Housing Wire
APRIL 15, 2024
Fannie Mae and Freddie Mac will not count buyer’s agent commissions as part of their allowable interested party contributions (IPCs), according to announcements from the government-sponsored enterprises (GSEs) on Monday. The GSEs noted that this guidance was not an update to their selling guides but a clarification on the treatment of seller-paid real estate agent fees.
Sacramento Appraisal Blog
APRIL 16, 2024
Everyone is entitled to an opinion, but I find some people sounding off about housing seem disconnected from the actual market. I want to talk about that below and share some trends. Skim by topic or digest slowly. UPCOMING SPEAKING GIGS: 4/25/24 HomeSmart iCare Realty (details TBA) 4/26/24 Prime Real Estate (private) 5/9/24 Empire Home […] The post Strong opinions about the housing market first appeared on Sacramento Appraisal Blog.
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Appraisal Buzz
APRIL 15, 2024
By now, most appraisers are aware that Fannie Mae and Freddie Mac (GSEs) have embarked on a complete overhaul of the Uniform Appraisal Dataset (UAD). UAD originated in 2010 and since then we appraisers are accustomed to using codes like “C4,” “N;Res,” and “1200sf0sfin” in our mortgage appraisal reports to communicate the results of our analysis. These codes, or language, make sense to appraisers but confuse uninitiated readers of our reports.
Real Estate News
APRIL 18, 2024
Two U.S. senators are pushing for policy changes that would reduce “exclusionary” zoning regulations and promote local development.
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Housing Wire
APRIL 17, 2024
The Federal Housing Finance Agency (FHFA) this week announced a new product proposal for government-sponsored enterprise (GSE) Freddie Mac that would allow the agency to purchase certain single-family, closed-end second mortgages. This would offer borrowers an alternative way to access their home equity without surrendering a first mortgage with a more favorable interest rate than is currently available.
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Appraisal Buzz
APRIL 17, 2024
This week on the Appraisal Buzzcast, host Hal Humphreys interviews Kelly Davids, President of The Appraisal Foundation. Davids discusses her background in the industry and how it led to her new role as president. What is her vision for the future of the industry? How can we all get involved with The Appraisal Foundation? What are some of the initiatives they are launching in the near future?
Real Estate News
APRIL 18, 2024
No rate relief is expected soon, and home prices are also setting records this spring, suppressing existing home sales.
Housing Wire
APRIL 16, 2024
Today, Federal Reserve Chairman Jerome Powell made statements at the Washington Forum that indicate there will be no rate cuts anytime soon because the economy and the labor market are too strong with sticky inflation. This is a change from previous statements where the Fed talked about the rate cuts it expected to make this year — although that timeframe has changed several times.
Eyes on Housing
APRIL 18, 2024
Half of payroll workers in construction earn more than $58,500 and the top 25% make at least $79,450, according to the latest May 2023 Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB). In comparison, the U.S. median wage is $48,060, while the top.
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Appraisal Buzz
APRIL 16, 2024
Applications for mortgages for new home purchases increased 1% in March compared with February and were up 6.2% compared with March 2023, according to the Mortgage Bankers Association (MBA). “March is typically a month when new home purchases see a seasonal boost, but this year March applications for new home purchases saw less than a one percent increase over the prior month on an unadjusted basis,” says Joel Kan, vice president and deputy chief economist for the MBA, in a statement.
Real Estate News
APRIL 13, 2024
Bright MLS legal counsel Brian Schneider explained the ins and outs of the NAR settlement rule changes. Here’s what real estate professionals need to know.
Housing Wire
APRIL 18, 2024
Existing home sales fell in today’s report , which isn’t surprising, but one headline that shocked some people was that home prices are still up year over year, even with higher inventory and higher mortgage rates. From NAR : The median existing home price for all housing types in March was $393,500, an increase of 4.8% from the previous year ($375,300).
Inman
APRIL 19, 2024
With a recent boost to inventory and steady demand for high-end properties, luxury homeowners are ready to cash out on existing homes and use their cash power to buy a new home, fueling price growth.
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Appraisal Buzz
APRIL 17, 2024
Single-family home prices increased 1.7% in the first quarter compared with the second quarter and were up 7.4% compared with the first quarter of 2023, according to Fannie Mae’s home price index report. The national, repeat-transaction home price index measures the average quarterly price change for all single-family properties in the U.S., excluding condos.
