Housing Wire
APRIL 3, 2024
Millennials replaced baby boomers as the largest group of homebuyers in 2023. The combined share of millennials, both younger (ages 25 to 33) and older (ages 34 to 43), made up a combined 38% of the home purchase market last year, up from 28% in 2022, according to the 2024 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR).
Appraisal Buzz
APRIL 2, 2024
With mortgage rates now well above 6.5% and home prices rising to all-time highs due to lack of inventory, first-time homebuyers are getting discouraged by declining affordability. But this lack of affordability is just as much of a downer for homeowners looking to upsize. According to ICE Mortgage Technology’s Mortgage Monitor report , a homeowner looking to move to a home that is 25% more expensive would see their mortgage payments increase by an average of $1,384 per month, or 103%.
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Sacramento Appraisal Blog
APRIL 4, 2024
It’s nice to see so many accessory dwelling units lately, but is there such a thing as too many? Well, maybe according to Fannie Mae. Let’s talk about this. UPCOMING SPEAKING GIGS: 4/11/24 Lindsay Carlisle Event (private) 4/25/24 HomeSmart iCare Realty (details TBA) 4/26/24 Prime Real Estate (private) 5/9/24 Empire Home Loans (details TBA) 5/15/24 […] The post Adding too many ADUs gets awkward first appeared on Sacramento Appraisal Blog.
Real Estate News
APRIL 5, 2024
Ruling could lead to further changes in industry practices by allowing the Department of Justice to revisit an antitrust case originally settled in 2020.
Housing Wire
APRIL 4, 2024
Federal Reserve vice chair for supervision Michael Barr said the central bank is taking “a very thoughtful approach” to the Basel III rules (aka the Basel endgame), which would significantly increase bank capital requirements and, if implemented, affect the mortgage industry. “We gave the public extra time to comment on the rule because it was really complex.
Appraisal Buzz
APRIL 1, 2024
This article is featured in the 2023 edition of the Appraisal Buzz Magazine. Some other features we have in our magazine include funny Buzztoon comics, as well as crazy stories from appraisers and readers like you! Read all these articles and more in the latest edition HERE. If you want to make sure you are receiving the print version of the Appraisal Buzz magazine in your mailbox, sign up HERE.
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Real Estate News
APRIL 2, 2024
The regions continue to see significant price growth and elevated buyer activity, but national price growth is expected to slow this year as supply increases.
Housing Wire
APRIL 5, 2024
Today’s jobs report beat estimates , but the internals show the labor market is softening, as the Federal Reserve wants. The data shows that wage growth is cooling down and the job opening quits rate is below pre-COVID-19 levels. This bodes well for those hoping to see a soft landing, and for those hoping for lower mortgage rates. The 10-year yield has had a wild ride today, but now is an excellent time to look at my macro take on the labor market and explain what the Fed is looking for wi
Appraisal Buzz
APRIL 4, 2024
Roughly $363.3 billion in property taxes were levied on single-family homes nationwide in 2023, up 6.9% from $339.8 billion in 2022, according to ATTOM. The increase was almost double the 3.6% growth rate in 2022 – and the largest in the past five years, the firm says in its annual property tax analysis report. The report also shows that the average tax on single-family homes in the U.S. increased 4.1% in 2023, to $4,062, after going up 3% the previous year.
Inman
APRIL 1, 2024
Some think the National Association of Realtors' $418 million settlement will prompt more homebuyers to transact without agents. Inman asked industry professionals how they'll handle that situation.
Real Estate News
APRIL 1, 2024
The CEO of NextHome, founder of Rayse and co-host of an “unfiltered’ podcast isn’t shy about sharing his thoughts on the agent value prop, tech and NAR.
Housing Wire
APRIL 5, 2024
Ginnie Mae this week issued a public notice to its issuer partners warning of an observation of higher prepayments in some of its mortgage-backed securities (MBS) programs, reminding issuers that a violation of its requirements could result in punitive action. In a prior All Participants Memorandum (APM) issued in December 2017 , Ginnie Mae described how it monitors prepayments in its MBS programs.
Appraisal Buzz
APRIL 3, 2024
U.S. home prices are forecast to increase 2.9% over the next 12 months, according to Veros Real Estate Solutions quarterly VeroFORECAST report. This is an upward revision from last quarter’s forecast of 2.4%. Driving the increase is low housing inventory and resilient demand despite elevated mortgage rates, the firm says. Rates are expected to hover above 6.5% throughout 2024 due to inflation exceeding the Federal Reserve’s 2% target and a strong labor market, although displaying some signs of s
Inman
APRIL 1, 2024
If you plan to help out with your kid’s college tuition, there are a variety of real estate investment strategies that can help.
Real Estate News
APRIL 4, 2024
There are more green shoots for would-be home buyers this spring as inventory grows to its highest point since 2020, according to Realtor.com’s monthly report.
