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The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023. Weekly housing inventory data We will start with the price cut data percentage because it deserves a detailed explanation. 2022 was a historic year for housing as we had the most significant home sales crash ever, and mortgage r
The housing market pretty much sucked this year for so many real estate professionals. Look, it’s easy to feel like God’s gift to real estate when business is flying off the shelves, but it’s tough when the transaction faucet gets turned off. The truth is everyone feels like an expert when things are good, but […] The post The housing market sucks, but experts can thrive first appeared on Sacramento Appraisal Blog.
Five women told the Times that it took a lawsuit to get action on predatory behavior. A second lawsuit has been filed. eXp says it let “bad actors” go.
When it comes to marketing high-end homes, it pays to think like an ad firm. That means knowing your target audience, using themes they’ll understand, and finding ways to creatively defy convention.
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.
The Federal Open Markets Committee (FOMC) held its short-term policy interest rate steady at a range of 5.25% to 5.5% at its last meeting of the year on Wednesday. It was the fourth pause recorded in 2023. Investors will parse Jerome Powell’s press conference this afternoon for clues about when and why the central bank might change its policy stance next year.
The education question — what is more important? The content of appraiser training, or how it is delivered? Appraiser education “marketability” is similar to appraisal marketing itself. Buyers of appraisals and buyers of appraisal education judge by three things: Cheap; Fast; Good. “Pick any two” says David Towne in his graphic. Anyone can provide classes. […] The post Education: Delivery or Content?
The education question — what is more important? The content of appraiser training, or how it is delivered? Appraiser education “marketability” is similar to appraisal marketing itself. Buyers of appraisals and buyers of appraisal education judge by three things: Cheap; Fast; Good. “Pick any two” says David Towne in his graphic. Anyone can provide classes. […] The post Education: Delivery or Content?
Today’s inflation reports show that Federal Reserve rate cuts are in play in 2024 — not because of the labor market breaking, but because real rates are too high. If the labor market gets weaker, meaning jobless claims break over 323,000 on the four-week moving average, we can get even more rate cuts. The labor market is not there yet so for now we can focus on the fact that the Fed overhiked, and because of that, they have room to cut.
The Federal Reserve’s monetary policy committee held the federal funds rate constant at a top target rate of 5.5% at the conclusion of its December meeting. The Fed will continue to reduce its balance sheet holdings of Treasuries and mortgage-backed securities as part of quantitative tightening and balance sheet normalization. Marking a third consecutive meeting holding the federal funds rate.
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.
Public nominations are now open in four awards categories for 2024, including a slate of new honors designed to spotlight achievements in artificial intelligence and recognize real estate's emerging leaders.
The holidays have come early for the mortgage industry. Mortgage rates fell below the 7% threshold this week as markets prepared for Federal Reserve Chairman Jerome Powell’s announcement on Wednesday. The 30-year, fixed mortgage rate averaged 6.95% for the week ending Dec. 14, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s down from last week’s 7.03% and up from 6.31% the same week a year ago.
Over the first ten months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 773,526. On a year-over-year (YoY) basis, this is 10.7% below the October 2022 level of 865,815. Year-to-date ending in October, single-family permits declined in all four regions. The range of permit decline spanned 8.6% in the Northeast to 16.1% in the West.
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.
Luring high-income renters into homeownership will only become more challenging as costs stay high, according to experts and a survey of US consumers conducted by Dig Insights and Inman.
After two straight years of double-digit declines, home sales will pick up in 2024 thanks to lower mortgage rates. This is according to NAR Chief Economist Lawrence Yun, who shared a presentation of his 2024 forecast on Tuesday. While the past two years have been challenging to say the least for prospective homebuyers , homeowners have been reaping the fruits of their investments, as home prices steadily appreciated for the past three years.
Per the Mortgage Bankers Association’s (MBA) survey through the week ending December 8th, total mortgage activity increased 7.4% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell 10 basis points to 7.07%. The FRM rate has decreased by 54 basis points over the past month.
Laura Ellis, Baird & Warner’s strategy leader, believes changes spurred by Sitzer/Burnett will be “good for the serious, competent real estate professional.
The suit accuses now-former eXp agents of sexually assaulting a woman and claims eXp failed to stop the "abhorrent behavior." It follows a similar case that began in February.
As the saying goes, everything is bigger in Texas. A copycat commission lawsuit filed on Thursday by home sellers in the United States District Court for the Eastern District of Texas, accuses 47 real estate industry defendants of allegedly conspiring to artificially inflate real estate agent commissions. This is the second commission lawsuit filed in the Lone Star State since a Missouri jury found the real estate industry liable for colluding to inflate agent commissions in late October.
Consumer prices rose slightly in November, with a decline in the gasoline index being offset by an increase in the shelter index. The ongoing slowdown in inflation increases the probability that the Fed is done increasing rates. However, even after peaking in March this year, shelter costs continued to put upward pressure on inflation, accounting for nearly 70% of the.
The Massachusetts attorney general claimed the "buy-before-you-sell" company targeted financially strained homeowners through its sale-leaseback program.
The housing market cheered as the Federal Reserve signaled interest rate cuts next year after making a series of rapid rate hikes starting in 2022. While the central bank did not completely rule out the possibility of a rate increase in 2024, that action seems unlikely. Instead, fresh economic projections from central bank officials showed rates would be slashed to a median 4.6% by the end of 2024, suggesting three 25 basis points (bps) cuts from current levels.
According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) increased 0.2% in November after declining 0.4% in October (revised, not seasonally adjusted). The index has increased 0.8% (NSA), year-to-date, marking the smallest YTD gain through November since it fell 0.2% over the first 11 months of 2019.
After becoming CEO of the nation’s largest independent brokerage, Hoby Hanna limited access to some listings. Expanding that approach is the table for 2024.
As we all gear up to welcome 2024, Inman Connect New York is excited to offer you the opportunity to gain new insights, build new connections, and learn new skills that will help you set a new vision and plan for the year ahead.
As 2023 draws to a close, housing professionals hope for relief from the high mortgage rates, terrible inventory levels and slow sales that characterized the year. They may find that relief for mortgage rates next year, according to forecasts from various industry experts compiled by HousingWire. Sales, however, may see only mild improvement in the year ahead, while prices will remain more or less historically high, the forecasters believe.
According to the Federal Reserve’s latest G.19 Consumer Credit report, total consumer credit outstanding totaled $4.99 trillion (seasonally adjusted annual rate) in October, an increase of $5.1 billion over the month and $146.7 billion—or 3.0%–higher than October 2022. The monthly increase resulted from revolving and nonrevolving credit outstanding gaining 0.2% and 0.1%, respectively.
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