end of World War II. The VA loan program — which was established in 1944 through the GI Bill — will celebrate its 80th anniversary on June 22.

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Appraisal Buzz

JUNE 12, 2024

Guaranteed Rate is launching its first residential mortgage-backed securities (RMBS) deal of 2024, making it the first 100% retail non-bank lender to re-enter the securitization space with a prime jumbo deal since the pandemic. The deal highlights a shift in strategy Guaranteed Rate has implemented to prove its commitment to offering robust financial solutions regardless of market conditions.

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Housing Wire

JUNE 12, 2024

Home equity solutions and sale-leaseback platform EasyKnock announced a partnership on Tuesday with financial fitness and homeownership platform FinLocker that will make FinLocker’s tools available free of charge to EasyKnock customers. The FinLocker app includes a “personalized suite of tools“ designed to help consumers improve their financial health, the company explained in its announcement.

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Appraisal Buzz

JUNE 12, 2024

Even though inventory has been increasing, many home buyers are still sitting on the sidelines, with some likely waiting for mortgage rates to decrease before they make a purchase, a report from Zillow shows. According to the firm’s data, new listings have increased nearly 13% since last year. Inventory is accumulating, rising 22% over last year and reducing the pandemic-era deficit.

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Housing Wire

JUNE 12, 2024

The Federal Housing Finance Agency (FHFA) this week issued a public request for information for plans submitted by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac under the Duty to Serve (DTS) program that aims to serve underserved markets from 2025 through 2027. Established by the Housing and Economic Recovery Act (HERA) of 2008, the DTS plans for underserved markets encompass three primary areas: manufactured housing, affordable housing preservation and rural housing.

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George Dell

JUNE 12, 2024

Time adjustments have long been required as good appraisal practice. On the residential side, they are required in guidelines issued by FannieMae and FreddieMac (the GSEs). Unfortunately, the requirement for time adjustments (“market conditions”) has been ignored by the lenders selling to the GSEs (Government Sponsored Enterprises). Why? Editor’s Note: Read Part 1 of this […] The post Time for Time Adjustment?

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Housing Wire

JUNE 12, 2024

A mayor in a region of New Zealand, who recently suggested using reverse mortgages to fund various cost-of-living increases faced by the nation’s retirees, is pushing back against the backlash his comments created. Tim Cadogan, who serves as mayor of the Central Otago district in south central New Zealand, recently fielded a question from a constituent about rising rates that are akin to U.S. property taxes.

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Real Estate News

JUNE 12, 2024

The Federal Reserve left rates unchanged despite some easing of inflation, but signaled that more cuts are likely next year.

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Housing Wire

JUNE 12, 2024

Figure Technology Solutions , the parent company of Figure Lending LLC , has launched a blockchain-based marketplace to connect buyers and sellers of private credit loans, promising to reduce settlement timelines and create greater pricing certainty. The launch, announced on Wednesday, comes less than two months after Figure named tech veteran Michael Tannenbaum — who led fintech company Brex for seven years — as its new CEO.

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Real Estate News

JUNE 12, 2024

Roof Pro launched its GPT integration this week after the company took the time to establish safeguards necessary for the real estate industry.

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Housing Wire

JUNE 12, 2024

Douglas Elliman is joining Howard Hanna and HomeServices of America in being voluntarily dismissed from the Batton homebuyer commission lawsuits. In their notice filed on Tuesday, the Batton plaintiffs stated that that their claims were dismissed without prejudice, noting that the ”dismissal is proper because Douglas Elliman Inc. has not yet served either an answer or a motion for summary judgment.

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Inman

JUNE 12, 2024

MLS PIN on Monday urged a district court to reject the Department of Justice's arguments against a settlement with homeseller plaintiffs in the Nosalek antitrust commission case.

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Housing Wire

JUNE 12, 2024

Lawyers for the U.S. government have requested an extension of deadlines related to discovery in the case brought by Texas Capital Bank (TCB) against Ginnie Mae over the extinguishment of a priority lien tied to the loan portfolio collateral of Reverse Mortgage Funding (RMF), according to court documents reviewed by HousingWire ’s Reverse Mortgage Daily (RMD).

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Inman

JUNE 12, 2024

Policymakers now envision making just one rate cut this year, but investors who fund most mortgages are still betting the central bank will change its tune if inflation continues to ease.

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Housing Wire

JUNE 12, 2024

Yes, calling something the “ultimate” anything is a bold move. It brings to mind those late-night infomercials with over-caffeinated hosts screaming about life-changing gadgets that always end up falling short. But when we say this is the Ultimate Resource Guide for title insurance professionals, we mean it! Whether you’re new to the field or a seasoned veteran, this guide is designed to be your one-stop shop for all you need to succeed.

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Inman

JUNE 12, 2024

A new company called Gitcha has launched which prioritizes an active buyer's needs in the same way a portal advertises available listings. It’s active in the greater Phoenix MSA, including Scottsdale.

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Eyes on Housing

JUNE 12, 2024

The Federal Reserve’s monetary policy committee held constant the federal funds rate at a top target of 5.5% at the conclusion of its June 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. Job gains have remained strong, and.

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Inman

JUNE 12, 2024

REBNY members on Wednesday demonstrated against the FARE Act, a bill that would require rental property owners to cover the cost of broker fees, rather than pass them off on tenants.

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Eyes on Housing

JUNE 12, 2024

Both overall and core inflation continued to ease in May as decline in gasoline price offset the increase the shelter cost. This is a dovish signal for future monetary policy. Despite a slowdown in the year-over-year increase, shelter costs continue to put upward pressure on inflation, accounting for over 60% of the total increase in.

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