Housing Wire

AUGUST 16, 2024

One key data line that is flagging a path to recession is the loss of residential construction workers. The number of workers who build single-family and multifamily homes and do remodeling work tend to decline before every recession as higher interest rates dispositionally impact the economy through housing. While the unemployment rate has increased recently , jobless claims have yet to rise to a level that warrants a job-loss recession.

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Appraisal Buzz

AUGUST 15, 2024

The U.S. foreclosure market experienced a notable uptick in July 2024, with foreclosure filings increasing by 15% from the previous month, according to the latest report from ATTOM Data, a land, property, and real estate data firm. A total of 31,929 properties across the nation faced foreclosure actions, which include default notices, scheduled auctions, or bank repossessions.

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Marketing Real Estate Housing Market Development 448

Housing Wire

AUGUST 21, 2024

Climate change has supercharged wildfires in high-risk areas across the country, and the impacts on housing could be catastrophic. A new report from CoreLogic found that 2.6 million homes across 14 western states are at risk from wildfires. California is by far the state with the most homes in danger at 1,258,748, followed by Colorado (321,294) and Texas (244,617).

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Insurance Housing Market Marketing 106

Housing Wire

AUGUST 17, 2024

Have lower mortgage rates already started to slow down housing inventory? I have a simple weekly growth model with the Altos inventory data: when rates are high, over 7.25%, inventory should grow between 11,000-17,000 weekly. This has happened six times this year and even though that would be an average inventory growth level with higher rates, it didn’t happen even once last year.

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Inventory Mortgage New Listings Contracts 518

Housing Wire

AUGUST 26, 2024

The National Association of Realtors (NAR) is facing yet another lawsuit. The latest complaint, which is seeking class-action status, was filed on Friday by eight real estate agents in Los Angeles County Superior Court. The suit claims that NAR, along with Move Inc., Move Sales , OpCity Acquisitions , OpCity Inc. and REA Group Ltd. — which, according to the complaints, are all wholly owned subsidiaries of Move and News Corp , who is also a defendant — defrauded agents by selling them fake lead

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Real Estate Agent Real Estate Law Agents 514

Housing Wire

AUGUST 10, 2024

Have lower mortgage rates positively impacted the housing demand data yet? Some people have been very disappointed with the data so far, so I wanted to take an in-depth look with this week’s tracker to see what lower rates have done to these key data lines. Let’s look at two of those data lines today to see if we can spot a positive trend.

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Mortgage Inventory Marketing Housing Market 518

Housing Wire

AUGUST 1, 2024

The average 30-year fixed-rate mortgage dropped to 6.62% on Thursday, a new low for 2024 that appears to be tied to the expectation that the Federal Reserve could move to cut interest rates at its next meeting in September. This is according to data reported by Mortgage News Daily. On Wednesday, Fed Chair Jerome Powell indicated that a rate cut is a possibility after the September meeting if economic data continues to trend in the right direction.

Mortgage 518

Mortgage Inventory Marketing 518

Housing Wire

AUGUST 26, 2024

Although the industry is barely than a week into the “ new normal ,” some real estate agents and brokers are already seeing smaller buy-side commissions. “It kind of started before the [ National Association of Realtors ] settlement went into effect, but commission compression is a real thing,” Brian Huskey, the broker-owner of Montana-based ERA American Real Estate , said.

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Brokerage Agents Real Estate Business 511

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.

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Mortgage Clients Loan Officers Lending 514

Housing Wire

AUGUST 24, 2024

It’s been one week since the NAR settlement changes went into effect. Did the changes affect any of the housing data we track every week? Since the buyer’s commission payout isn’t as transparent as before, I have been anticipating delays in the home-buying process as people adapted to the new rules. The last time we saw this kind of effect was when mortgage lenders had to start incorporating TRID in 2015 — it created a one-month crash in existing home sales because it just took a bit longe

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Inventory New Listings Sellers Mortgage 503

Housing Wire

AUGUST 26, 2024

Detroit-headquartered Rocket Mortgage on Monday rolled out a lender-paid 2-1 temporary buydown program for lower-income households. The program, dubbed “Welcome Home RateBreak,” is available to buyers purchasing a single-family home and earning 80% or less of their area median income (AMI). Rocket estimates the size of this segment at more than 90 million people.

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Buyers Insurance Mortgage Business 501

Housing Wire

AUGUST 1, 2024

Homebuyers often adjust their plans for the uncertainty that an election year can bring. With less than 100 days until the 2024 election, a majority of buyers are taking note. That’s according to survey results released Thursday by Veterans United Home Loans, which show that 60% of prospective buyers are taking the election into account. Even more dramatic is that 38% of homebuyers are pausing their search until after Election Day.

