Housing Wire
JUNE 27, 2024
After rising in March , pending home sales continued to slide in May, with the Pending Home Sales Index (PHSI) posting its second consecutive month of declines to reach a record low, according to data released Thursday by the National Association of Realtors (NAR). The PHSI fell 2.1% from April to a reading of 70.8 in May, which was down 6.6% on a yearly basis.
Appraisal Buzz
JUNE 26, 2024
According to a new Forbes survey , first-time homebuyers are being forced to stay in the rental market by rising home prices and borrowing rates. Due to the increased demand for rentals, monthly rent rates are high, which puts strain on Americans’ finances. Data found that some 51.9% of renters are estimated to be paying at least 30% of their household income on rent, according to Census data.
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Real Estate News
JUNE 22, 2024
New York is one of only two cities where landlords can hire brokers and require renters to pay them. This may be changing — but not if the industry has its way.
Sacramento Appraisal Blog
JUNE 26, 2024
It’s been freaking hot lately, so pools are on my mind. Can you relate? I don’t actually have a pool at my house though, so I’m stuck writing about them instead. Haha. Today, I have some interesting pool perspective to share, and I hope it resonates with you too. I’d love to hear your take […] The post What is a pool worth?
Housing Wire
JUNE 22, 2024
Are we seeing the start of a market shift in mortgage demand? Notably, mortgage rates have been gradually declining, and we’ve observed back-to-back positive weeks in purchase application data for the first time since mid-March. While I typically prefer to see a sustained growth of 12-14 weeks before concluding there’s been a sea change, the low bar in purchase application data suggests that even a slight change could push demand higher if mortgage rates keep falling.
Appraisal Buzz
JUNE 27, 2024
May saw a 2.1% decline in pending home sales, according to the National Association of REALTORS. While the Northeast and West saw advances in transactions each month, the Midwest and South reported losses. Per the report, every U.S. region had decreases over the previous year. Indicator of prospective home sales based on contract signings, the Pending Home Sales Index (PHSI) dropped to 70.8 in May.
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Inman
JUNE 28, 2024
Owners of the 16th largest MLS in the country plan to sell to a newly formed private company called MAZL that is run by a person identified only as J. Burks.
Housing Wire
JUNE 26, 2024
Homebuilders with unsold inventory are feeling the pinch of high mortgage rates — and it’s showing up in new-home sales data. The U.S. Census Bureau ’s new-home sales report for May shows that transactions took a nosedive to a seasonally adjusted annual sales volume of 619,000. Despite May being part of the prime homebuying season, that number represented a 16.5% year-over-year drop and was 11.3% below the revised rate in April.
Appraisal Buzz
JUNE 27, 2024
According to a new Redfin study , the average U.S. home that sold in the four weeks ending June 23 went for 0.3% less than what was asked for. Since the start of the epidemic in 2020, when the housing market all but collapsed, this is the first year that the average home has sold for less than list price during this time of year. A year ago, the average home sold for exactly what was listed, and two years ago, it sold for about 2% more than what was listed.
Real Estate News
JUNE 25, 2024
Association owners of REcolorado say now is “the right time to sell” and that decoupling MLSs and associations can provide protections and improve operations.
George Dell
JUNE 26, 2024
Adjustments to comparables seem to be required by lender clients, the quasi-governmental GSEs, and some other users of appraisals. But are they actually required? USPAP (Uniform Standards of Professional Appraisal Practice) says no. No. The word “adjustment” is nowhere to be found. (However Advisory Opinions say an adjustment should be “appropriate.
Housing Wire
JUNE 25, 2024
If real estate brokerages fail to make changes to their operations, 79% of them will be unprofitable if the terms of the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement lead to typical agent commissions dropping to 2%. This is according to a study published Tuesday by AccountTECH. The study analyzed the operations of 100 randomly selected brokerages with agent counts ranging between five and 5,000.
Appraisal Buzz
JUNE 24, 2024
The typical U.S. renter household earns an estimated $54,712 per year, which is 17.3% less—roughly $11,408 in dollar terms—than the $66,120 required to pay monthly rent for the median-priced U.S. apartment ($1,653). This is according to new research from Redfin , which found that just 39% of American renters earn enough to purchase a median-priced apartment.
Real Estate News
JUNE 28, 2024
The Realtor association owners of the MLS said the decision was made “in the best interests of our collective membership” following confidentiality violations.
Inman
JUNE 24, 2024
Fannie Mae on Friday slashed its 2024 forecast as a result of weak spring home sales, but listings are returning to the market and mortgage rates look poised to drop, according to new projections.
