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The landscape for home flipping across the country was challenging in 2023 as fewer single-family homes and condominiums were flipped and investment returns on these projects declined. A total of 308,922 single-family homes and condos were flipped in 2023, down 29.3% from the 436,807 flips in 2022. This marked the largest annualized decline for the sector since 2008, according to recently released report from real estate data analytics company Attom.
Everyone is talking about the National Association of Realtors (NAR) lawsuit settlement, and I have a few thoughts too. It’s important to cultivate objectivity and keep some things in mind about buyers, sellers, and concessions. UPCOMING SPEAKING GIGS: 3/21/24 2024 Market Update for Brent Gove Team (big event free) 3/26/24 Orangevale MLS meeting 9am 4/11/24 […] The post Some things on my mind about the NAR lawsuit first appeared on Sacramento Appraisal Blog.
Existing-home sales were at a seasonally adjusted annual rate of 4.38 million in February, an increase of 9.5% compared with January but down 3.3% compared with February 2023, according to the National Association of Realtors (NAR). It was the largest monthly increase since February 2023. Helping to boost existing-home sales in February was that inventory increased 1.07 million by the end of the month – up 5.9% compared with January and up 10.3% compared with February 2023.
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.
It’s spring 2024 and we have a Federal Reserve meeting this week. The 10-year yield is at the same critical point as last year before the Fed went hawkish and sent mortgage rates to 8% and the 10-year yield to 5%. Could this happen again? This is the week the balls are all in the Federal Reserve ’s court. I believe it is in the Fed’s interest to keep existing home sales depressed.
The news comes one week after NAR's whopping $418 million settlement was announced. Compass also agreed to make some minor changes to its business practices as part of the settlement.
The news comes one week after NAR's whopping $418 million settlement was announced. Compass also agreed to make some minor changes to its business practices as part of the settlement.
The U.S. mortgage delinquency rate fell to 3.34% in February, a decrease of 1.29% compared with January and down 3.24% compared with February 2023, according to ICE Mortgage Technology’s First Look report. While the number of borrowers one payment behind rose modestly by 10,000, those 60 days late as well as those 90 or more days past due both fell to their lowest levels in three months.
Today’s existing home sales report was a massive beat , similar to what happened last year in this month. Will this mark the high point for sales this year like it did in 2023? Unless mortgage rates go lower, that’s what we should expect, because that’s what happened last year. When mortgage rates headed lower at the end of 2022 into 2023, we had 12 weeks of positive weekly purchase application data.
The recent surge in mortgage rates could take some air out of a projected rebound in 2024 home sales, with deals driven mostly by households who can no longer put off their moves due to life events.
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.
Continuing NAHB’s commitment to be at the forefront of research on home buyer preferences, the 2024 edition of What Home Buyers Really Want was recently released at the International Builders’ Show. The primary objective of the study is to provide builders, manufacturers, architects, and the general residential construction industry with a thorough analysis of what.
There is no doubt that the cooperative compensation structure changes outlined in the National Association of Realtors’ commission lawsuits settlement agreement will generate massive changes in the real estate industry, but those are not the only changes mandated by the terms of the agreement. Based on NAR’s settlement, agents working with buyers will need a signed buyer representation agreement starting in mid-July, pending final court approval of the settlement.
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.
Join us for today’s episode of the Appraisal Buzzcast, as host Hal Humphreys interviews Malinda Griffin, incoming President of the NAA. Malinda talks about her experience with the NAA, what’s to come in the future, and why she believes appraiser conferences and networking are so crucial for both appraisers and trainees. The ACTS conference is only a month away!
Those too young to remember the wild west of real estate believe that real estate commissions have always been evenly split between seller’s and buyer’s agents, with each receiving a portion of the sale price. This misconception obscures the reality that, historically, buyers lacked formal representation. Initially, the entire commission percentage was pocketed by the listing agent, who solely represented the seller’s interests.
After decreasing the previous two weeks, mortgage rates went back on the rise this week, with the average rate for a 30-year, fixed-rate mortgage increasing to 6.87%, up from 6.74% 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 6.42%. “After decreasing for a couple of weeks, mortgage rates are once again on the upswing,” says Sam Khater, chief economist for Freddie Mac, in a statement.
From buyer agreements to non-MLS places where cooperative compensation can appear, here’s what Keller Williams is telling leaders and agents about the deal.
For many real estate brokerages and roughly 1 million Realtors, the nationwide settlement agreement that the National Association of Realtors (NAR) negotiated due to the ongoing commission lawsuits marks the end of their cooperative compensation litigation concerns, at least for the time being. But for roughly one-third of NAR’s membership — and nearly 100 of the nation’s largest brokerages by transaction volume — the agreement reached on March 15 may be just the beginning of the saga.
In the first of her two-part series, marketing expert Marci James offers insight into making the most of your digital presence with search engine optimization.
Multistate mortgage lender Click n’ Close is now a preferred partner with The Mortgage Collaborative (TMC), a consortium dedicated to providing mortgage lenders with access to technology and mortgage banking resources. As a result, TMC’s members will have access to SmartBuy, a proprietary suite of down payment assistance (DPA) loan programs offered by Click n’ Close designed to give homebuyers an advantage in today’s heightened mortgage interest rate environment.
Home equity levels among homeowners aged 62 and older are at record levels following the end of the pandemic. As a result, reverse mortgages may no longer be considered a “loan of last resort” as financial planners aim to highlight their uses as part of a comprehensive financial plan in retirement. This is according to a column published this week by Investment News, soliciting input from planner professionals well known to the reverse mortgage business, including Wade Pfau.
If homebuyers are no longer willing to pay full commissions, what happens to lender programs that incentivize consumers to work with partner real estate agents?
Jason Cave, former chief fintech officer and deputy director for the FHFA, has joined the board of advisors at Argyle , a provider of automated income and employment verifications for mortgage lenders. The 30-year government veteran is an internationally recognized leader in bank supervision and an outspoken advocate for housing finance innovation, Argyle says in a release.
Buckle up: The proposed NAR settlement will unleash a fast-moving wave of change – and opportunity, especially for buyer agents who can articulate their value.
Compass has joined the National Association of Realtors , Anywhere , Keller Williams and RE/MAX in settling the commission lawsuits. In a document filed with the Securities and Exchange Commission on Friday morning, the Robert Reffkin-helmed firm announced that it had reached a nationwide settlement in relation to the Umpa and Gibson suits on Thursday.
Appraiser education is about a proven and “well-established” process! Developed nearly 100 years ago! The idea is to balance demand on supply, then explain where the subject fits. 1930s: Find some comps, compare, conclude. 2000s: Pick some comps, adjust to fit, conclude. Yesterday: Pick good comps, adjust, adjust, conclude. The embedded old ways obstruct modern […] The post Education Stagnation Repudiation?
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