Housing Wire
AUGUST 17, 2024
Have lower mortgage rates already started to slow down housing inventory? I have a simple weekly growth model with the Altos inventory data: when rates are high, over 7.25%, inventory should grow between 11,000-17,000 weekly. This has happened six times this year and even though that would be an average inventory growth level with higher rates, it didn’t happen even once last year.
Appraisal Buzz
AUGUST 22, 2024
In the second quarter of 2024, the Mortgage Bankers Association (MBA) reported a 3% increase in commercial and multifamily borrowing compared to the previous quarter. This growth highlights a sustained demand for multifamily loans and certain commercial properties, even as the market grapples with higher interest rates. The MBA credits favorable economic conditions and a strong market for bolstering demand in these segments.
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Real Estate News
AUGUST 17, 2024
Important practice changes required by the NAR settlement take effect today, affecting buyer agent agreements and compensation. “We are in this together.
Inman
AUGUST 22, 2024
The suit accuses NAR and major franchisors of breaking antitrust laws. The company's complaint includes alleged text messages in which agents refused to show Homie listings.
Speaker: Timothy Allsopp
Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.
Housing Wire
AUGUST 21, 2024
Climate change has supercharged wildfires in high-risk areas across the country, and the impacts on housing could be catastrophic. A new report from CoreLogic found that 2.6 million homes across 14 western states are at risk from wildfires. California is by far the state with the most homes in danger at 1,258,748, followed by Colorado (321,294) and Texas (244,617).
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Real Estate News
AUGUST 22, 2024
Homie says the defendants — NAR, 4 top brokerages and a Utah MLS — conspired to control competition in the industry and steered buyers away from its listings.
George Dell
AUGUST 21, 2024
Is appraisal accuracy measured by contract price? A new Guest Post from John Fariss, MNAA, a member of the Community of Asset Analysts. In recent discussions surrounding the accuracy of home appraisals, a critical flaw has emerged in the prevailing narrative: the assumption that the contract price is the correct value of a property. This misconception […] The post Is Contract Price Market Value?
Housing Wire
AUGUST 23, 2024
Federal Reserve Chair Jerome Powell said on Friday that “the time has come for policy to adjust,” signaling a cut in the federal funds rate at the September meeting of the Federal Open Market Committee (FOMC) as expected by monetary policy watchers. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” Powell said during a speech at the Kansas City Fed’s annual conference in Jackson Hole, Wyoming.
Appraisal Buzz
AUGUST 20, 2024
While buyers weigh many factors when it comes to purchasing a home, in 2017, Realtor.com released its first Hottest ZIP Codes Report. This year, 43230 in Gahanna, Ohio, became the top-ranked ZIP code for the second year in a row. The Midwest and the Northeast are home to all of this year’s hottest ZIP codes, according to the 2024 report that was just published.
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Real Estate News
AUGUST 20, 2024
The pendulum is swinging in buyers' favor this fall. See which three trends could finally give them some leverage.
Inman
AUGUST 21, 2024
Doug Miller of Consumer Advocates in American Real Estate, the initiator behind the first bombshell antitrust lawsuit, sounds alarm against Realtor talking points that "continue steering.
Housing Wire
AUGUST 22, 2024
In a lawsuit filed Thursday, real estate startup Homie Technologies claims that home seller consumers were not the only ones harmed by the real estate industry’s allegedly anticompetitive practices. Defendants in the lawsuit, which was filed in U.S. District Court for the Central District of Utah, include the usual cast of antitrust lawsuit characters: the National Association of Realtors (NAR), Anywhere Real Estate , Keller Williams Realty , HomeServices of America , and RE/MAX.
Appraisal Buzz
AUGUST 21, 2024
According to the Fannie Mae Economic and Strategic Research (ESR) Group’s August 2024 commentary , total home sales are predicted to be lower than previously predicted through the end of 2024 and then not significantly increase until later in 2025, even with the recent decline in mortgage rates. In reaction to the more favorable rate environment, purchase mortgage applications have hardly changed, according to the ESR Group, and high-frequency indicators of house purchase demand, such as mortgag
Real Estate News
AUGUST 19, 2024
The transformative newspaper exec moves into the permanent CEO role at the National Association of Realtors — the U.S.’s largest trade association — this week.
Inman
AUGUST 17, 2024
The best real estate agents will thrive, the profession will be elevated, rot will be removed and the brands that are built on trust and integrity will rise to the top, Inman founder Brad Inman writes.
Housing Wire
AUGUST 19, 2024
More than four in 10 distressed properties purchased at auction are in underserved neighborhoods with low incomes or high minority populations, neighborhoods that often have been overlooked and left behind. “Those areas that I’m now developing I grew up in. And I remember being in those areas without hot water. I remember what it’s like to have slumlords,” said Jermaine Morgan, a Columbus, Georgia-based local community developer who purchases distressed property at auction.
