Housing Wire

OCTOBER 31, 2023

A Kansas City jury has found the National Association of Realtors , HomeServices of America and Keller Williams guilty of colluding to inflate or maintain high commission rates through NAR’s Clear Cooperation Rule, in the Sitzer/Burnett buyer broker commission lawsuit. The defendants have been ordered to pay damages of $1.78 billion. The jury reached its verdict after a little over two weeks of testimony from the plaintiffs and defendants.

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Brokerage Realtors Sellers Buyers 545

Sacramento Appraisal Blog

OCTOBER 26, 2023

You will either love it or hate it. This owner transformed a tract home built in 2002 into something with serious Midtown modern vibes. When I saw this house, I knew I wanted to write about it, and I think there are some great conversation nuggets. How do we value something when it has really […] The post Making a modern home from a tract home first appeared on Sacramento Appraisal Blog.

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Modernization Appraisal Appraisal Tips 373

Real Estate News

OCTOBER 31, 2023

After less than three hours of deliberation, the jury ruled for the plaintiffs in the landmark Sitzer/Burnett trial, awarding nearly $1.8 billion.

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Sellers 363

Housing Wire

OCTOBER 18, 2023

One in five Americans now shares their homes with adult children, parents or grandparents. In the face of soaring housing costs nationwide, multigenerational living has gained traction as a path to make living expenses more manageable and to maintain closer family bonds. While many multigenerational families are living together under one roof, potentially leading to feelings of overcrowding, accessory dwelling units (ADUs) have emerged as a practical solution for affordable housing that allows f

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Construction Modernization Real Estate Mortgage 534

Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.

Construction

Housing Wire

OCTOBER 18, 2023

For years broker channel evangelists told me that a down market would give them an edge on their retail brethren. Well, it’s certainly been a down market. How has the broker channel fared in the wake of the Fed rate hikes ? I asked the good folks at mortgage data technology firm InGenius to run the numbers. Take a look. “From the first six months of 2022 to first six months of 2023, brokers have increased their percentage from 23% to 28% while retail has decreased by that same percen

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Retail Loan Officers Brokerage Mortgage 520

Housing Wire

OCTOBER 6, 2023

In a surprising twist, the National Association of Realtors has announced a change in how interprets its Participation Rule, which requires listing brokers to provide buyer brokers an offer of compensation in order to list on the multiple listing service (MLS). While previously NAR has stated that the offer of compensation could be as little as a penny or a dollar, in a reversal of this stance, NAR is now saying that listing brokers can offer nothing and still comply with the rule, as first repo

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Brokerage Agents Buyers Clients 511

Housing Wire

OCTOBER 20, 2023

The last two years of soaring mortgage rates and rising home prices have brought the fastest erosion in housing market affordability in modern history, and it’s hurt first-time homebuyers the most. A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic in early 2022.

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Housing Market Marketing Buyers Modernization 508

Housing Wire

OCTOBER 27, 2023

To many, homebuying is a daunting, often confusing process. Admittedly, the myriad of documents requiring signatures can be overwhelming, especially for first-time homebuyers. Thankfully, there are a number of online resources that can help homebuyers navigate the process. The American Land Title Association, alongside our real estate industry partners, are committed to making transactions easier for everyone through consumer education efforts.

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Insurance Real Estate Buyers Real Estate Agent 507

Housing Wire

OCTOBER 28, 2023

If I had told you on Dec. 31, 2022, that mortgage rates would hit 8% in 2023, you would reasonably assume housing inventory would sky rocket higher, home prices would fall noticeably, and the number of price cuts would be higher year over year. Instead, the opposite has happened: home prices nationally hit an all-time high, inventory is still down year over year and the percentage of price cuts is 4% below last year’s level.

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Inventory Mortgage New Listings Marketing 504

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Real Estate

Housing Wire

OCTOBER 16, 2023

Freddie Mac is rolling out a free tool for lenders, DPA One, that matches borrowers with down payment assistance programs across the country. DPA One streamlines the available state programs into a single source that lenders can use to find and compare programs for their borrowers. “Time and again, research reveals that the down payment is the single largest hurdle first-time homebuyers need to overcome to attain homeownership,” said Sonu Mittal, senior vice president of acquisitions at Freddie

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Tools Finance Design Lending 500

Housing Wire

OCTOBER 9, 2023

Elevated mortgage rates continue to dampen already-pessimistic consumer housing sentiment and create affordability woes for both homebuyers and sellers. That feeling is underscored in Fannie Mae ’s latest Home Price Sentiment Index (HPSI), which decreased by 2.4 points in September to 64.5. The index tracks the housing market and consumer confidence to sell or buy a home.

Mortgage 499

Mortgage Housing Market Sellers Marketing 499

Housing Wire

OCTOBER 3, 2023

Mortgage rates and bond yields kept rising Tuesday as the job openings unexpectedly increased more than anticipated. But is that job openings data legit today? And will job openings continue higher, pushing mortgage rates even higher in the future? I believe today’s job openings data needs some context, but it didn’t matter to bond traders as bond yields shot up after the report.