Housing Market 508

Housing Market Finance Buyers Marketing 508

Housing Wire

AUGUST 23, 2024

The new home sales report had such a big beat today that many people had to double-check the numbers — and I get it. The estimates were for 623,000 but the sales came in at 739,000. This isn’t my first rodeo with new home sales data and I believe these numbers will be revised lower, but a beat is a beat. There are other sources we can check to get clues on this report ahead of time.

Housing Market 501

Housing Market Mortgage Inventory Marketing 501

Housing Wire

AUGUST 6, 2024

The downward movement in mortgage rates over the past few months accelerated last week as a cooler-than-expected jobs report and indications of a Federal Reserve rate cut led to a steep drop in loan pricing. At HousingWire ‘s Mortgage Rates Center on Tuesday, the 30-year conventional loan rate averaged 6.8% — a new low point for 2024 that was just below the 6.83% figure to start the year.

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Mortgage Government Tools Lending 505

Housing Wire

AUGUST 12, 2024

There are just five days to go until the business practice changes outlined in the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement , but the trade association is not out of the lawsuit woods just yet. In a lawsuit filed on Monday by Douglas Hardy, Glenn Champion and Dylan Tent in U.S. District Court for the Eastern District of Michigan , the plaintiffs claim the requirement that all Realtors and brokers in Michigan be member of NAR, their state Realtor

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Real Estate Realtors Agents Real Estate Agent 501

Housing Wire

AUGUST 20, 2024

As the cost of living remains elevated, more seniors — even those in “senior strongholds” like South Florida — are choosing to return to work. This pattern among seniors living in and around Fort Lauderdale was recently profiled in an article in the South Florida Sun Sentinel. It falls in line with a broader national trend indicating that nearly 20% of Americans ages 65 and older remain in the workforce, totaling about 10.6 million people.

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HOA Insurance Clients Finance 497

Housing Wire

AUGUST 5, 2024

Fears of a recession in the U.S. sent shockwaves through financial markets around the world on Monday. The Dow-Jones dropped 1,000 points by 10:30 a.m. Eastern time, the NASDAQ lost up to 6% of its value and Japanese stocks suffered their biggest crash since 1987, with the Nikkei 225 stock index dropping 12.4%. The turbulence should benefit the U.S. mortgage market , which has already seen big interest rate declines in the past week following a Fed meeting that teased forthcoming cuts to benchma

Mortgage 501

Mortgage Marketing Insurance Loan Officers 501

Housing Wire

AUGUST 5, 2024

Seller impersonation fraud is on the rise. A study conducted by NDP Analytics found that 28% of title companies experienced at least one seller impersonation fraud attempt in 2023, and in April 2024 alone, 19% of firms experienced at least one of these attempts. The study, which was released on Monday, is based on a nationwide survey of 783 title companies.

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Sellers Training Real Estate Insurance 501

Housing Wire

AUGUST 14, 2024

Mortgage rates continued to recede during the past week, with the market anticipating a Federal Reserve rate cut next month and the U.S. economy showing signs of weakening. At HousingWire ‘s Mortgage Rates Center , the 30-year conforming loan rate averaged 6.66% on Wednesday. That was 11 basis points (bps) lower than a week ago and 35 bps lower than two weeks ago.

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Mortgage Tools Realtors Sellers 497

Housing Wire

AUGUST 28, 2024

The typical down payment for U.S. homebuyers soared to a record high of $67,500 in June, up nearly 15% from $58,788 a year earlier, according to a new report from Redfin. The increase in down payments came despite a slowdown in home price growth (4%). Redfin economists attributed it to the quirks of the current market, where higher-priced, turnkey homes in desirable neighborhoods are more likely to sell.

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Buyers Mortgage Marketing 493

Housing Wire

AUGUST 23, 2024

Federal Reserve Chair Jerome Powell said on Friday that “the time has come for policy to adjust,” signaling a cut in the federal funds rate at the September meeting of the Federal Open Market Committee (FOMC) as expected by monetary policy watchers. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” Powell said during a speech at the Kansas City Fed’s annual conference in Jackson Hole, Wyoming.

Mortgage 493

Mortgage Tools Real Estate Marketing 493

Housing Wire

AUGUST 22, 2024

How did existing home sales grow with all the recent negative press about demand? We were told lower mortgage rates wouldn’t affect demand positively. However, if you track the forward-looking indicators, it can explain this bounce in demand. First, we have to put context into the bounce: we are working from the lowest levels ever in home sales, so any small, minor move in purchase application data can bounce sales from here.