Appraisal Buzz
AUGUST 19, 2024
Sales of existing homes rose 0.6% month over month in July but fell 2% year over year to a seasonally adjusted annual rate of 4,094,991. That’s the lowest July level in records dating back to 2012, according to a new report from Redfin. Meanwhile, pending sales – a more current gauge of demand that includes both existing and newly-constructed homes – fell to the lowest level of any month on record aside from April 2020, when the pandemic brought the housing market to a halt.
Real Estate News
AUGUST 23, 2024
Watch the conversation with analyst John Campbell on the winners — and “not winners” — among public real estate firms, plus a bold guess about agent attrition.
Inman
AUGUST 23, 2024
"Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law," Attorney General Merrick Garland said on Friday.
Housing Wire
AUGUST 22, 2024
How did existing home sales grow with all the recent negative press about demand? We were told lower mortgage rates wouldn’t affect demand positively. However, if you track the forward-looking indicators, it can explain this bounce in demand. First, we have to put context into the bounce: we are working from the lowest levels ever in home sales, so any small, minor move in purchase application data can bounce sales from here.
Appraisal Buzz
AUGUST 19, 2024
As housing prices continue to rise, the age-old question of whether it makes more financial sense to rent or buy has become more complex. However, recent analysis by First American Financial Corporation suggests that in 27 of the top 50 U.S. real estate markets, the financial scales have tipped in favor of homeownership, largely due to the wealth-building benefits of equity accumulation.
Real Estate News
AUGUST 22, 2024
Top execs discussed how the company is addressing industry practice changes, including its intention to display compensation on its listings.
Inman
AUGUST 22, 2024
Doug Millier and Wendy Gilch of Consumer Advocates in American Real Estate revealed to Inman on Tuesday the origins of the Moehrl case while sending a warning that the industry will be "under a microscope.
Housing Wire
AUGUST 19, 2024
The landmark date of Aug. 17, 2024 , has come and gone, and the real estate industry is still plugging along, despite the business practice changes mandated by the National Association of Realtors’ (NAR) commission lawsuit settlement agreement now being implemented nationwide. In the Greater Boston area, Linda O’Koniewski , the broker-owner of Leading Edge Real Estate , described the first few days of the business practice changes as “uneventful.
Appraisal Buzz
AUGUST 19, 2024
According to a new Redfin study , nearly one in ten (8.5%) American houses are valued at $1 million or more, the largest percentage ever. This is more than twice the 4% proportion that existed prior to the epidemic and up from 7.6% a year earlier. The record high in home prices—the median sale price nationally increased by 4% in June—has led to a record high in the percentage of American homes valued at $1 million or more.
Real Estate News
AUGUST 19, 2024
Redfin and iBuyer companies had the biggest gains in a rally following the Aug. 17 deadline for practice changes.
Inman
AUGUST 18, 2024
Join VESTAPLUS Vice President of Sales and Marketing Kelly Robinson and Product Manager Jonnathan Rivas for an exclusive tour of their top MLS products.
Housing Wire
AUGUST 20, 2024
As the cost of living remains elevated, more seniors — even those in “senior strongholds” like South Florida — are choosing to return to work. This pattern among seniors living in and around Fort Lauderdale was recently profiled in an article in the South Florida Sun Sentinel. It falls in line with a broader national trend indicating that nearly 20% of Americans ages 65 and older remain in the workforce, totaling about 10.6 million people.
Appraisal Buzz
AUGUST 23, 2024
The Five Star Academy-Powered by the FORCE , will present its latest webinar, “ Commercial Short Sale ,” set for Wednesday, August 28 from 1:00 p.m.-2:30 p.m. Central. Open to FORCE members and non-members, the Five Star Academy is more than an educational hub, but a repository of FORCE resources. It’s a platform that offers comprehensive education crafted and presented by top real estate professionals to help hone your skills and uncover new markets.
Real Estate News
AUGUST 21, 2024
In a court filing, lawyers called the nearly $37 million request “reasonable” and “appropriate” based on the risk and hours involved.
Inman
AUGUST 22, 2024
Seattle-based brokerage and portal Redfin laid off almost 100 Redfin Concierge support and sales managers on Thursday. The company said agents will now take the lead on Concierge services.
Housing Wire
AUGUST 20, 2024
Keller Williams is doing its best to live up to its reputation as a brokerage firm heavy on agent education. On Monday, the firm announced the launch of an agent resource webpage known as “Buyer and Seller Agent Tools to Thrive.” The resource guide is focused on helping agents navigate the business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement.
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