Housing Wire

AUGUST 1, 2024

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.

Mortgage 518

Mortgage Inventory Marketing 518

Appraisal Buzz

JULY 29, 2024

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.

Law 434

Law Tenants Construction Marketing 434

Real Estate News

AUGUST 1, 2024

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.

Buyers 313

Buyers 313

Inman

AUGUST 2, 2024

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.

Mortgage 196

Mortgage Investors Marketing 196

Housing Wire

AUGUST 2, 2024

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.

Mortgage 513

Mortgage Clients Loan Officers Lending 513

Appraisal Buzz

AUGUST 2, 2024

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.

Home Value 418

Home Value Market Value Housing Market Mortgage 418

George Dell

JULY 31, 2024

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.

Appraisal 195

Appraisal Valuation 195

Housing Wire

AUGUST 2, 2024

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.

Marketing 476

Marketing Mortgage Construction Transportation 476

Appraisal Buzz

AUGUST 2, 2024

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.

Finance 418

Finance Government Real Estate Housing Market 418

Real Estate News

JULY 27, 2024

To align with the NAR settlement, eXp has issued a new listing form that explicitly states that there is no commission sharing with a buyer's agent.

New Listings 297

New Listings Agents Buyers 297

Inman

AUGUST 1, 2024

Inman honored 12 individuals and companies at its 26th annual Innovator Awards on Thursday, including awards for company, brokerage and innovator of the year. See the full list of winners.

Realty 190

Realty Brokerage Real Estate Technology 190

Housing Wire

JULY 27, 2024

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

New Listings 473

New Listings Inventory Mortgage Sellers 473

Appraisal Buzz

AUGUST 1, 2024

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.

Inventory 418

Inventory Sellers Buyers Housing Market 418

Real Estate News

AUGUST 1, 2024

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.

Contracts 294

Contracts Design Agents 294

Inman

JULY 31, 2024

Robert Reffkin on Wednesday said clear cooperation attaches "negative insights" to listings, and predicted the polarizing anti-pocket listing rule is ultimately doomed.

Realtors 188

Realtors Marketing 188

Housing Wire

AUGUST 1, 2024

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.

Housing Market 460

Housing Market Finance Buyers Marketing 460

Appraisal Buzz

JULY 29, 2024

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.

Marketing 418

Marketing Inventory Housing Market Mortgage 418

Real Estate News

AUGUST 2, 2024

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.

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Inman

AUGUST 1, 2024

The Kennedy family scion and presidential contender also argued Thursday at Inman Connect Las Vegas that democracy depends on people maintaining "a posture of fierce skepticism.

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Housing Wire

AUGUST 1, 2024

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.

Market Value 456

Market Value Home Value Housing Market Buyers 456

Appraisal Buzz

AUGUST 2, 2024

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

Agents 397

Agents Sellers Real Estate Agent Brokerage 397

Real Estate News

JULY 31, 2024

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.

Mortgage 279

Mortgage 279

Inman

JULY 31, 2024

A new draft seller contract that eXp Realty is distributing to its brokers and agents is largely consistent with a newly issued set of criteria from the Consumer Federation of America, the watchdog group said this week.

Contracts 183

Contracts Sellers Realty Agents 183

Housing Wire

JULY 30, 2024

Mr. Cooper Group has priced the issuance of $750 million in debt to refinance outstanding mortgage servicing rights (MSR) facilities, an announcement that comes only four days after making public its billion-dollar acquisition of Flagstar Bank ‘s servicing assets. On Monday, the mortgage lender and servicer said that its debt offering to qualified investors through subsidiary Nationstar Mortgage Holdings will bear an annual interest rate of 6.5% that is payable semiannually.

Investors 450

Investors Contracts Mortgage Marketing 450

Appraisal Buzz

JULY 30, 2024

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).

Government 399

Government Property Taxes Construction Appraisal 399

Real Estate News

JULY 31, 2024

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.

Buyers 279

Buyers Mortgage 279

Eyes on Housing

JULY 31, 2024

The U.S. homeownership rate was 65.6% in the second quarter of 2024, unchanged from the first quarter of 2024, according to the Census’s Housing Vacancies and Homeownership Survey (HVS). However, this marks the lowest rate in the last two years. The homeownership rate is below the 25-year average rate of 66.4%, due to a multidecade.

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Housing Wire

JULY 30, 2024

Rate has hired a new head coach. The Chicago -based mortgage lender announced Tuesday that it’s bringing on Daniel Manginelli to lead its sales coaching program, which is designed to help mortgage professionals implement best practices and improve performance. According to the company, the coaching program for salespeople makes Rate one of only 10 mortgage companies with in-house coaching. “We hold back nothing in providing our professionals with world-class training and ensuring that our

Tools 448

Tools Training Design Finance 448

Appraisal Buzz

AUGUST 2, 2024

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.

Construction 397

Construction Finance Business Appraisal 397

Real Estate News

JULY 29, 2024

South Florida’s Broward, Palm Beaches & St. Lucie Realtors is taking a two-pronged approach, using ads to educate consumers while helping members stay informed.

Realtors 274

Realtors 274

Inman

JULY 30, 2024

At the new Homes.com, we always present the listing agent and only the listing agent on any home for sale on our site. Our philosophy is that the leads on an agent’s listings are theirs alone and not anyone else’s to pilfer and sell.

Agents 180

Agents 180

Housing Wire

JULY 31, 2024

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.

Finance 445

Finance Construction Mortgage Investing 445

Appraisal Buzz

JULY 31, 2024

In a new report, an estimated 4.8% increase was reported in June pending home sales by the National Association of REALTORS (NAR). There were gains in transactions each month in all four U.S. regions. The West had an increase year-over-year, while the Northeast, Midwest, and South saw decreases. “The rise in housing inventory is beginning to lead to more contract signings,” said Lawrence Yun, NAR Chief Economist.

Contracts 397

Contracts Inventory Buyers Housing Market 397

Real Estate News

JULY 30, 2024

The Houston Association of Realtors formed a data share partnership with the largest Latin American MLS, giving members access to listings across 22 countries.

Realtors 266

Realtors Marketing 266