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 24, 2024
The associations that own the 16th-largest MLS surprised its leaders with a deal that “scared the absolute hell out of us,” REcolorado’s vice chair said.
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 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
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.
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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 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 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.
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 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 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 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
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 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
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 28, 2024
The mortgage origination industry has long made use of an operational strategy that relies on “staffing up” during cycles of high volume and then making staff reductions, sometimes en masse, when origination volume declines. While this was once a necessary business strategy, the technology now exists to implement a much more efficient approach. In order to achieve this, lenders need to take a thoughtful approach to the implementation of technology, and the very highest decision makers need to pu
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 27, 2024
Keeping Current Matters' David Childers and Jimmy Burgess crunch the numbers and lay out the reasons real estate agents and brokers could see a post-presidential election sales surge in 2025.
Housing Wire
JUNE 27, 2024
In a statement released Wednesday night, REcolorado warned Denver-area Realtors that outside ownership of the local MLS could bring added uncertainty during an already uncertain time and suggested that their data could be compromised. The company’s statement says it supports the effort to decouple the local MLS from the two local Realtor associations that own it — Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA).
Appraisal Buzz
JUNE 26, 2024
A new rule was passed by the Consumer Financial Protection Bureau (CFPB) to address the use of artificial intelligence and complicated algorithms in home valuations, both now and in the future. A proper home appraisal is essential whether purchasing or selling a property. This appraisal is used by mortgage lenders to calculate the maximum amount they will lend on a property.
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 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 27, 2024
The median monthly payment for purchase mortgage applicants decreased to $2,219 in May, down 1.6% from the prior month , according to data released Thursday by the Mortgage Bankers Association (MBA). ”Homebuyer affordability conditions improved in May as slightly lower mortgage rates and an uptick in housing inventory slightly eased the recent rise in application payment amounts,” Edward Seiler, MBA’s associate vice president of housing economics, said in a statement.
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 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 27, 2024
Elevated mortgage rates continued to curb homebuyer activity in May, NAR reported. As inventory increases in upcoming months, slower home price growth will follow, and likely more buyers hitting the market.
Housing Wire
JUNE 28, 2024
Homeowners 62 and older saw their collective home equity levels rise in the first quarter of 2024 by roughly $328.5 billion to a total of $13.19 trillion, a recovery after decreases observed over the past year. This is according to the Reverse Mortgage Market Index (RMMI), a measure of senior-held home equity maintained by the National Reverse Mortgage Lenders Association (NRMLA) and data analytics firm RiskSpan.
Appraisal Buzz
JUNE 28, 2024
The Merriam-Webster Dictionary defines the “sandwich generation” as a generation of people who are caring for their aging parents while supporting their own children—and according to new research by Realtor.com, 17% (or one-in-six Americans) of Americans fall into this designation who are taking care of children under 18, and their parents/grandparents; an impact which has surprisingly led them to homeownership.
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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