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The average 30-year fixed-rate mortgage dropped to 6.62% on Thursday, a new low for 2024 that appears to be tied to the expectation that the Federal Reserve could move to cut interest rates at its next meeting in September. This is according to data reported by Mortgage News Daily. On Wednesday, Fed Chair Jerome Powell indicated that a rate cut is a possibility after the September meeting if economic data continues to trend in the right direction.
Renters across the United States are grappling with soaring rental prices, a trend that shows no signs of slowing. According to a recent analysis by Forbes , rental prices have reached unprecedented levels, leaving many renters in a difficult position. Current Market Trends The latest data indicates that the average rent for a one-bedroom apartment has increased by approximately 10% over the past year.
Many homebuyers are waiting to see who the next president will be before continuing their home search, but it’s really the Fed that they should be watching.
Jobs reports trigger recession fears, sending rates on 30-year fixed-rate mortgages plunging to new 2024 lows as investors rotate out of stocks and into bonds.
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.
One of my critical forecasts for 2024 was the growth of new listings data and active inventory, even with higher mortgage rates. However, the new listings data has slightly disappointed me. Many of my CNBC interviews , starting from late last year and just last week , have been on this theme, and new listings have grown in 2024. But, I set targets with a minimum 80,000 new listings for at least one week at the seasonal peak and that didn’t happen; the peak so far was 72,329, and now we are enter
Homeowner equity in the United States saw a significant increase in the second quarter of 2024, according to ATTOM Data’s latest U.S. Home Equity & Underwater Report. The report reveals that 49.2% of mortgaged residential properties were considered equity-rich, a term indicating that the combined estimated loan balances secured by those properties were no more than half of their estimated market values.
Homeowner equity in the United States saw a significant increase in the second quarter of 2024, according to ATTOM Data’s latest U.S. Home Equity & Underwater Report. The report reveals that 49.2% of mortgaged residential properties were considered equity-rich, a term indicating that the combined estimated loan balances secured by those properties were no more than half of their estimated market values.
Redfin reports that the typical commission for buyer agents slipped to 2.55% ahead of the August 17 deadline for rule changes related to the NAR settlement.
We compared what you know with who you know in part 1 – in the context of diversity (or lack thereof) in the appraisal profession. In the past many appraisers entered the profession because they were born into it or married into it. A third path was to become an admin assistant (or secretary), learn […] The post What Do You Know? pt 2 appeared first on George Dell, SRA, MAI, ASA, CRE.
Prospective borrowers with strong credit are locking in mortgages this week at the lowest rates in more than a year, loan officers and lending executives told HousingWire on Friday. A sample of more than a dozen industry professionals said they were quoting most borrowers in the high 5% to low 6% range on government loans and in the mid-6% range for conventional mortgages.
As the 2024 presidential election approaches, 60% of prospective homebuyers say the election is impacting their homebuying plans, according to a new survey. The Veteran Homebuying Report, released today by Veterans United Home Loans, a national VA lender, highlights the significant effect political events are having on the real estate market. The online survey, conducted quarterly, gathered responses from more than 900 prospective homebuyers, including veterans, service members, and civilians.
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Move Inc. lawyers said that a former employee who went to work for CoStar accessed Realtor.com’s proprietary calendar containing future plans for articles.
Residential portal behemoth Zillow has settled its antitrust lawsuit against Arizona Regional Multiple Listing Service, Multiple Listing Service, Inc., over discontinuing its integration with ShowingTime+ in favor of MLS Aligned's listing platform.
Homebuyers often adjust their plans for the uncertainty that an election year can bring. With less than 100 days until the 2024 election, a majority of buyers are taking note. That’s according to survey results released Thursday by Veterans United Home Loans, which show that 60% of prospective buyers are taking the election into account. Even more dramatic is that 38% of homebuyers are pausing their search until after Election Day.
The market is getting more buyer-friendly as a result of a combination of increasing inventory levels and price decreases, according to Realtor.com’s July housing data. In July 2024, the number of active homes for sale increased by 36.6% from the same month the previous year, reaching a post-pandemic high. At the same time, the percentage of listings with price reductions reached 18.9%, the highest level since October.
