Housing Wire

JUNE 11, 2024

The U.S. Department of Veterans Affairs (VA) on Tuesday issued a temporary fix that will allow homebuyers using VA loans to pay for their real estate agent’s commission — i.e., the buyer-broker fee. The change, a result of the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , was anticipated late last month and commented on by Michelle Corridon, the deputy policy director at the VA.

Buyers 523

Buyers Real Estate Real Estate Agent Brokerage 523

Appraisal Buzz

JUNE 14, 2024

Home sales dipped 1.7% month-over-month in May on a seasonally adjusted basis, and 2.9% year-over-year, according to a recent Redfin study. There have only been two months in the last decade with fewer home sales: October 2023, when mortgage rates reached a 23-year high, and May 2020, when the pandemic brought the housing market to a halt and home sales to an all-time low.

Sellers 435

Sellers Buyers New Listings Mortgage 435

Sacramento Appraisal Blog

JUNE 12, 2024

Dear Sellers, if you’re overpriced, I have some thoughts for you today. This is coming from a good place, and I want you to have success in selling your home if that’s what you really want to do. Scroll by topic and let me know if you have any questions or thoughts. I hope this […] The post An open letter to overpriced sellers first appeared on Sacramento Appraisal Blog.

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Sellers Appraisal Housing Market Marketing 369

Real Estate News

JUNE 11, 2024

A new survey of lenders reveals a 38 basis point difference between mortgage rates by state, which can mean hundreds of dollars a year for borrowers.

Mortgage 345

Mortgage 345

Housing Wire

JUNE 10, 2024

The average cost of homeownership has increased by 26% over the past four years to more than $18,000 annually, according to Bankrate ’s newly released Hidden Costs of Homeownership study. The increase reflects rising home prices, which went up 40% since the beginning of the COVID-19 pandemic , mainly due to a lack of inventory, according to the study.

Property Taxes 518

Property Taxes Insurance Home Value Inventory 518

Appraisal Buzz

JUNE 13, 2024

Homeownership remains a common aspiration for many Americans, yet it is often difficult to obtain. This is especially true for single parents, who often have less money to purchase a home than married couples. This is according to Jacob Channel , Senior Economist for LendingTree. We’ve previously discussed single-parent problems, and discovered that the majority of single mothers do not own a home.

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Appraisal 418

Real Estate News

JUNE 13, 2024

Buyers have more inventory to choose from, but the uptick in demand could be short-lived as the lock-in effect and price growth continue to stymie sales.

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Inventory Mortgage Buyers 331

Housing Wire

JUNE 8, 2024

Given last week’s surprising jobs report, how much longer will we have to deal with higher mortgage rates ? The labor data will be the key to answering that question. It’s essential to track the labor data along with inflation because the key to getting lower mortgage rates for longer lies with the labor data more than inflation. That makes this week another one to watch since we will have CPI inflation and the Federal Reserve meeting results on Wednesday.

Mortgage 508

Mortgage Inventory New Listings Contracts 508

Appraisal Buzz

JUNE 11, 2024

The U.S. Department of Veterans Affairs (VA) has announced in Circular 26-24-14 that eligible veterans, active-duty servicemembers, and surviving spouses who use VA-guaranteed home loan benefits can pay for certain real estate buyer-broker fees when purchasing a home. The VA home loan program, which celebrates its 80th anniversary later this month, has provided more than 28 million loans to veterans to date.

Realtors 418

Realtors Real Estate Buyers Sellers 418

Inman

JUNE 10, 2024

As compliance becomes even more top of mind for the industry, Realtracs CEO Stuart White writes, MLSs have an enhanced role as a reliable resource to support professionals in following developing processes and procedures.

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Tools Development Brokerage Agents 200

Real Estate News

JUNE 10, 2024

At a town hall event, Keller Williams leadership addressed agents’ concerns, acknowledged that “change is not comfortable.

