Sat.Aug 05, 2023 - Fri.Aug 11, 2023

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Mortgage delinquency rate falls to lowest level since 1979

Housing Wire

The Mortgage Bankers Association (MBA) reported that the mortgage delinquency rate fell to its lowest level since it began tracking this metric 43 years ago, supporting claims the economy is on the cusp of a turnaround. “Buoyed by a resilient job market, homeowners are continuing to make their mortgage payments,” Marina Walsh, the MBA’s vice president of industry analysis, said in a statement.

Mortgage 370
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A hot & cold housing market

Sacramento Appraisal Blog

New construction has been on fire, but the resale market has been cold. It’s been stunning to see the difference in volume between both markets. Let’s talk about the trend and look deeply into what’s going on with concessions. Scroll quickly by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 8/18/23 Market & Mimosas (register […] The post A hot & cold housing market first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Agents scramble as cyberattack freezes MLSs nationwide

Real Estate News

MLS system provider Rapattoni has been down since midweek, leaving tens of thousands of agents unable to add listings and update information.

Agents 246
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How Close is Close Enough?

George Dell

How do you measure “close enough” to a market value? We have standards you know! Editor’s Note: This is Standards, part 3.10 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. Valuation is numbers. Some numbers are numbers, like building SqFt. Other numbers are exact like […] The post How Close is Close Enough?

Valuation 195
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Unlock The Blueprint: How To Construct A Better Payment Workflow

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 With construction projects becoming more complex, outdated processes are no longer sustainable.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.

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UWM is profitable in Q2 as origination volume jumps to $32B

Housing Wire

UWM Holdings Corporation , the parent of United Wholesale Mortgage (UWM), was another mortgage lender that returned to profitability in the second quarter of 2023, just like its primary competitor Rocket Companies and the origination segments of Mr. Cooper and Pennymac. UWM’s performance was boosted by an increase in the fair value of mortgage servicing rights ( MSRs ) and higher origination volumes, despite lower margins from April to June, per documents filed with the Securities

Training 370

More Trending

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Want to get top dollar for your seller? Stick with the MLS

Real Estate News

Two regional studies of home sales found that properties listed on the MLS sold for significantly more than homes sold off-MLS.

Sellers 238
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Rapattoni hit with ransomware attack, paralyzing MLSs and agents

Inman

Federal investigators are working with MLS software company, and its insurance carriers are negotiating with hackers, who have prevented new data from being input after the Aug. 9 attack.

Agents 148
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Mortgage rates rise again, but look poised to drop in the fall

Housing Wire

The 30-year fixed mortgage rate continued its upward trajectory for the third consecutive week, rising to 6.96%, according to Freddie Mac. Since the last FOMC meeting in July, all eyes have been fixed on Thursday’s Consumer Price Index release. Another rate hike in September would move the target federal funds rate to its highest level since March 2001.

Mortgage 369
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Housing Costs Persist as Key Driver of Inflation

Eyes on Housing

Consumer prices showed a slight uptick in July, with core inflation remained sticky, ending a streak of 12 consecutive months of steady declines. Despite a slowdown compared to the previous month, the shelter index (housing inflation) continued to be the largest contributor to both headline and core inflation, accounting for over 90% of the increase in headline inflation.

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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

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.

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RE/MAX CEO to agents: Don't expect to 'get rich off somebody else's back'

Real Estate News

At a conference this week, Nick Bailey said the company’s value lies in its strong brand identity and agent experience — not downlines or profit sharing.

Agents 219
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Glennda Baker is recognized by her stars anywhere. That’s the point

Inman

Brokerages need agents and their personal brands, more than agents need the backing of brokerage brands Baker argued at Inman Connect on Thursday. "My name is Glennda Baker, and I am a brand.

Brokerage 148
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Wells Fargo’s new down payment grant program offers $10K to eligible buyers

Housing Wire

Wells Fargo rolled out a down payment grant program that will offer $10,000 to eligible buyers or homeowners who currently live in or are purchasing homes in underserved communities in eight metropolitan areas. The Homebuyer Access grant program is available to those who have a combined 120% or less of the area median income (AMI). The grant funds can only be used toward the down payment on a Wells Fargo fixed-rate conventional loan secured by a property that will be the purchaser’s primar

Buyers 369
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Price Growth of Key Building Materials Moderates Further

Eyes on Housing

According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) edged up 0.2% in July (not seasonally adjusted). Building materials price growth has slowed considerably in 2023 with an average monthly increase of 0.2%–down from 0.7% in 2022 and 1.5% in 2021. Not since prior to the COVID-19 pandemic has.

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Mortgage rates return to peak levels, inflation ticks up

Real Estate News

Average rates reached 6.96% again after rising three weeks in a row, and after falling last month, inflation crept back up.

Mortgage 211
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Agents and loan officers need to end the animosity, panel says

Inman

"There needs to be a little more respect" between real estate agents and loan officers, panelists Padi Goodspeed, Kathy Helbig-Strick and Katie Sweeney discussed at Inman Connect Las Vegas.

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Mortgage payoff fraud rises 532% quarter-over-quarter: CertifID

Housing Wire

With home sale transactions down, fraudsters are turning to mortgage payoff fraud to secure bigger payouts. Mortgage payoff fraud occurs when a title company mistakenly sends a mortgage payoff to a fraudulent bank account after receiving wiring instructions that appear to be from the mortgage servicer. The instructions, however, are actually from fraudsters.

