Housing Wire
JANUARY 18, 2024
Mortgage rates continued their descent this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines for rates to drop. The 30-year fixed-rate mortgage averaged 6.6% as of Jan. 11, a decrease from last week’s 6.66%, according to Freddie Mac ‘s Primary Mortgage Market Survey released on Thursday.
Sacramento Appraisal Blog
JANUARY 17, 2024
The spring market is awake. Today I want to talk about some trends I’m seeing, debunk a myth, and share some super random stats involving pickleball, Starbucks, and other stuff (sorry). Haha. UPCOMING (PUBLIC) SPEAKING GIGS: 01/31/24 Joel Wright & Mike Gobbi Event 9am (on Zoom here) 02/01/24 Gateway Event (private) 2/09/24 PCAR WCR Event […] The post The spring housing market is waking up & random stats first appeared on Sacramento Appraisal Blog.
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Real Estate News
JANUARY 17, 2024
Home builder sentiment is up significantly in January as lower mortgage rates bring more buyers back to the market.
Inman
JANUARY 15, 2024
Kenya Burrell-VanWormer, chief growth officer at NEO, and Katherine Winston, founding member and head of marketing at Plunk, have teamed up to build a program that will provide professional mentorship for minority entrepreneurs in proptech.
Housing Wire
JANUARY 19, 2024
Fannie Mae has a rosy outlook for mortgage rates. The government sponsored enterprise is projecting that rates will drop below 6% by the end of 2024, which in turn will boost refi volumes and help thaw the existing home sales market. Following years of volatility in mortgage rates, the housing market will begin its gradual return to a more normal balance in 2024.
George Dell
JANUARY 17, 2024
“USPAP” is for credible appraisers. The underlying principle of the actual ‘standards’ and the hundreds of pages of “explanatory” material is that the appraiser’s work must be “worthy of belief.” Accuracy and precision (trueness and sureness) are never stated as a goal. Believability, in turn, is judged by the user “expectations” and if “peers” would […] The post Are Standards Credible?
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Inman
JANUARY 18, 2024
Fannie Mae economists no longer expect a recession and are considerably more optimistic that mortgage rates have additional room to come down below 6 percent.
Housing Wire
JANUARY 18, 2024
Lights, camera, lawsuit! A copycat commission lawsuit has been filed in Los Angeles. The suit, known as Fierro, after its lead plaintiff Gael Fierro, a Californian home seller, accuses the real estate industry of colluding to artificially inflate real estate agent commissions. It was filed on Wednesday in U.S. District Court in Los Angeles. Patrick Thurber, a California home seller, is an additional named plaintiff in the suit.
Eyes on Housing
JANUARY 17, 2024
Mortgage rates well under 7% over the past month have led to a sharp increase in builder confidence to begin the new year. Builder confidence in the market for newly built single-family homes climbed seven points to 44 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This second consecutive monthly increase in.
Real Estate News
JANUARY 19, 2024
According to the latest NAR data, just 4.09 million existing home sales were reported in 2023, the lowest number in nearly three decades.
Inman
JANUARY 18, 2024
With its new Power Players list, Inman recognizes 137 industry leaders for their power and influence as it kicks off a year of expanded awards.
Housing Wire
JANUARY 13, 2024
Last week, housing inventory grew and the number of price cuts fell, which is expected at this time of the year. I hope the next thing we see is housing inventory grow at the level it typically does in January or February instead of being delayed until March or April. Last year at this time, inventory rose week to week and I was hopeful for a typical spring inventory year, but the seasonal bottom didn’t actually happen until April 14.
Eyes on Housing
JANUARY 18, 2024
The NAHB/Westlake Royal Remodeling Market Index (RMI), a measure of sentiment among professional remodelers, for the fourth quarter posted a reading of 67, increasing two points compared to the previous quarter. Remodelers’ sentiment was quite positive at the end of 2023, when seasonally adjusted for the slowdown that invariably occurs during that part of the year.
Real Estate News
JANUARY 18, 2024
Lower rates are good news for buyers, but increased demand could further erode limited inventory.
Inman
JANUARY 15, 2024
The National Association of Realtors may be on the verge of a bigger membership decline than it's ever seen before — including during the 2008 housing crisis. Intel explores why that is.
Housing Wire
JANUARY 19, 2024
In the ever-changing American housing landscapes, agents are well advised to stay attuned to shifts in affordability and flexibility trends, as these factors drive the growth and evolution of rental demand and can have a substantial impact on those servicing the real estate segment. For agents, staying informed about these developments is essential for strategic decision-making and client guidance in the coming year and beyond.
