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Did the recent move lower in mortgage rates turn the housing market positive? With mortgage rates moving almost 75 basis points lower from the highs, does the data show that demand has improved? Let’s take a dive in the weekly tracker to see. Purchase application data Last year, when mortgage rates fell from 7.37% to 5.99% , we got three good months of positive purchase application data until the first week of February before mortgage rates started to run higher from 6%-8%.
It’s time to run toward the housing market. Today, I have some quick thoughts of encouragement for the real estate community as we look to 2024. I know it’s a holiday week, but I really want to share this message. And I have some cool stats too. Scroll quickly or digest slowly. UPCOMING (PUBLIC) SPEAKING […] The post Run toward the housing market in 2024 first appeared on Sacramento Appraisal Blog.
Editor’s Note: This original Gratitude post written by George Dell appeared in The Analogue Blog on November 21, 2018. A lot has transpired in five years. (The understatement of the Century!) But our gratitude is stronger than ever after all these years. Editor’s Note: Check out the later post from November 26th, 2019 here: Does […] The post Gratitude: a Redux appeared first on George Dell, SRA, MAI, ASA, CRE.
Fidelity National Financial, parent company of Chicago Title and more, is blocking access to title and escrow services while it investigates a security breach.
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.
Going more in-depth than a Fed meeting, our virtual Housing Market Update event provides you with the strategy-building insights needed to operate in 2024. It’s a savagely unhealthy housing market out there, and these economists unpack what that means for you. Register for the virtual event on Dec. 11 here. In a typical year, there are about 5.2 million sales of existing homes nationally and home prices rise by about 4%.
An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower.
Has the epic crash in existing home sales finally found a workable bottom to rise from? The 10-year yield will be our guide, as I discussed on CNBC very early in 2023. Where the 10-year yield goes, so goes housing! I say this because of the slow dance between the 10-year yield and 30-year mortgage rates since 1971. Last year, the 10-year yield fell from 4.25% to 3.37%, pushing mortgage rates lower from 7.37% to 5.99%.
Two closely watched forecasts agree that mortgage rates have probably peaked, but diverge sharply on how quickly they'll come down over the next two years.
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.
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates a slowing market for custom home building after a recent gain in market share. There were 50,000 total custom building starts during the third quarter of the year. This marks an almost 17% decline compared to the third quarter of 2022, consistent with weakness experienced.
Mortgage applications rose to their highest level in six weeks after the 30-year fixed mortgage rate fell to 7.44% last week. Total home loan applications increased 3% for the week ending Nov. 17 compared to the previous week , according to data from the Mortgage Bankers Association (MBA). Mortgage rates for the 30-year fixed loan averaged 7.44%, falling 6 basis points in one week, according to Freddie Mac ‘s Primary Mortgage Market Survey.
The Inman Intel Index goes beyond sentiment and trends by tapping into the most engaged community in real estate to understand what the industry is thinking today, and tomorrow.
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.
Existing home sales in October fell to the lowest level since August 2010, as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the fourth consecutive month of year-over-year median sales price increase.
Real estate agents hate change — but lawsuit outcomes like buyer agreements and greater transparency are nothing to fear, says industry veteran Phil Faranda.
For the fourth consecutive month , homebuilder confidence sank in November, according to the National Association of Home Builders /Wells Fargo Housing Market Index published last week. The pessimistic streak is especially notable given that the fall months have recently been lucrative for builders. The index fell to 34 in November, well below the 50 mark that divides bullish and bearish sentiments.
Gone are the days of collecting business cards and cramming them into an overstuffed Rolodex. These days, customer relationship management (CRM) software is the tool that makes keeping client information safe and accessible.
Single-family built-for-rent construction has cooled as investor interest has pulled back on tighter financial conditions, leading to flat construction conditions after recent gains. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 17,000 single-family built-for-rent (SFBFR) starts during the third quarter of 2023.
Let’s not sugarcoat it: 2023 was a bad year for the housing market. Mortgage rates eclipsed 8% at one point, inventory hit all-time lows, and home prices continued to climb. Next year, however, is shaping up to be better, according to Morgan Stanley. Analysts at the firm say that in 2024 the U.S. will avoid a recession, mortgage rates will fall, incomes will continue to rise and an uptick in listings will spur more housing activity.
Nonfarm payroll employment increased in 25 states in September compared to the previous month, while 22 states lost jobs. The District of Columbia, North Dakota, New Mexico, and Virginia reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 150,000 in October, following a gain of 297,000 jobs in September.
Fidelity National Financial (FNF) was attacked by a “cybersecurity incident” that led the system to shut down some of its network, the company said. FNF blocked access to certain systems, which resulted in disruptions to title insurance, escrow and other title-related services, as well as mortgage transactions and technology for the real estate and mortgage industries, according to a filing with the U.S.
As human beings, we often think of the cost of things. It is my opinion that we think about the cost too much. It keeps us from achieving something truly great. For instance, we may consider starting to get up and exercise every morning, but decide against it when we consider the 30 minutes of sleep we’re going to lose by getting up early to exercise.
You might have heard about AI in sci-fi movies or tech conferences, but do you know that it’s a game-changer for real estate agents too? That’s right! Artificial Intelligence (AI) is your secret sauce to becoming the ultimate authority in the real estate world. In this article, we’re going to dive into the incredible ways AI can skyrocket your authority and set you apart from the competition.
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