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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.
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.
The Keller-Williams co-founder told a crowd of the faithful that he sees a soft landing for the economy and success for agents who are ‘ready to jump’ in 2025.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
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.
At their best, Loan Officers (LOs) should act as financial guides to their customers, helping them see and help surface opportunities that they did not know existed. To serve this role, LOs need to have a deep understanding of various products in the market, as well as the state of market conditions themselves. Essentially, the idea is to proactively connect the customer to the right opportunity at the right time on their financial journey.
At their best, Loan Officers (LOs) should act as financial guides to their customers, helping them see and help surface opportunities that they did not know existed. To serve this role, LOs need to have a deep understanding of various products in the market, as well as the state of market conditions themselves. Essentially, the idea is to proactively connect the customer to the right opportunity at the right time on their financial journey.
The plaintiffs say they shouldn’t have to join NAR and other associations to access the MLS, especially if buyer-broker compensation is no longer guaranteed.
The wisest thing you can do is learn from the mistakes of others, especially when it comes to long-term career decisions that are hard to reverse, Mainframe founder and CEO Sean Frank writes.
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
Kahane & Associates PA Founder and Managing Partner Robert S. Kahane Esq. This piece originally appeared in the August 2024 edition of MortgagePoint magazine, online now. Kahane & Associates PA is a full-service law firm based in Sunrise, Florida, that represents secured and unsecured creditors and provides a full range of legal industry, from foreclosure and bankruptcy representation to litigation, evictions, collections, loss mitigation, and REO closings.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
In a webinar for agents, Real’s president discussed rule changes and best practices, noting that more than a third of agents don’t even know about the lawsuits.
The association aims to offer an alternative to NAR and is launching its membership program when there is a "lot of dissatisfaction with the status quo," according to one co-founder.
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.
A new report from Realtor.com examines the U.S. markets that have the “it” factor, as Columbus, Ohio; Knoxville, Tennessee; and Louisville, Kentucky claimed the top three spots in terms of popularity with online searchers over the past year. “With a mix of affordability and growing inventory, these markets were sought out by online home shoppers, earning them a spot on our Most Popular Markets ranking,” said Realtor.com Chief Economist Danielle Hale.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
Ryan Schneider tells Real Estate News that being the “first mover and the fastest learner” helped the brokerage prepare its agents for the changes ahead.
With all the commission confusion as we near the Aug. 17 implementation deadline, compliance expert Summer Goralik is here to answer your burning questions, starting with concessions.
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-
Key Highlights Single-family existing-home sales prices rose in 89% of measured metro areas—199 of 223—in the second quarter, down from 93% in the previous quarter. The national median single-family existing-home price rose 4.9% from a year ago to $422,100. Twenty-nine markets (or 13% of the 229 tracked markets) experienced double-digit annual price appreciation (down from 30% in the prior quarter).
On the Real Estate Insiders Unfiltered podcast, Nykia Wright pleaded with real estate pros to keep complaints in the family while pledging to earn their trust.
With the recent financial market drama in Japan over the Yen carry trade, I was tapped to do interviews on the impact on the residential housing market and the change in thinking towards Fed rate cuts in the fall. Business of Home Podcast – Rate Cuts In Sight Bloomberg Radio – Fed Rate Cuts Could Trigger Housing Demand, Rent Drop The post August Digital Media Interview Wrap-up On Rate Cuts first appeared on Miller Samuel Real Estate Appraisers & Consultants.
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?
Numerous financial experts advise that you should not pay rent above thirty percent of your gross income, according to a new study from BadCredit.org. But can that still be possible in 2024 with rental rates rising almost every day? BadCredit.org examined two important variables—the median yearly salary for singles and the average monthly rental costs in 100 major American cities—to determine the amount of money the typical American spends on rent in the country.
Saturday is the first day consumers can get details about their settlement options — and is a critical day for agents who want to be covered by NAR’s deal.
Wednesday’s Consumer Price Index (CPI) inflation report for July came in as expected — and it gives a clear pathway for the Federal Reserve to cut benchmark rates for the first time since starting its aggressive rate-hike cycle in early 2022. The history of global pandemics shows inflation rising at first, as supply chains don’t operate well in this environment, but disinflation happens after that.
As the rental market continues to cool, property managers are increasingly offering concessions to attract renters, according to new data from Zillow. The post-pandemic surge in apartment construction has given renters more options, leading to a softening in rent growth and an uptick in special deals. In June 2024, the number of completed multifamily units reached a 50-year high, with nearly 60,000 new units coming available.
I just attended the American Statistical Association joint conference in Portland. I learned some things: 1) I have forgotten a lot from my extensive graduate stats classes. 2) My narrow focus on valuation and risk has narrowed my world. 3) “Statistics” has widened, progressed, advanced, and gentrified. Statistics has progressed. Valuation has not progressed.
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Mortgage relief is on the horizon for U.S. homebuyers as a strong economy bolsters the housing market, according to the Realtor.com 2024 Forecast Update. The report predicts a year-end rise in both for-sale inventory and the median sales price of existing homes, projecting increases of 14.5% and 4.6%, respectively, despite ongoing challenges from elevated mortgage rates.
Mortgage rates were relatively flat this week, remaining just under 6.5%, but buyers appear to be biding their time and waiting to see if rates fall further.
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