Housing Wire
AUGUST 2, 2024
Prospective borrowers with strong credit are locking in mortgages this week at the lowest rates in more than a year, loan officers and lending executives told HousingWire on Friday. A sample of more than a dozen industry professionals said they were quoting most borrowers in the high 5% to low 6% range on government loans and in the mid-6% range for conventional mortgages.
Appraisal Buzz
AUGUST 2, 2024
Homeowner equity in the United States saw a significant increase in the second quarter of 2024, according to ATTOM Data’s latest U.S. Home Equity & Underwater Report. The report reveals that 49.2% of mortgaged residential properties were considered equity-rich, a term indicating that the combined estimated loan balances secured by those properties were no more than half of their estimated market values.
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Housing Wire
AUGUST 2, 2024
Job creation continued to slow in July as unemployment spiked, which economists say is good news for the Federal Reserve and the housing industry. Data from the U.S. Bureau of Labor Statistics released on Friday shows that total nonfarm payroll rose by 114,000 jobs in July, below analysts’ expectations, and well below the average of monthly gain for the past 12 months of 215,000 jobs.
Appraisal Buzz
AUGUST 2, 2024
As the 2024 presidential election approaches, 60% of prospective homebuyers say the election is impacting their homebuying plans, according to a new survey. The Veteran Homebuying Report, released today by Veterans United Home Loans, a national VA lender, highlights the significant effect political events are having on the real estate market. The online survey, conducted quarterly, gathered responses from more than 900 prospective homebuyers, including veterans, service members, and civilians.
Housing Wire
AUGUST 2, 2024
The typical U.S. home seller pays a 2.55% commission to the real estate agent hired by their buyer, down from an average of 2.62% in January, according to a Redfin analysis of MLS data. In other words, the March 2024 settlement between the National Association of Realtors (NAR) and plaintiffs in the Sitzer-Burnett case has likely already begun to push down commissions in markets across the country.
Appraisal Buzz
AUGUST 2, 2024
The typical U.S. home seller pays a 2.55% commission to the real estate agent hired by their home’s buyer, according to a new analysis of MLS data by Redfin —down from an average of 2.62% reported in January. Commissions have been gradually declining over the past decade, from an average of 2.89% in 2013 to 2.66% in 2023. It’s possible that news of a legal settlement by the National Association of Realtors (NAR) in March has contributed to the recent decline by making consumers more aware they c
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Appraisal Buzz
AUGUST 2, 2024
Young adults residing with family for financial reasons, middle-aged homeowners caring for ailing parents or aging grandparents, or close-knit kin cohabiting because they enjoy one another’s company—the reasons vary, but, per Pew Research Center , more than 59 million Americans today live in multigenerational households. That’s about four times what it was in the 1970s.
Housing Wire
AUGUST 2, 2024
A new sponsored episode of the HousingWire Daily podcast — hosted live from the 2024 HousingWire AI Summit — features Editor in Chief Sarah Wheeler in conversation with CoreLogic data experts Amy Gromowski and Anand Singh. Gromowski, the company’s head of data science, and Singh, the vice president of GenAI property insights, discussed the importance of data in the development of artificial intelligence and offered advice for companies that wish to integrate AI into their business processes.
Appraisal Buzz
AUGUST 2, 2024
The number of renter households in America grew 1.9% year over year in the second quarter to a record 45.2 million, according to a report from Redfin. That’s more than three times faster than the number of homeowner households, which grew 0.6% to a record 86.3 million. Driving the trend is higher montage rates and record high home prices, which are keeping many prospective homebuyers on the sidelines.
Housing Wire
AUGUST 2, 2024
Two lenders based in New Jersey have struck an M&A deal. OceanFirst Bank N.A. is acquiring Garden State Home Loans Inc. , which will become a new division for the regional depositary bank, HousingWire has learned. Garden State’s president and CEO, Justin DeJoseph, emailed employees on July 25 to announce the transaction. In the message reviewed by HousingWire, DeJoseph wrote that by becoming part of a larger organization, Garden State gains access to a “national lending platform, greater res
Real Estate News
AUGUST 2, 2024
Redfin reports that the typical commission for buyer agents slipped to 2.55% ahead of the August 17 deadline for rule changes related to the NAR settlement.
Housing Wire
AUGUST 2, 2024
Older Americans are increasingly being caught up in elaborate scams designed by perpetrators to drain them of their retirement savings, with the detail and scale of such scams sometimes requiring the intervention of federal law enforcement. This is according to an investigative report published this week by the The New York Times. Subjects of interviews were “ensnared in scams that could be so elaborate it’s as if they were created in a writer’s room testing different plot devices,” the report s
Real Estate News
AUGUST 2, 2024
Move Inc. lawyers said that a former employee who went to work for CoStar accessed Realtor.com’s proprietary calendar containing future plans for articles.
Housing Wire
AUGUST 2, 2024
The Federal Housing Administration (FHA) announced on Friday that it has published a final rule in the Federal Register opening up communications between mortgage lenders and defaulted borrowers to remote and electronic methods. This is designed to broaden the ways for borrowers to meet with lenders following the success of remote communications on housing issues during the COVID-19 pandemic.
Real Estate News
AUGUST 2, 2024
Members of ARMLS and Metro MLS will be able to choose between ShowingTime and Aligned Showings after resolution of a lawsuit filed by Zillow in December.