Housing Wire
JUNE 24, 2024
Inventory grew by almost 14,000 homes this week. That’s a pretty solid number, but actually fewer than our model had predicted for the week. Available inventory of unsold homes continues to grow but that growth in seems a bit less intense than it could be. The sales rate — the demand side — is slower than I expected. It looks like we’re heading back to those conditions of the second half of 2022 where inventory grew rapidly, but any real downside correction was mitigated with a withdrawal of sup
Appraisal Buzz
JUNE 25, 2024
Affordability struggles continue for many nationwide, with mortgage rates reported still in the 7% range and the average U.S. home value at $360,681 , up 4.3% year-over-year according to Zillow, the Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey found that the total number of loans now in forbearance declined slightly to 0.21% as of May 31, 2024.
Real Estate News
JUNE 27, 2024
While interest rates continue to edge down, sales have not picked up heading into summer: “This will take many years to work itself out.
Inman
JUNE 28, 2024
TJ Lewis Real Estate is based in Austin, Keller Williams' home turf, and has done $27.9 million in volume this year so far.
Housing Wire
JUNE 28, 2024
The primary shareholders of REcolorado — the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) — have fired the current board and announced the name of the company they are selling their shares to: MAZL, LLC., headed by J. Burks. According to a statement released Friday from DMAR and SMDRA, their board members have “signed and submitted a joint, unanimous resolution removing all REcolorado board members from their position and duties,
Appraisal Buzz
JUNE 27, 2024
Mortgage application volume increased 0.8% during the week ended June 21, as the average rate for a 30-year, fixed-rate mortgage fell to 7.04%, down from 7.12% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances were flat compared with the previous week and were up 26% compared with the same week one year ago.
Real Estate News
JUNE 26, 2024
May sales were well below April numbers and down 16.5% year-over-year, a sign that builder incentives may not be enough to overcome high rates and prices.
Inman
JUNE 28, 2024
The Federal Reserve's preferred inflation gauge fell to 2.56 percent in May, getting closer to the Fed's 2 percent target for the 2nd month in a row. Core inflation reading is lowest since March 2021.
Housing Wire
JUNE 25, 2024
The primary shareholders of REcolorado — the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) — have agreed to sell the company to a private equity investor outside the industry, despite ongoing negotiations with REcolorado’s management and board members to buy back their shares, the vice chair of REcolorado has told HousingWire.
Appraisal Buzz
JUNE 28, 2024
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Real Estate News
JUNE 28, 2024
The California association said the Consumer Federation of America’s assessment was “misguided” and that its forms will be fully compliant.
Inman
JUNE 24, 2024
The vast majority of more than 600 multiple listing services nationwide have chosen to opt in to the National Association of Realtors' commission settlement, according to a new Inman analysis.
Housing Wire
JUNE 25, 2024
An expensive housing market doesn’t necessarily translate into a lucrative one for real estate agents. That’s according to a new report from Clever Real Estate , a company that connects homebuyers and sellers with agents. The company weighted 14 different variables to rank the top 50 metro areas in the U.S. in terms of how friendly they are to agents.
Appraisal Buzz
JUNE 24, 2024
Appraisers are an extraordinary and rare group of humans. As an appraiser, you are part of a select few. You belong to a group of licensed professionals that are extremely rare. How rare? Recent statistics indicate that there are about 70,000 licensed appraisers in the United States. Considering that there are over 340 million people living in the United States, being an appraiser qualifies you as a rarity.
Real Estate News
JUNE 27, 2024
A statement from REcolorado says its potential sale to a private equity firm is not the best way to separate MLSs from Realtor association ownership.
Inman
JUNE 28, 2024
The Netflix series focuses on Serhant's agents and lifts the stakes on real estate-focused reality TV thanks to high production values and sophisticated plotting, reporter Lillian Dickerson writes.
Housing Wire
JUNE 25, 2024
A month after reaching an all-time high , the S&P CoreLogic Case-Shiller U.S. National Home Price Index did it again in April, according to a release on Tuesday. Despite the index reaching another record high, the report found that home price appreciation is decelerating. The national index posted a 6.3% annual gain in April, down from the 8.3% jump in March, bringing it to a record-high reading of 320.42.
Appraisal Buzz
JUNE 27, 2024
The Federal Housing Finance Agency (FHFA) has announced the inaugural members of its Advisory Committee on Affordable, Equitable, and Sustainable Housing, a group that will provide non-binding advice to the FHFA on how its regulated entities (Fannie Mae, Freddie Mac, and the Federal Home Loan Banks) can best serve as a reliable and responsible source of liquidity and funding for housing finance and community investment, including both single-family and multifamily housing.
Real Estate News
JUNE 25, 2024
When asked to evaluate NAR’s overall performance, 62% of respondents in a T3 Sixty survey said they disapproved of the organization.
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