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Home prices have remained firm over the last two months, even with higher mortgage rates and inventory data. Our weekly tracker data is created to look ahead of the traditional monthly reports such as Case Shiller and the NAR existing home sales report, and what I have seen over the past few weeks has shocked me. I want to show you how the data changed with mortgage rates heading toward 6% so the next time this happens, we have a better idea of what to expect in the housing market.
A new report from the Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) takes a closer look at the shifting demographics for older Americans over 50 and the impact on the nation’s housing supply. The report, authored by Gary V. Engelhardt , Professor of Economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University, and Faculty Associate in the Syracuse University Aging Studies Institute, found that as older Americans continue to remain
A time adjustment is needed because all our sales data is historical. A sale price 6 months ago cannot be properly reflected in today’s dollars. Two parts. Two components. Two reasons: The value of the dollar has changed. The competing market price level has changed. Editor’s Note: This blog is part 3 on the Time […] The post Time for Time Adjustment?
Home affordability improved as mortgage rates dipped, bringing the monthly mortgage payment on a typical single-family home with a 20 percent down payment to $2,137 — a 5.5 percent decrease from Q2, though still up 2.4 percent year over year.
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.
Climate change is increasing the intensity and severity of natural disasters. It’s resulting in calls to reimagine the costs of homeowners insurance (Image generated by AI in Midjourney) As the planet warms and extreme weather intensifies, the rising cost of homeowners insurance is stopping real estate deals in their tracks. In just the past two months, two major hurricanes battered Florida, inflicting physical and financial damage that is projected to exceed $100 billion.
Ironically, California has one of the most expensive housing markets in the U.S. despite its year-round pleasant weather and thriving business. Residents are leaving at a startling rate due to skyrocketing real estate prices and rising living expenses. Arizona is rapidly overtaking Texas as the most popular place for Californians to relocate. In actuality, almost 630,000 Californians, or the population of Tucson, have relocated to Arizona in the last ten years.
Ironically, California has one of the most expensive housing markets in the U.S. despite its year-round pleasant weather and thriving business. Residents are leaving at a startling rate due to skyrocketing real estate prices and rising living expenses. Arizona is rapidly overtaking Texas as the most popular place for Californians to relocate. In actuality, almost 630,000 Californians, or the population of Tucson, have relocated to Arizona in the last ten years.
State officials estimated that Measure 4 would cost North Dakota $3.15 billion in lost revenue over two years. Realtor.com Chief Economist Danielle Hale cautioned that while North Dakota’s property tax system might benefit from reform, eliminating it entirely could create even greater challenges.
The COVID-19 pandemic impacted the housing market like no event since the 2008 financial crisis, but some of the trends induced by the pandemic are starting to reverse. That’s evident in the annual profile of home buyers and sellers from the National Association of Realtors (NAR), which provides data on dozens of real estate trends. When the pandemic began in the spring of 2020, wealthy residents of urban centers like New York City and San Francisco packed their bags for rural areas and small to
The CoreLogic has released the Home Price Index (HPI) and HPI Forecast for September 2024. In September, the annual growth rate of U.S. home prices slowed to 3.4%. After months of moderate monthly losses, property prices recovered to register a very minor rise (0.02%) when compared to the previous month. All things considered, since late summer, home prices have remained largely unchanged.
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.
Trends in Commercial Real Estate You Don’t Want to Miss Despite high interest rates, inflation, increasing building costs and rent hikes, the future of commercial real estate in British Columbia is looking brighter than ever. British Columbia continues to withstand and adjust to market challenges by embracing commercial real estate trends. Easily adapting to change is key to maintaining resilience in the fast-paced real estate sector.
Zillow tallied $581 million in revenue between July and September, according to Q3 earnings released Wednesday. Revenue from the portal's mortgage business hit $39 million, a 63 percent increase from 2023.
In efforts to escape “sky-high real estate prices” and rising costs of living, California residents are favoring Arizona as a top relocation destination behind only Texas. That’s according to a report released Monday by StorageCafe , a national marketplace for storage space and an affiliate of real estate data provider Yardi. The report reviewed U.S.
U.S. home prices increased 0.2% in September compared with October and were up 3.4% compared with September 2023, according to CoreLogic. It was the slowest growth rate for home prices nationally in over a year, CoreLogic says in its latest home price index report. Currently, the firm is predicting that home price growth will slow to 2.3% by the same time next year.
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.
Growth across all major divisions, which the company attributed to strong conversions and agent partnerships, produced double-digit gains in the third quarter.
