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New home sales missed estimates today but had three months of positive revisions, which continues the story of the builders managing the higher mortgage rate environment. But they still only have 76,000 completed units for sale today. That’s right — for all the hype of massive housing inventory coming from the builders, today we sit here still trying to work back to pre-COVID-19 levels with just 76,000 completed homes ready to be moved.
Travis Kelce, Taylor Swift, and mortgage rates. So much drama this week. Let’s talk about it. Today I have some thoughts about believing the Fed, Chuck Norris, and building a bigger network. This post is all over the place, but hopefully something resonates. UPCOMING (PUBLIC) SPEAKING GIGS: 9/28/23 Yuba City Big Market Update (in Yuba […] The post Chuck Norris eats 8% rates for breakfast first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
Prices in July topped last year’s high, but slowing demand due to elevated mortgage rates is expected to bring price declines and soften new home sales.
Across the real estate sector, multigenerational living has emerged as a beneficial solution for many families. As the older generation ages, they’re cared for by loved ones. Younger generations are supported by their parents in sharing the costs and responsibilities of homeownership, and grandparents are available to help raise grandchildren.
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.
After experiencing a temporary hiccup between July 2022 to January 2023, the U.S. housing market is back on track , stronger than ever, with a total estimated value of $52 trillion, according to a new analysis by Orphe Divounguy, a senior economist at Zillow Group. Over the past year, the value of the U.S. housing market has surged by more than $2.6 trillion.
We’ve seen the standard which requires an appraiser to use ‘correct’ methods (whatever those may be). And which also requires the appraiser to use ‘sufficient’ care (whatever that is). All part of the legacy USPAP Uniform Standards of Professional Appraisal Practice. Be correct and be careful! Editor’s Note: This is Standards, part 3.15 of George […] The post Correct Methods or Sufficient Care?
We’ve seen the standard which requires an appraiser to use ‘correct’ methods (whatever those may be). And which also requires the appraiser to use ‘sufficient’ care (whatever that is). All part of the legacy USPAP Uniform Standards of Professional Appraisal Practice. Be correct and be careful! Editor’s Note: This is Standards, part 3.15 of George […] The post Correct Methods or Sufficient Care?
It takes a highly qualified real estate agent to perform at the level that some of the world's wealthiest celebrities demand. Here are the top ones serving Hollywood, according to "The Hollywood Reporter.
Even with demand buoyed by a sparse housing inventory, growing financial challenges for buyers are forcing home sellers to cut prices to close deals, a new Redfin research report found. According to the brokerage, 6.5% of U.S. homes for sale posted a price cut during the four weeks ending September 24, up from 5.8% the month prior. In some markets, more than 50% of active listings have experienced a price cut, according to Altos Research.
People have often seen the relationship between the “good cop” and the “bad cop” in a variety of situations. Does this dichotomy exist in your office? Although the size of.
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.
After a boost in July, the sales pace of new homes slowed in August, according to data published on Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development ( HUD ). In August, the sales pace of new homes fell 8.7% compared to July , reaching a seasonally adjusted annual rate of 675,000. On a year-over-year basis, new home sales were up 5.8%.
Of the roughly 1,005,000 single-family and 547,000 multifamily homes started in 2022, 59,000 (28,000 single-family and 31,000 multifamily) were built in age-restricted communities, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau and partially funded by HUD). A residential community can be legally age-restricted, provided it conforms the one of the.
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.
New Inman contributor Nick Boniakowski digs into the latest research on buyer desires to find out how to meet the needs of more intentional home searches.
Available inventory of homes for sale is on the rise in late September, which is very unusual for this time of year. In fact, inventory is growing faster than this time a year ago. This is a demand-driven slowdown, because new listings supply is still running 9% to 10% fewer homes for sale each week than this time last year. We’re seeing fewer new sellers each week, but inventory is building as homebuyers wait to see if mortgage rates will come down to make purchases more affordable.
Elevated mortgage rates and challenging affordability conditions pushed new home sales down to their weakest rate since March. Sales weakened in August with average mortgage rates above 7%. While some builders were able to offset that effect via mortgage rate buydowns, rates moved higher this month, suggesting the pace of new home sales will weaken further for September.
The 2023 real estate market has been a bit of a conundrum for agents and brokerages. Mortgage rates are high, listing prices are elevated, and housing inventory is limited. Construction of new homes is largely stalled or at least not meeting the high demand, and many homeowners who locked in record-low interest rates during the pandemic simply aren’t willing to leave their homes and sell.
Mortgage rates shot up last week after a hawkish Federal Reserve meeting, even though they didn’t raise rates. In addition, jobless claims data had another solid print, showing that the labor market hasn’t broken yet, which led to more selling of the 10-year yield. Mortgage rates did find some relief on Friday as bond yields headed lower. On housing inventory , new listings data saw a small decline last week, but active listings grew at a healthy clip.
Lot values for single-family detached spec homes continued to rise in 2022, with the national value and six out of nine Census divisions setting new nominal records, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data. The U.S. median lot value for single family detached for-sale homes started in 2022 stands at $56,000, with half of.
Industry heavyweights — and former rivals — Spencer Rascoff and Glenn Kelman addressed some of the toughest issues facing real estate in a lively discussion.
Mirroring the trend for new home sales , pending home sales fell 7.1% in August, according to data released Thursday by the National Association of Realtors (NAR). All four regions of the U.S. posted month-over-month and year-over-year declines in transactions. Year over year, pending home sales were down 18.7%, an even greater decrease than the 14% annual drop recorded in July.
NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $132 billion in taxes were paid by property owners in the second quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q2 2023, state and local governments collected $727 billion of property tax revenue—a 7.4% increase over Q2 2022. The year-over-year growth rate of.
As a new agent, it can be hard to separate fact from fiction, coach and author Darryl Davis writes. Find out what's no longer true so that you can chart a course for your career.
Real estate media just got funnier as Actually Agents will join The Broke Agent within BAM , a real estate media company. While continuing to operate independently, Luca Alboretti of Actually Agents and Eric Simon of The Broke Agent will “collaborate to produce funny and engaging content that both entertains and educates real estate professionals,” BAM announced in a press release Thursday.
According to the annual data from the Census Bureau’s Survey of Construction (SOC), a total of 29,000 5,000+ square-foot homes were started in 2022, down from 33,000 in 2021. In the boom year of 2006, the number of new 5,000+ square foot homes reached a peak of 45,000. In 2007, the number fell to 37,000. In 2008, only 20,000 such homes were.
Between 2018 and 2020, Fannie and Freddie purchased close to 600 shared equity loans, before realizing that current regulations might prohibit them from doing so.
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