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Inventory Housing Market Marketing Investors 493

Housing Wire

AUGUST 13, 2024

Refinance activity last week hit its highest level since August 2022, when mortgage rates were closer to 5%. But it’s far too early to celebrate. Refinance activity received a major boost last week as mortgage rates declined on the back of expectations that the Federal Reserve will cut interest rates and a possible recession looms. The dollar volume of refinance applications increased 32.8% for the week ending Aug. 9 from the previous week, according to Fannie Mae ’s Refinance Application-

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Mortgage Government Marketing 493

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.

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Marketing Mortgage Construction Transportation 493

Housing Wire

AUGUST 29, 2024

Unsold inventory of homes on the market has been climbing in the U.S. for two years, right along with rising mortgage rates. In general, inventory rises with rates because more expensive money slows demand. When demand slows, inventory grows. According to Altos Research , there are 40% more homes on the market at the end of August 2024 than there were last year at this time.

Inventory 482

Inventory Real Estate Housing Market Construction 482

Housing Wire

AUGUST 8, 2024

Although there is no doubt that business practice changes outlined in the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement are going to impact how real estate industry professionals operate, economists aren’t too sure they’ll have much bearing on the housing market. “I know that surprises people,” Orphe Divounguy, a senior economist at Zillow, said of the impact of business practice changes on the market.

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Housing Market Marketing Mortgage Sellers 488

Housing Wire

AUGUST 5, 2024

The global stock selloff that began overnight in Asia rolled through U.S. markets on Monday as the S&P 500 and the Dow Jones Industrial Average fell by 3% and 2.6%, respectively. While technology-sector darlings such as Nvidia and Apple got thumped the hardest, the real estate industry also took its fair share of lumps. But analysts believe that the sell-off, paired with a drop in interest rates, could produce mixed results for real estate.

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Brokerage Marketing Real Estate Mortgage 488

Housing Wire

AUGUST 6, 2024

Redfin CEO Glenn Kelman said Tuesday on the company’s second-quarter 2024 earnings call that he expects business to improve when the housing market speeds up after mortgage rates come down. But what is the alternative if rates don’t come down? “Great question — Plan B is drink our own urine or our competitors’ blood,” Kelman said in response to an analyst’s question during the call.

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Housing Market Marketing Brokerage Agents 487

Housing Wire

AUGUST 4, 2024

The Federal Reserve won’t pivot on rates until the labor market breaks and it will keep financial conditions as tight as possible until that happens — this has been my theme since 2022. Friday’s jobs report had one number which got people talking about a possible recession: the 4.3% unemployment rate. Now, historically speaking, that is a low unemployment rate, but it has moved up from the recent lows of 3.5%.

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Transportation Construction Marketing Contracts 488

Housing Wire

AUGUST 22, 2024

In a lawsuit filed Thursday, real estate startup Homie Technologies claims that home seller consumers were not the only ones harmed by the real estate industry’s allegedly anticompetitive practices. Defendants in the lawsuit, which was filed in U.S. District Court for the Central District of Utah, include the usual cast of antitrust lawsuit characters: the National Association of Realtors (NAR), Anywhere Real Estate , Keller Williams Realty , HomeServices of America , and RE/MAX.

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Realtors Buyers Real Estate Brokerage 482

Housing Wire

AUGUST 28, 2024

The NAR settlement agreement, announced earlier this year, has been an extremely hot topic for agents and prospective homebuyers in the real estate world. This new settlement agreement was enacted on August 17th, 2024, and has been designed to increase transparency in real estate transactions and change how compensation is communicated and negotiated between parties.

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Real Estate Sellers Agents Buyers 480

Housing Wire

AUGUST 21, 2024

While there have not been any “ horror stories ” in the first few days since business practice changes mandated by the National Association of Realtors’ (NAR) commission lawsuit settlement agreement were implemented, that doesn’t mean it has been completely smooth sailing for real estate professionals. For Linda O’Koniewski , the broker-owner of Leading Edge Real Estate , one of the largest hiccups so far was when one of her agents brought a buyer offer that included concessions to a sel

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Sellers Agents Real Estate Buyers 482

Housing Wire

AUGUST 26, 2024

Proptech HomeLight has raised $20 million to expand the offering of its Buy Before You Sell product to mortgage lenders and real estate agents across 40 new states, the company announced on Monday. Zeev Ventures , an early-stage venture fund, led the Series D extension, and was joined by Stereo Capital and Menlo Ventures. According to Crunchbase estimates, HomeLight has raised $762.5 million in 15 funding rounds with 25 investors since its inception in 2012.

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Real Estate Agent Real Estate Loan Officers Tools 481

Housing Wire

AUGUST 16, 2024

In my work, I talk with many seniors. Many are reluctant to leave their homes even when those homes are no longer suitable for their needs. Sometimes, the concern is emotional, but more often than not, it’s financial. What happens if they sell their current home but can’t cover the costs of a new place, especially in a market characterized by record-high home prices?

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Buyers Mortgage Tools Real Estate 482