Housing Wire
AUGUST 2, 2024
Artificial intelligence (AI) is poised to dramatically change every aspect of daily life, and it’s starting to bring tools to homeowners as well. Private equity firm Exuma Capital Partners announced that it is the lead investor for a newly launched, AI-powered homeowner management tool called Property.com. Exuma believes that the platform will provide transformative change to every stage of homeownership.
Inman
AUGUST 2, 2024
Jobs reports trigger recession fears, sending rates on 30-year fixed-rate mortgages plunging to new 2024 lows as investors rotate out of stocks and into bonds.
Housing Wire
AUGUST 2, 2024
The supply of new single-family homes is sinking, while accelerated multifamily construction is bringing more rental units online. These two factors have resulted in renter households growing at three times the rate of homeowner households, according to a new report from Redfin that crunched U.S. Census Bureau data back to 1994. U.S. renter households grew 1.9% year over year in the second quarter of 2024, hitting 45.2 million.
Appraisal Buzz
AUGUST 2, 2024
Billy Jack Snelson has joined Move Concierge as chief marketing officer. Snelson, who worked previously as vice president of marketing at Keller Williams, is tasked with overseeing the company’s strategic marketing efforts supporting growth into new markets as it works to connect with members of the real estate, mortgage and insurance industries. He will also expand the company’s new brand and marketing strategy following its recent rebrand from Utility Concierge to Move Concierge, which better
Housing Wire
AUGUST 2, 2024
For real estate professionals, the business practice changes outlined in the National Association of Realtors ’ (NAR) nationwide commission lawsuit settlement agreement —which are set to go into effect on Aug. 17 — are top of mind. But when it comes to the financial performance of their brokerages, industry analysts don’t believe the changes will be the end-all, be-all.
Appraisal Buzz
AUGUST 2, 2024
About 114,000 jobs were added to the U.S. economy in July, as the unemployment rate increased to 4.3% and the number of unemployed people increased by 352,000 to 7.2 million, according to estimates from the U.S. Bureau of Labor Statistics. The readings are lower than analysts expected – but may increase the likelihood of a Fed rate cut next month. Employment continued to trend up in health care, in construction, and in transportation and warehousing, while information lost jobs.
Housing Wire
AUGUST 2, 2024
Fintech software and hardware provider Mortgage Automation Technologies is launching The BIG Agent , a transaction management platform for real estate brokers and agents. In an announcement on Friday, Mortgage Automation Technologies said the platform is being launched from the same loan origination system solutions that facilitated the implementation of the Dodd-Frank Act and the TILA-RESPA Integrated Disclosures (TRID).
Inman
AUGUST 2, 2024
Residential portal behemoth Zillow has settled its antitrust lawsuit against Arizona Regional Multiple Listing Service, Multiple Listing Service, Inc., over discontinuing its integration with ShowingTime+ in favor of MLS Aligned's listing platform.
Housing Wire
AUGUST 2, 2024
HighTechLending , a California -based top-10 reverse mortgage lender, announced on Friday that it is rebranding its wholesale lending division to American Senior Lending Wholesale Division in an effort to better align its identity with key business lines designed to serve older borrowers. To get a better idea of what led to the rebranding initiative, HousingWire ’s Reverse Mortgage Daily (RMD) sat down with Eric Ellsworth, the company’s executive vice president of sales, and Rich Walker, its vic
Inman
AUGUST 2, 2024
The multi-family residence sold on July 31 for $21.5 million. The couple purchased the home in 2011 for $12.7 million.
Housing Wire
AUGUST 2, 2024
Santa Ana, California-based mortgage services and data firm Consolidated Analytics announced on Friday that it has acquired the assets of investor claims and loss-analysis company Investor Claim Solutions (ICS). Consolidated Analytics is a private company and terms were not disclosed. The company stated that the acquisition will help it improve its overall market position as a mortgage industry services provider.
Inman
AUGUST 2, 2024
The Federal Trade Commission (FTC) is distributing $12 million in payments to customers caught in a real estate house-flipping scheme operated by Zurixx, LLC.
Eyes on Housing
AUGUST 2, 2024
Mortgage rates continued to decrease in July, landing at an average rate of 6.85%. According to Freddie Mac, the average monthly rate fell by 7 basis points (bps) from June’s rate of 6.92%. This current rate is nearly identical to the rate from one year ago, which stood at 6.84%. The 15-year fixed-rate mortgage also.
Inman
AUGUST 2, 2024
Carroll appeared before LA Superior Court judge Francis Bennett II on Tuesday following his July 1 arrest by LAPD and agreed to waive his rights to be present for court dates in the future.
Appraisal Buzz
AUGUST 2, 2024
Mortgage lock volume decreased 5.67% in July compared with June, according to Mortgage Capital Trading (MCT), continuing the trend established in May and June. The secondary marketing software firm forecasts the trend will continue into August. Even as rates gradually decrease, many potential buyers appear to be holding off in anticipation of potentially better rates later in the year.
Inman
AUGUST 2, 2024
For about the last four years, home price growth in the overall market outpaced growth in the luxury sector every month. But since January 2024, that trend has reversed, Zillow reported.
BiggerPockets
AUGUST 2, 2024
The American Housing and Mobility Act would use estate tax increases to incentivize development. Private equity, lenders, and homeowners are caught in the crossfire.
Inman
AUGUST 2, 2024
Home prices and sales have declined as the demand from all buyers, including investors and buyers interested in building homes, has cooled, according to a report from CoreLogic.
BiggerPockets
AUGUST 2, 2024
NIMBYs, YIMBYs, and the struggle that's resulted in a housing crisis unlike we've ever seen. The real story of today's housing market goes back several decades.
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