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 26, 2024
The White House and the U.S. Department of Housing and Urban Development (HUD) on Wednesday announced a new series of grants designed to boost homeownership by addressing issues of supply and affordability. Announced by Vice President Kamala Harris and HUD acting secretary Adrianne Todman on a call with reporters, Harris announced the Pathways to Removing Obstacles to Housing (PRO Housing) program.
Appraisal Buzz
JUNE 28, 2024
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Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Eyes on Housing
JUNE 27, 2024
Total (new and existing) home inventory is an important measure for gauging and forecasting home prices and home construction impacts. The intuition is clear: more inventory yields weaker or declining home price growth and home building activity. Lean inventory levels lead to price growth and gains for home building. The metric “months’ supply” is a.
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 28, 2024
According to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI) for May 2024, homebuyer affordability improved in May, as the national median payment applied for by purchase applicants decreased around $40 to $2,219 from $2,256 reported in April 2024. MBA’s PAPI measured how new monthly mortgage payments vary across time–relative to income–using data from MBA’s Weekly Applications Survey (WAS).
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 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 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 25, 2024
The U.S. Department of Housing & Urban Development (HUD) has announced $142 million-plus in new grant and loan awards under its Green and Resilient Retrofit Program (GRRP) , bringing the total funding awarded under this program to more than $754 million. These grants and loans from President Biden’s Inflation Reduction Act will support significant energy efficiency and climate resilience renovations in more than 2,200 homes at properties housing low-income individuals, families, and seniors.
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 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 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 27, 2024
During Thursday night’s historic presidential debate broadcast by CNN , housing issues only came up briefly, and only from one candidate. The debate was the first in decades not to be sponsored by the bipartisan Commission on Presidential Debates , the first presidential debate with a commercial break and the first television debate between a current and former president.
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 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 25, 2024
NAR's landmark settlement bars sellers' agents from offering commissions to buyers' agents in the MLS. A batch of new companies are stepping in to fill the void.
Housing Wire
JUNE 27, 2024
The great state of Texas may not be the first place that comes to mind when it comes to buying waterfront real estate, but a little town near Austin has been judged as the best one for it. That’s according to a new study from Virtual Staging AI , which named Lakeway, Texas, as the best location in the country for buying a waterfront home. Lakeway sits just west of Austin in the Hill Country and rests next to Lake Travis.
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 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 26, 2024
Craig Stammler has joined New American Funding (NAF) as a regional vice president, the California -based mortgage lender announced Tuesday. Stammler, who previously worked for loanDepot , Wells Fargo and Countrywide , will be responsible for overseeing the company’s southern Idaho and northern California markets. His duties include growth of existing teams, managing profitability and development of branch leadership.
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.
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 24, 2024
The forms the California Association of Realtors provides its members are the subject of a formal inquiry by the Department of Justice , according to an email the trade group sent to “industry leaders” on Thursday, obtained by HousingWire. In the email sent by Melanie Barker, the president of CAR and Sara Sutachan, the senior vice president and chief strategy officer at CAR, Barker and Sutachan noted that CAR issues new and updated standard forms every June.
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 27, 2024
The Consumer Federation of America blasted C.A.R.’s agreement but praised eXp’s contract. A CFA Fellow told Real Estate News he was “stunned” by the contrast.
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