Eyes on Housing
JANUARY 19, 2024
Despite record high inflation rates, rising interest rates, and worsening housing affordability, young adults continued the post-pandemic trend of moving out of parental homes in 2022. The share of young adults ages 25-34 living with parents or parents-in-law declined and now stands at 19.1%, according to NAHB’s analysis of the 2022 American Community Survey (ACS) Public Use Microdata Sample (PUMS).
Real Estate News
JANUARY 16, 2024
Baby boomer households without children own nearly 3 in 10 homes with 3+ bedrooms — millennials with children own half that amount.
Inman
JANUARY 16, 2024
Ahead of Inman Connect New York 2024, Mosaik founder and CEO Sheila Reddy talks about the future of artificial intelligence and how it can revolutionize the agent experience.
Housing Wire
JANUARY 19, 2024
Today, we saw existing home sales slip a bit month to month, which isn’t surprising to me as purchase application data started its positive run in November. That data line typically looks out 30-90 days for sales — it doesn’t move as fast as some people think. Since making some holiday adjustments, we have seen a seven-week positive trend in purchase apps since November.
Eyes on Housing
JANUARY 18, 2024
In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December. According to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau overall housing starts fell 4.3% in December. The seasonally adjusted annual rate was 1.46 million units following.
Real Estate News
JANUARY 13, 2024
The industry is at a crossroads as lawsuits threaten long-standing policies. For multiple listing services, separating from associations may be the answer.
Inman
JANUARY 18, 2024
As many as 80 percent of agents are using AI to do things like write listing descriptions, but real estate leaders also have concerns about "guardrails" for the tech.
Housing Wire
JANUARY 17, 2024
David Stevens, a legend of the mortgage banking industry who helmed the Federal Housing Agency and the Mortgage Bankers Association in a career that spanned four decades, has died. “The real estate finance community mourns the loss today of one of its great leaders and fiercest advocates,” current MBA President Bob Broeksmit said in a statement Wednesday morning.
Eyes on Housing
JANUARY 19, 2024
Existing home sales slipped in December, ending 2023 at the lowest level since 1995, according to the National Association of Realtors (NAR). In 2023, the decline was largely attributed to worsening housing affordability and persistently low supply, exacerbated by higher interest rates. Low inventory, along with strong demand, drove the median home price to a record high of $389,800 in.
Real Estate News
JANUARY 19, 2024
The latest filing focuses on the Northeastern part of California and takes aim at MetroList MLS as well as multiple associations and brokerages.
Inman
JANUARY 19, 2024
Listing tour and digital twin solution iGuide has updated its suite of products with a faster, cost-efficient method for creating immersive property experiences called iGuide Instant.
Housing Wire
JANUARY 17, 2024
Mortgage rates at their lowest level in three weeks led to an increase in borrowers’ demand for home loans last week, spreading some optimism in the industry in the first few weeks of 2024. To prove it, analysts are already discussing a potential refi recovery. Overall, mortgage applications rose by 10.4% in the week ending Jan. 12, compared to one week earlier, on a seasonally adjusted basis, per the Mortgage Bankers Association ‘s (MBA) weekly mortgage applications survey.
Eyes on Housing
JANUARY 16, 2024
Over the first eleven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 843,654. On a year-over-year (YoY) basis, this is 8.5% below the November 2022 level of 921,626. Year-to-date ending in November, single-family permits declined in all four regions. The range of permit decline spanned 6.8% in the South to 12.6% in the West.
Real Estate News
JANUARY 18, 2024
A jury ruled in September that Zillow was not deceptive in the way it displayed non-MLS listings.
Inman
JANUARY 19, 2024
Senior housing expert Rachael Hite shares data around seniors, aging in place, downsizing and the real cost of retirement. Housing experts predicting a "Silver Tsunami" are underestimating what boomers actually want.
Housing Wire
JANUARY 16, 2024
Empty-nester baby boomers own roughly twice as many of the nation’s three-bedroom-plus homes as millennials with children, according to a report from Redfin published on Tuesday. The report is based on a Redfin analysis of U.S. Census data from 2022, that breaks down the share of three-bedroom-plus homes owned and occupied by each generation, by household type and size.
Appraiserblogs
JANUARY 16, 2024
Appraisal reviews for $3 each and 1-2 hour turn times. It’s hard to imagine any appraiser accepting these terms, and it’s hard to imagine any lending institution accepting these as valid reviews. It’s incredibly disrespectful to the profession as they tout efficiency. This is Sean from Reckon Data Solutions, LLC, and I’m reaching out to discuss a potential partnership opportunity that could complement your company’s objectives.
Real Estate News
JANUARY 19, 2024
All eyes are on inventory levels — which are up slightly compared to a year ago — as the market gears up for spring.
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