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Agents 312

Housing Wire

JUNE 12, 2024

Today’s double event of the CPI inflation report and the Fed meeting gave us something that I have been waiting for: a hint from Fed Chairman Jay Powell that the labor market has softened. Today he acknowledged what I have been talking about for months: the Fed’s key data lines are at pre-COVID-19 levels today. Before the Fed held its press conference, we got a softer-than-anticipated CPI report, which sent the 10-year yield (and mortgage rates ) lower at first.

Housing Market 500

Housing Market Marketing Mortgage 500

Appraisal Buzz

JUNE 10, 2024

There seems to be continued debate among appraisers, reviewers, and underwriters regarding seller concessions. A particular point of contention in this debate is whether or not it is appropriate to adjust seller concessions on a dollar-for-dollar basis. I must admit, that point of contention is somewhat understandable, as the ‘Sales or Financing Concessions’ portion of the Fannie Mae Selling Guide has always appeared to be a little contradictory (see B4-1.3-09, Adjustments to Comparable Sales

Sellers 418

Sellers Real Estate Appraisal Finance 418

Inman

JUNE 8, 2024

Elevated mortgage rates and home prices are creating challenges for many homebuyers, and 86% said May was a bad time to buy — a new high in Fannie Mae surveys dating to 2010.

Mortgage 199

Mortgage Marketing 199

Real Estate News

JUNE 14, 2024

A recent survey from Clever found that 70% of agents are unhappy with the deal, but two-thirds of consumers think commissions practices should change.

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Agents 306

Housing Wire

JUNE 14, 2024

Elevated mortgage rates, high home prices and a lack of for-sale listings continue to hamper U.S. home sales, with Redfin reporting Friday that sales in May 2024 dropped to one one of the lowest levels of the past decade. The annualized rate of home sales, adjusted for seasonality, fell below 408,000 last month. That was down 1.7% from the prior month and 2.9% below year-ago levels.

Sellers 488

Sellers Buyers Contracts Brokerage 488

Appraisal Buzz

JUNE 10, 2024

For many, homeownership is a pillar of the American Dream and an essential way for many people to accumulate wealth, but ongoing costs go much beyond the initial purchase price—according to Bankrate’s latest Hidden Costs of Homeownership Study. Median home prices have risen above $400,000 nationwide, and the average annual cost of owning and maintaining a single-family home in the U.S. is now 26% higher than it was four years ago.

Property Taxes 409

Property Taxes Insurance Home Value Construction 409

George Dell

JUNE 12, 2024

Time adjustments have long been required as good appraisal practice. On the residential side, they are required in guidelines issued by FannieMae and FreddieMac (the GSEs). Unfortunately, the requirement for time adjustments (“market conditions”) has been ignored by the lenders selling to the GSEs (Government Sponsored Enterprises). Why? Editor’s Note: Read Part 1 of this […] The post Time for Time Adjustment?

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Government Appraisal Marketing 195

Real Estate News

JUNE 14, 2024

The home search giant filed a lawsuit last December over the removal of its showing platform in the ARMLS and Metro MLS regions.

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Housing Wire

JUNE 13, 2024

Opendoor has partnered with nationwide multiple listing service My State MLS to equip more than 60,000 agents in each of the 50-plus markets Opendoor serves with access to the iBuyer’s cash-offer solution. My State MLS is a nationwide multiple listing service that allows members to list and search properties anywhere in the U.S. According to a news release, through the partnership, My State MLS agent members will be able to receive estimated cash offers on qualifying properties within minutes to

Sellers 488

Sellers Agents Realty Clients 488

Appraisal Buzz

JUNE 14, 2024

This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. In today’s low-volume market cycle, mortgage originators can build business by focusing on purpose-built loan products designed to overcome the specific challenges homebuyers face in the current market. In a landscape marked by limited turnkey housing inventory, significant affordability issues, and relentless competition from cash-rich investors, homebuyers need more than plain vanilla home loans.

Marketing 396

Marketing Renovations Construction Finance 396

Inman

JUNE 10, 2024

A portion of Teton Pass connecting workers who live in Idaho with the tony tourist town of Jackson, Wyoming, collapsed over the weekend.