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Mortgage Marketing Business Housing Market 499

Housing Wire

OCTOBER 6, 2023

Like Anywhere Real Estate Friday morning, the terms of RE/MAX’s $55 million settlement with plaintiffs in two bombshell buyer commission lawsuits have been made public. Similar to Anywhere’s deal, the RE/MAX agreement stipulates that the firm make significant changes to what it requires of its agents and franchisees. Final court approval of the settlement is expected in early 2024.

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Agents Real Estate Buyers Brokerage 498

Housing Wire

OCTOBER 19, 2023

In late August, when mortgage rates were well over 7% and beginning their climb toward 8%, Jeff Anderson had a client do what few other homeowners are willing to do: She gave up her 4% mortgage rate. You’re probably thinking, “Uh, why on earth would she do that?” The client wanted to pay off $30,000 in consumer debt, handle home improvement projects and help her daughter start college, said Anderson, a longtime mortgage advisor in Southern California.

Mortgage 496

Mortgage Clients Lending Home Improvement 496

Housing Wire

OCTOBER 30, 2023

loanDepot has rolled out a new down payment assistance program for Federal Housing Administration (FHA) loan borrowers that enables them to put zero money down upfront. In loanDepot’s program, dubbed AccessZERO, the down payment assistance is structured as a 10-year fully amortized repayable second mortgage. Borrowers must have a minimum credit score of 600 to qualify for the down payment assistance, which can be as much as 5% of the home purchase price or appraised value, whichever is less.

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Lending Retail Finance Insurance 492

Housing Wire

OCTOBER 13, 2023

Two top-20 mortgage lenders in the United States may combine forces amid the most challenging market in decades. CrossCountry Mortgage is in talks to acquire Fairway Independent Mortgage Corp. , nine industry sources told HousingWire. The talks remain ongoing and are not believed to be in the late stages, sources said. If the deal is completed, it will catapult CrossCountry to becoming the fourth-largest mortgage lender in the country, behind United Wholesale Mortgage (UWM), Pennymac Financial a

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Loan Officers Mortgage Finance Business 493

Housing Wire

OCTOBER 6, 2023

Mortgage lenders are betting on down-payment assistance programs, buy-down options and renovation products to provide brokers opportunities to win in a market with mortgage rates nearing 8%, a lack of inventory and high home prices. Meanwhile, in addition to diversifying their portfolios, brokerage firm owners are keeping their cost structure under control to be profitable in a shrinking market.

Mortgage 491

Mortgage Real Estate Agent Renovations Finance 491

Housing Wire

OCTOBER 24, 2023

Everyone knows that potential homebuyers are waiting for better affordability. But if demand for homes at current prices is down then why haven’t home prices fallen to meet the lower demand? The short answer is that while homebuyer demand is indeed low, new supply remains very low, too. For home prices to adjust significantly, we need an imbalance of supply versus demand, and this market is surprisingly balanced.

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Contracts Inventory New Listings Housing Market 487

Housing Wire

OCTOBER 13, 2023

It’s a weird time to be a real estate agent , and I see it all around me here in the Denver metro. Brokers who rode the proverbial wave of real estate during the pandemic and have now had to reroute or pivot to figure out how to navigate a market that was once boasting the lowest rates in decades are disoriented. For those of us who have spent most of our careers in real estate, we know what it’s like to be part of a feast or famine industry.

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Real Estate Agent Real Estate Agents Marketing 487

Housing Wire

OCTOBER 27, 2023

As the trial of Burnett v. the National Association of Realtors (NAR), et al kicked off this week in a Kansas City, Missouri, federal courtroom, there is a lot at stake for consumers and business competition. Class action attorneys allege real estate commission rates are too high and buyer brokers are being paid too much due to NAR rules. In reality, consumers are better off and business competition thrives very much because of NAR’s rules and how well local Multiple Listing Service (MLS) broker

Real Estate Agent 485

Real Estate Agent Real Estate Realtors Buyers 485

Housing Wire

OCTOBER 31, 2023

We may be nearing the bottom in home sales even if mortgage rates don’t decline. As a result, there may be a light at the end of the tunnel in this crazy market cycle. At least, that’s what the data seems to suggest as inventory grows and new listings decline at a less aggressive rate than last year. To get the weekly picture of the housing market, watch the video above.

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New Listings Inventory Contracts Housing Market 483

Housing Wire

OCTOBER 16, 2023

The trough for the mortgage origination market is nearing an end point and 2024 is shaping up to be a better year for the industry, economists of the the Mortgage Bankers Association (MBA) said at the 2023 Annual Convention & Expo in Philadelphia, Pennsylvania. The MBA doesn’t expect the Federal Reserve to hike interest rates further this year as real rates – which are inflation-adjusted– are 2%.