Housing Wire
MARCH 30, 2024
The best housing story in 2024 is that inventory is growing — both active inventory and new listings. With mortgage rates at the current levels, inventory is still below my expectations, but it’s still such a positive story that I had to discuss it on CNBC last week. As we head into April, let’s see where we’re at on the Inventory side as are officially into spring.
Appraisal Buzz
APRIL 5, 2024
The rate of defects in mortgages post-closing fell to 1.67% in the third quarter of 2023, according to ACES’ Q3 2023 Mortgage QC Trends Report. That’s a decrease of 2.91% compared with the second quarter of 2023. It was the fourth consecutive quarter that the rate of defects decreased – the result of low mortgage origination volume. Defects in the Credit and Income/Employment categories decreased significantly, while defects in the Liabilities category increased.
Inman
APRIL 5, 2024
Dive into a discussion with industry leaders as they share valuable tactics for effectively communicating the value you bring to transactions.
Real Estate News
APRIL 3, 2024
The acquisition of the century-old firm and its 3,100 agents could give Compass an edge in the NOLA and greater Gulf Coast market.
Housing Wire
APRIL 1, 2024
The recent settlement involving the National Association of Realtors and major real estate firms revolves around the practice of “broker cooperation,” where agents representing sellers share commissions with agents representing buyers. Proponents of the lawsuits argue that this customary practice inflates commissions , and believe that buyers and sellers should pay their agent representation separately.
Appraisal Buzz
APRIL 5, 2024
Roughly 303,000 jobs were added to the U.S. economy in March – above expectations and far higher than the average monthly gain of 231,000 over the prior 12 months – while the unemployment rate remained flat at 3.8%, according to the U.S. Bureau of Labor Statistics. The highest job gains occurred in health care, government, and construction. About 6.4 million people were unemployed as of the end of the month – basically flat compared with February.
Inman
APRIL 1, 2024
Mega team leader Carl Medford points to several massive shifts that have caused the current commission crisis and the path he sees forward.
Real Estate News
APRIL 3, 2024
NAR’s annual generational trends report examines buyer and seller characteristics and dives into their needs — and how they compensate agents.
Housing Wire
APRIL 1, 2024
Everyone knows it’s been a very dry 18 months for home sales. As mortgage rates rose starting in 2022, payment affordability got dramatically worse and homebuyer demand dried up. At the same time, seller volume dried up. But now sellers are coming back into the market. New listing volume last week was 18% more than a year ago. Total available inventory is gradually climbing about 1% per week — last year it was still declining in April.
Appraisal Buzz
APRIL 4, 2024
Mortgage rates continued to hold steady this week, with the average rate for a 30-year fixed-rate mortgage rising slightly to 6.82%, up from 6.79% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 6.28%. “Mortgage rates showed little movement again this week, hovering around 6.8 percent,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Inman
APRIL 1, 2024
Mike DelPrete lays out the case for a variety of financial metrics and argues that, at the end of the day, a business eventually needs to make money.
Real Estate News
MARCH 30, 2024
In just a few months, new compensation and buyer agreement mandates will kick in. Agents who are ready to adopt them will succeed more quickly.
Housing Wire
APRIL 5, 2024
The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Millennials comprised 75% of this demographic, with older millennials and Generation X (ages 44 to 58) accounting for 44% and 24% of first-time buyers. Against that backdrop, Zillow identified prime markets for first-time homebuyers , and half of them were nestled in the Midwest.
Appraisal Buzz
APRIL 3, 2024
In this week’s episode, host Hal Humphreys interviews our guest Marty Wagar, President of Wagar & Associates and Instructor at Appraiser eLearning. Marty tell us about his unique history in the industry, why his first class with AeL is on Supporting Land Value, and why this class is so valuable to appraisers. His other class focuses on appraisal in the secondary mortgage market.
Inman
APRIL 5, 2024
That includes benefits for first-time homebuyers, who might be better served by inexperienced agents. However, some benefits require changes from mortgage lenders, consumer watchdog says.
Real Estate News
APRIL 2, 2024
Laura Ellis, chief strategy officer at the Chicago firm, says part-timers may not make it in the post-settlement world, but serious agents will excel.
Housing Wire
APRIL 3, 2024
Top U.S. mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The wholesale lender called the accusations a “sham.” The lawsuit was filed on Tuesday in a Michigan district court by Therisa D. Escue, Billy R.
Appraisal Buzz
APRIL 3, 2024
Mortgage application volume shrank 0.6% during the week ended March 29, as the average rate for a 30-year fixed-rate mortgage dipped to 6.91%, down slightly from 6.93% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances decreased 2% compared with the previous week and were down 5% compared with the same week one year ago.
Inman
APRIL 5, 2024
Inman sat down with Raveis following his firm's 50-year anniversary to discuss what it takes to lead a brokerage for half a century.
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