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As expected, the Fed held steady on rates today, but signaled the possibility of cuts in September. That might not mean big drops in mortgage rates, however.
Robert Reffkin on Wednesday said clear cooperation attaches "negative insights" to listings, and predicted the polarizing anti-pocket listing rule is ultimately doomed.
Job creation continued to slow in July as unemployment spiked, which economists say is good news for the Federal Reserve and the housing industry. Data from the U.S. Bureau of Labor Statistics released on Friday shows that total nonfarm payroll rose by 114,000 jobs in July, below analysts’ expectations, and well below the average of monthly gain for the past 12 months of 215,000 jobs.
Recent data from First American (First Am) Data & Analytics’ Real House Price Index (RHPI) reveals a significant shift in the housing market, with increased housing supply leading to improved affordability in some areas. First Am’s Chief Economist Mark Fleming emphasizes that as housing supply grows, affordability tends to improve, diminishing the dominance of a seller’s market.
Not every agent can or should communicate their value through "bold statements," agents said during a panel at Inman Connect Las Vegas. That's why remaining authentic to oneself is paramount.
Although Americans have complained about high housing costs for decades, their concerns have taken on a fevered pitch recently. At first glance, these concerns seem reasonable: home prices have increased by more than 50% since the end of 2019. This is an annual growth rate of almost 14%—far higher than the long run average rate of 4%. We’ve recently lived through an unusually rapid run-up in home prices.
A new paper by Harvard University’s Joint Center for Housing Studies examines 11 state and local programs created to address the housing needs of middle-income renters. The programs studied in “ Subsidizing the Middle: Policies, Tradeoffs, and Costs of Addressing Middle-Income Affordability Challenges ” provide direct and indirect public subsidy, everything from grants and loans to property tax exemption and government guarantee of construction loans (see table below).
The company said its contract — which will be available in 24 states — was designed to “help agents navigate new requirements” related to the NAR settlement.
Matterport appeals lower court ruling that awarded $79 million to former CEO Bill Brown over rules that prevented him from selling his shares when the company went public.
The rising supply of homes for sale has yet to put a serious dent in affordability concerns, but it might be starting to. That’s according to First American ’s monthly Real House Price Index, which shows a national price decline of 1.3% from May to June. The index measures nominal home prices and adjusts them to account for changes in household income and interest rates.
The typical U.S. home seller pays a 2.55% commission to the real estate agent hired by their home’s buyer, according to a new analysis of MLS data by Redfin —down from an average of 2.62% reported in January. Commissions have been gradually declining over the past decade, from an average of 2.89% in 2013 to 2.66% in 2023. It’s possible that news of a legal settlement by the National Association of Realtors (NAR) in March has contributed to the recent decline by making consumers more aware they c
While still sluggish, it’s a sign that demand is lurking, and sales “would have been even higher” if buyers weren’t waiting for mortgage rates to drop.
A surprising share of homebuyers are seeking to "move up" in home. And the next wave of clients may have different priorities in mind, according to the Inman-Dig Insights consumer survey.
Rapidly rising home prices are bad news for prospective buyers, but they’re proving quite beneficial for homeowner equity. That’s according to a new report from ATTOM Data Solutions that found that in the second quarter of 2024, 49.2% of mortgaged homes were “equity-rich,” defined as having a loan balance of less than half of the estimated market value of those homes.
Young adults residing with family for financial reasons, middle-aged homeowners caring for ailing parents or aging grandparents, or close-knit kin cohabiting because they enjoy one another’s company—the reasons vary, but, per Pew Research Center , more than 59 million Americans today live in multigenerational households. That’s about four times what it was in the 1970s.
eXp showed growth in revenue and transactions as execs pitched the company’s value prop ahead of August 17 rules changes mandated by the NAR settlement.
The multi-talented "Married to Real Estate" star teased the fourth season of her wildly popular HGTV reality show ahead of her appearance TODAY at Inman Luxury Connect in Las Vegas.
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