Mortgage 485

Mortgage Marketing Inventory Technology 485

Housing Wire

OCTOBER 4, 2023

Mortgage applications ground to a halt for the week ending Sept. 29, falling 6% from the week prior as mortgage rates jumped to a 23-year high of 7.53%, according to new weekly data from the Mortgage Bankers Association. Mortgage application activity is now at its lowest level since 1996, the MBA reported. Purchase mortgage application volume, in particular, slowed considerably for the week ending Sept. 29, down 22% from a year ago, according to unadjusted data.

Mortgage 485

Mortgage Contracts Marketing 485

Housing Wire

OCTOBER 6, 2023

With 30-year fixed mortgage rates climbing to a 23-year high, the Mortgage Bankers Association (MBA) called on the Federal Reserve to bring some certainty to financial markets. “It is time, and very important for the Fed to make clear two statements — the Fed is at the end of its rate hikes; the Fed will not consider selling its mortgage-backed securities (MBS) holdings until and unless the housing finance market has stabilized and mortgage-to-Treasury spreads have normalized,” MBA president and

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Government Mortgage Investors Finance 484

Housing Wire

OCTOBER 19, 2023

Rates on the 30-year fixed-rate mortgage eclipsed 8% this week as the Treasury yield surpassed 4.9% for the first time since 2007, according to one index. Per Mortgage News Daily , mortgage rates touched 8.03% on Wednesday, up from 7.69% the previous week. HousingWire’s Mortgage Rates Center showed Optimal Blue ’s average 30-year fixed rate for conventional loans at 7.78% on Wednesday, compared to 7.52% the previous week.

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Mortgage Housing Market Inventory Construction 482

Housing Wire

OCTOBER 11, 2023

In its 9th year, the HousingWire Vanguards award offers a definitive list of the top leaders in housing who are shaping the housing economy for the better. The forward-thinkers and trailblazers who are shaping the industry through their unwavering commitment, transformative ideas and steadfast dedication to driving growth and positive change. This year, 100 honorees were selected for their outstanding leadership in the midst of market volatility.

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Realty Real Estate Technology Lending 482

Housing Wire

OCTOBER 16, 2023

The long-anticipated Sitzer/Burnett class action commission lawsuit enters its first day in court on Monday, leaving real estate professionals to ponder the fate of today’s cooperation and commission practices. At the crux of the case is the allegation that commission rates are too high, it’s unfair that the seller pays the buyer’s agent’s commission, and that the National Association of Realtors’ (NAR) Code of Conduct and MLS Handbook lead to set pricing.

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Buyers Brokerage Agents Realtors 479

Housing Wire

OCTOBER 5, 2023

Mortgage rates kept climbing this week as spreads on the 10-year Treasury yield widened, reaching a 16-year high. Freddie Mac ‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.49% as of Oct. 5th, up 18 basis point from last week ’s 7.31%. By contrast, the 30-year fixed-rate mortgage was at 6.66% a year ago at this time.

Mortgage 476

Mortgage Modernization Government Investors 476

Housing Wire

OCTOBER 5, 2023

Fannie Mae on Thursday announced that its Desktop Underwriter (DU) system will include new changes to the maximum allowable loan-to-value (LTV) ratios for two- to four-unit, principal residence, purchase and limited cash-out transactions, as well as other updates to further align the system with recent changes to the Selling Guide. The new DU update will be rolled out to the system during the weekend of Nov. 18, the company said.

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Renovations Mortgage Finance Marketing 476

Housing Wire

OCTOBER 6, 2023

Top advocates for the wholesale channel criticized the increased volume of loan buybacks from government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac amid a shrinking mortgage market. In a session about brokers’ influence on national policy during AIME Fuse 2023 in Las Vegas on Friday, trade group representatives and wholesale executives said that loan repurchases can be “catastrophic” for some lenders, which will ultimately affect brokers.

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Government Mortgage Marketing Legal 475

Housing Wire

OCTOBER 10, 2023

We’ve all witnessed the housing market slowdown that has occurred over the last year. Across the country, homes are spending more days on the market as interest rates rise. Many sellers have returned to offering concessions and dropping prices to entice buyers. Additionally, competition for listings is on the rise as fewer homeowners are looking to sell.

Home Improvement 475

Home Improvement Real Estate Agent Sellers Real Estate 475

Housing Wire

OCTOBER 9, 2023

When mortgage rates blew past the 7% level earlier this year, the securitization market “froze up temporarily,” according to Doug Duncan , senior vice president and chief economist at the government-sponsored enterprise Fannie Mae. “Investors who would buy a mortgage-backed security [MBS] , which is backed by mortgages that have a 7% coupon, believe that when the Fed eases interest rates, the people with those 7% mortgages will refi,” Duncan said on Friday during the

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Investors Mortgage Government Housing Market 473