Mortgage 366
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Mortgage Activity Decreases for Third Straight Week

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending August 4th, total mortgage activity decreased 3.1% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose 16 basis points to 7.09%. The FRM rate has fluctuated between 6.9% and 7.1% over the past month.

Mortgage 133
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Record-high home prices are back in many metros

Real Estate News

A new Black Knight report reveals major gains in the Midwest and Northeast, signals an end to the U.S. housing correction.

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EXp Realty’s Claudia Inoa: ‘We don’t have to just be agents’

Inman

Real estate agent, podcast host, coach and event creator Claudia Inoa encouraged the Inman Connect Las Vegas audience Tuesday to be open to new opportunities.

Agents 148
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Housing inventory stalls: Less than 3K homes added

Housing Wire

The housing inventory data from last week makes me wonder if we are starting the seasonal decline in active listings in August. Mortgage rates also had a crazy week and purchase apps fell once again. Weekly active listings rose by only 2,939 Mortgage rates went from 7.04% to 7.20% and back to 7.03% Purchase apps were down 3% from week to week Weekly housing inventory Traditionally, we would see a seasonal decline of active listings for single-family homes going into the fall, but seeing less tha

Inventory 363
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The Appraisal Type Everyone Should Avoid at All Costs! 5 Appraisal Types

JMV Lending

Today’s blog was written by JVM’s Appraisal Manager, Taylor Allen. She orders our appraisals, manages our appraisal team, carefully curates and manages our huge stable of appraisers, reviews appraisals, rebuts appraisals, provides comparable sales data, and understands loan guidelines. How any firm operates successfully without someone like Taylor is completely beyond me.

Appraisal 114
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Kofi Nartey to drive growth at Real, 'share what I have learned'

Real Estate News

The billion-dollar sports and entertainment broker has moved his Globl RED team to The Real Brokerage where he will serve as national growth leader.

Brokerage 206
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Real estate is having its Blockbuster vs. Netflix moment

Inman

At Inman Connect Las Vegas, real estate strategist Mike DelPrete explained the "unfair advantage" of the low-fee business models and how agents are the ultimate solution to the real estate industry's survival.

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Opinion: The GSEs are targeting IMBs on buybacks

Housing Wire

I am going to be controversial here. The GSEs have become more aggressive in their levels of buybacks with lenders. I say this without the benefit of the specific data, and I would love to see some from Fannie Mae and Freddie Mac , or the FHFA , but in the absence of that, I have interviewed a wide variety of lenders, all IMBs, and the feedback is consistent.

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Dramatic Apartment Construction Time Lengthening in 2022

Eyes on Housing

The average length of time to complete construction of a multifamily building, after obtaining authorization, was 19.8 months, according to the 2022 Survey of Construction (SOC) from the Census Bureau. The permit-to-completion time in 2022 was 2.3 months longer than in 2021, as supply-chain issues and the ongoing skilled labor shortage challenged the industry.

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Appraisal fairness improving, reversing a decade-long trend

Real Estate News

A new analysis of federal data found that the racial home appraisal gap has narrowed since the formation of the PAVE task force.

Appraisal 201
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Jon Cheplak doles out tough love to brokers on agent attrition

Inman

"Stop interviewing," Cheplak urged. "You need to interrogate." The real estate coach and leadership expert shared advice Wednesday at Inman Connect Las Vegas.

Agents 148
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Home prices hit new peaks in 30 of the 50 largest US markets: Black Knight

Housing Wire

Home prices are going up across the country after slowing for more than a year, according to a new report from data and analytics company Black Knight. The report found that nationally, home prices in June rose by 0.67% month-over-month on a seasonally adjusted basis. Meanwhile, the annual home price increase was 0.8% in June, up from just 0.2% in May.

Marketing 359
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Appraisal Bias – A Counterpoint

Appraiserblogs

It is a fact that 85% of appraisers are white with the majority of them being middle-age white men, although that is rapidly changing. The bias argument presupposes they are inherently more biased than women, Hispanic, African American, Asian, Pacific-islander, etc. We simply don’t have enough data to verify whether this is true or not. Therefore, as the argument goes, white appraisers must be biased.

Appraisal 110
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Brokerage Beat: News from E&V, Christie's, eXp, more

Real Estate News

E&V opens new shops in SW Florida, Atlanta; Caribbean firm joins Christie's; eXp gains 82-agent team; Premier Sotheby's hires managing broker; more.

Brokerage 194
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3 sustainable design features that will define the future of luxury real estate

Inman

Luxury real estate has always been an “early adopter” of innovative design technologies, and its evolution has ramifications for the entire real estate industry. That’s why it’s so fascinating to watch the development of sustainable design.

Design 148
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Four ways real estate agents and brokers can leverage artificial intelligence

Housing Wire

The advent of artificial intelligence (AI) has been sending shockwaves across nearly every industry, and real estate is no exception. While our industry is notorious for its lethargic adoption of new technologies, it is inevitable that AI will reshape many of the traditional and archaic processes that exist today. Those unwilling to embrace and adopt these cutting-edge tools will likely be left behind.