There are signs of a new horde of deadbeat borrowers, but the foreclosure filings are being delayed and masked by the government itself. Some of the current deadbeat borrowers will learn to expertly work the system… In 2022, a San Ramon, California, couple who hadn’t made a mortgage payment since 2009 was finally evicted. Anita and Mahesh Khurana had put on a masterclass in the use of the courts to keep foreclosure at bay.
The role of the real estate agent has been under the microscope of late as a result of class-action litigation over agent commissions, but the feedback agents want most about their practices comes from two sources — home buyers and sellers. A new report from the National Association of Realtors (NAR) surveyed buyers and sellers on what they want from their real estate agents.
According to a recent Zillow poll, nearly half of recent homebuyers who obtained a mortgage did so at a rate lower than 5%. Even though mortgage rates are currently close to 7%, many purchasers who bought a home within the last year used unconventional thinking to become homeowners. By the fall of 2023, mortgage rates had risen from historic lows of 2.65% in 2021 to a decade-high of 7.79%.
HUD and FHFA executives spoke recently about ways the federal government should get more involved in issues like zoning, mortgages, insurance and appraisals.
Wages for residential building workers grew at a fast pace of 9.9% in September, following a 10.8% gain in August. These year-over-year growth rates in the past four months were unprecedented in the history of the data series since 1990. After a 0.3% increase in June 2023, the YOY growth rate for residential building worker.
Realtors are not the only ones gathering in Boston this week for the National Association of Realtors ‘ NXT conference. On Thursday, MLS leaders took center stage at several conference sessions, including discussions of the business practice changes driven by the NAR commission lawsuit settlement and how the role of the MLS — and the MLS-broker relationship — has evolved as a result.
In its latest Lending Intelligence Report, J.D. Power examines artificial intelligence and its emergence in the mortgage marketplace. In the report “ With AI-Powered Chatbots Coming to Customer Service, Are Mortgage Customers Ready? ” three-fourths of business leaders said they were planning to escalate their AI investments as they continue to see positive strides in customer service functionality.
In the short term, expect "rising and more unpredictable mortgage rates." But the Fed will likely stay the course and issue a modest rate cut this week.
In October, mortgage rates reversed their recent downward trajectory, returning to levels two months earlier. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage increased 25 basis points (bps) from September to 6.18%. The 15-year fixed-rate mortgage saw an even steeper increase of 34 bps to land at 5.60%. These increases coincided.
Home prices continue to rise, but they’re rising in slightly fewer areas of the country. Data released Thursday by the National Association of Realtors (NAR) shows that during the third quarter of 2024, home prices grew in 87% of the 226 metropolitan areas analyzed. That share is down from 89% in the second quarter. In addition, 7% of metro areas analyzed experienced double-digit home-price growth, which is down from 13% in Q2 2024.
According to the National Association of Realtors ‘ (NAR) 2024 Profile of Home Buyers and Sellers, the market share of first-time homebuyers fell to a historic low of 24% (down from 32% last year), while the average age of home buyers reached all-time highs of 56 years (compared to 49 last year), 38 years for first-time buyers (compared to 35 last year), and 61 years for repeat buyers (compared to 58 last year).
ALL YOU SHOULD KNOW ABOUT FLORIDA HOAs Buying a home in an area with HOA (Homeowners Association) fees can be tricky, especially since many people aren’t familiar with the process. However, it definitely has its pros and cons. Although it might not seem so at first, HOAs in Florida are there to help you as a homeowner. People usually only see the burden of following the rules instead of focusing on the benefits they get from a Homeowners Association.
As the cost of buying a home has risen faster than the cost of renting for the past four quarters, it’s no surprise that renter households are witnessing more growth than their owner-occupied counterparts. The surge in renter households is outpacing the growth of homeowners in the U.S., as there are now a record 45.6 million renters. That was up 2.7% year over year, according to a new Redfin report.
The third-quarter 2024 study from ATTOM examines eligible low-income Opportunity Zones that Congress designated for economic revitalization under the 2017 Tax Cuts and Jobs Act. In this analysis, ATTOM examined 3,857 U.S. zones that had at least five home sales in the third quarter of 2024 and had enough data to analyze. According to the analysis, in 53% of Opportunity Zones nationwide with sufficient data to measure, median prices for single-family homes and condos rose between the second and t
Optimize retail operations this holiday season with efficient, digital audit solutions As the holiday season approaches, retailers are gearing up for the busiest time of the year. The need for efficient processes is at an all-time high, and one area that can significantly benefit from digital transformation is the retail audit. By switching to digital checklists, retailers can streamline their audit processes, improve accuracy, and free up time for essential tasks.
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