Agents 194

Agents Brokerage Marketing 194

Real Estate News

JUNE 13, 2024

Bailey, the former CEO of RE/MAX, discussed the keys to success when leading a business that is accountable to both customers and shareholders.

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Real Estate Business 290

Housing Wire

JUNE 11, 2024

The iBuying platform Offerpad and Realtor.com are teaming up. In an announcement on Tuesday, the firms said that Offerpad was integrating with Realtor.com. According to the release, the integration will allow Offerpad to provide a cash offer to more sellers and will extend Offerpad’s reach to a larger audience of potential sellers. “Over the past year, with all of the adversity happening for buyers and sellers and the industry in general, we have really been focused on trying to find buyers and

Sellers 488

Sellers Real Estate Agent Buyers Real Estate 488

Appraisal Buzz

JUNE 12, 2024

Home sellers are returning to the market, but buyers are hesitant, according to a recent Zillow market report. In May, new property listings exceeded sales, allowing buyer competition and price rise to slow—and more price relief is expected. “Rate lock’s hold seems to be loosening—homeowners who may have put off listing their homes are done waiting.

Sellers 397

Sellers Buyers New Listings Home Value 397

Inman

JUNE 11, 2024

The temporary rules were first announced in May ahead of Memorial Day and came in response to calls from Realtors who feared veterans would become less competitive in the new landscape.

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Realtors Buyers Real Estate Brokerage 193

Real Estate News

JUNE 12, 2024

Compass, eXp, Redfin, Weichert, United Real Estate and Hanna among remaining defendants in Batton 2 case; a smaller case moves closer to a settlement.

Real Estate 290

Real Estate 290

Housing Wire

JUNE 10, 2024

As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory and high costs are keeping these buyers on the sidelines of the mortgage market.

Housing Market 488

Housing Market Renovations Inventory Realtors 488

Appraisal Buzz

JUNE 12, 2024

ATTOM’s May 2024 Foreclosure Market Report found that there were a total of 32,621 U.S. properties with foreclosure filings during the month—default notices, scheduled auctions, or bank repossessions—up 3% from April 2024, but down 7% from a year ago. “May’s foreclosure activity highlights nuanced shifts in the housing market,” said Rob Barber, CEO at ATTOM.

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Government Real Estate Housing Market Mortgage 397

Inman

JUNE 11, 2024

Pending layoffs of 420 Newrez employees in Colorado and 53 workers in Florida follow $1.4 billion in acquisitions as parent company Rithm seeks to diversify beyond mortgage lending.

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Lending Mortgage Investing 192

Real Estate News

JUNE 11, 2024

The company is launching a new AI-backed home search that CEO Tushar Garg claims is “far ahead of everybody else” in terms of data and tech.

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Housing Wire

JUNE 11, 2024

California-based loanDepot plans to extend its $497.8 million in senior notes due in the fourth quarter of 2025 at a lower maturity and a higher interest rate. The transaction reflects a business under stress but brings temporary relief to the company’s financials, analysts told HousingWire. loanDepot subsidiary LD Holdings Group LLC announced on June 4 that it amended the terms of its previously commenced offer to exchange senior notes of 6.5% due in 2025 for newly senior secured notes due on

Mortgage 482

Mortgage Real Estate Investors Finance 482

Appraisal Buzz

JUNE 10, 2024

Home sale prices are falling year-over-year in four major U.S. metros, according to a new Redfin report, three of which are in Texas: Austin (-2.9%), San Antonio (-1.2%), and Fort Worth (-1.2%), followed by Portland, Oregon (-0.9%). Home prices jumped 4.4% nationwide from a year ago, reaching an all-time high in the four weeks ending June 2. However, the report finds that there are early indications that nationwide price increases could slow soon, as an estimated 6.4% of US home sellers reduced

New Listings 397

New Listings Sellers Mortgage Agents 397

Inman

JUNE 10, 2024

Find out how "consummate student" and San Francisco agent Chris Jurach keeps challenging himself to "learn new things, read and listen to books, and gather fresh ideas.

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Agents 192