Real Estate News
APRIL 19, 2024
This week, Zillow CEO Rich Barton praised Realtor.com CEO Damian Eales’ latest push to educate homebuyers about changes coming to the industry.
Housing Wire
APRIL 13, 2024
Mortgage rates headed higher last week after the CPI inflation report , but now, with news of a wider war in the Middle East, should we expect even higher rates? Some argue that money will go into the safety of the bond market, while others say a wider war can lead to higher inflation and higher rates. The week ahead will answer some of those questions early on. 10-year yield and mortgage rates There is nothing good to report on mortgage rates from last week.
Inman
APRIL 15, 2024
The European-style home is located in the Hollywood Hills' coveted Bird Streets. The sale marks a breakthrough for a market that's been crippled by high interest rates and a mansion tax.
Appraisal Buzz
APRIL 15, 2024
LenderLogix , a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, has released its first-quarter Homebuyer Intelligence Report, a summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the first quarter.
Real Estate News
APRIL 16, 2024
During a livestream presentation, Bright MLS’s chief economist highlighted some of the most misunderstood topics or mistaken beliefs about real estate.
Housing Wire
APRIL 18, 2024
Wire fraud prevention firm CertifID and big four title firm Old Republic have entered into a strategic agreement to prevent mortgage payoff fraud , according to an announcement on Thursday. Mortgage payoff fraud occurs when a title company mistakenly sends payoff funds to a fraudulent bank account after receiving wire instructions that appear to be from the mortgage servicer.
Inman
APRIL 17, 2024
Fannie, Freddie and FHA say sellers can continue to pay the buyer's agent's commission. But it remains to be seen if buyers will be allowed to finance their agent's commission into their mortgage.
Appraisal Buzz
APRIL 17, 2024
Mortgage application volume increased 3.3% during the week ended April 12, driven mainly by a 5% increase is purchase applications, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Compared with the same week one year ago, applications for purchases were up 6%. Applications for refinances increased 0.5% compared with the previous week and were up 11% compared with the same week one year ago.
Real Estate News
APRIL 19, 2024
Active listings are back to pre-pandemic levels, but home prices — and home insurance costs — keep going up, creating a tough market for buyers and sellers.
Housing Wire
APRIL 17, 2024
Expect 2024 to be mildly better than 2023 with mortgage rates falling in the second half of the year, housing experts opined in their forecasts at the end of the year. Cuts to the Federal funds rate (and subsequently to mortgage rates) are imminent, traders enthused after December’s meeting of the Federal Open Market Committee in which committee members predicted three rate cuts in 2024.
Inman
APRIL 18, 2024
Existing-home sales retreated 4.3 percent between February and March to a seasonally adjusted annual rate of 4.19 million, according to data released Thursday by the National Association of Realtors.
Appraisal Buzz
APRIL 18, 2024
The average rate for a 30-year fixed-rate mortgage increased to 7.10% this week, up from 6.88% 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 6.39%. “The 30-year fixed-rate mortgage surpassed 7 percent for the first time this year, jumping from 6.88 percent to 7.10 percent this week,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Real Estate News
APRIL 17, 2024
Get answers to the big questions on everyone's mind: What will happen with inventory and mortgage rates — and will the NAR settlement impact the market?
Housing Wire
APRIL 16, 2024
When they say housing leads the U.S. economy into and out of a recession, they’re correct, as housing starts fall into a recession and rise when we are recovering. Economic cycles follow a familiar pattern, however, each one is unique in its way. In 2022, many recessionary red flags popped up. However, after Nov. 9, 2022 , a critical recessionary data line changed as mortgage rates fell, new home sales grew, builders bought down rates and the cycle moved on.
Inman
APRIL 16, 2024
Tech firms such as Meta, Amazon, Salesforce and Google are offloading office space and letting leases expire.
Appraisal Buzz
APRIL 19, 2024
FormFree has enhanced its Passport Wallet solution by adding a new user interface that makes it easier for consumers to understand their ability to pay and match with lenders. Based on user feedback, more than 10 screens have been removed, resulting in a smoother and more efficient user journey. This enhancement is expected to increase the completion rate by consumers, reducing instances of app abandonment and ensuring a higher generation of Qualified Borrower Medallions, the company says in a r
Real Estate News
APRIL 16, 2024
The federal finance giants clarified their policies, confirming that buyer agent compensation won't be applied to concession limits.
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